- The growth of the polyethylene furanoate market is attributed to the increasing demand for sustainable packaging and consumer-friendly properties of PEF
- Market Size - USD 34.6 Million in 2019, Market Growth - CAGR of 17.8%, Market Trends - Growing demand for PEF materials for bottle manufacturing
VANCOUVER, B.C., Oct. 29, 2020 /PRNewswire/ -- The Global Polyethylene Furanoate Market is estimated to be worth USD 120.1 million by 2027, according to a current analysis by Emergen Research. The growing demand for biobased polymer products across multiple industries like automotive and packaging has been the primary driving factor propelling the market growth on a global scale. Additionally, PEF offers better consumer- and environment-friendly features than biobased PET, which is expected to stimulate the demand in the future.
PEF is a biobased polymer that is 100% recyclable and is extracted from plants. Various companies are focusing on the production of 100% biobased films, fibers, and bottles, because of which the PEF market is gaining traction. It is expected to observe significant growth because it is widely used as a potential alternative to biobased PET because of its better barrier, mechanical and thermal properties. Furthermore, it has superior tensile strength because of which it needs lesser additives than PET. Without affecting any performance of recycled PET, PEF has the potential to be recycled as well as incorporated into PET recycling streams at around 5% of PEF.
Over the recent past, demand for bottles has been increasing significantly because of the rapidly growing carbonated soft drink industry. Even though PET is majorly preferred for the manufacture of bottles globally, due to growing environmental concerns, the bottled packaging market is slowly setting its eyes on biobased plastic bottles. Hence, there will be a considerable adoption of PEF in bottled packaging applications over the forecast duration.
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Key Highlights from The Report.
In June 2019, the Netherlands-based Avantium commercialized its patented YXY branded technology of furanics. With the help of this strategy, the company is trying to produce technologically advanced green fuels in order to scale up the usage of PEF across all the major regions.
The bottle sub-segment has gained a lot of traction over the recent past and is likely to register a progressive CAGR of 18.1% throughout the forecast period. This is mainly because packaged drinking services are majorly shifting towards the adoption of PEF because of the useful characteristics as well as the growing awareness regarding the betterment of the environment.
The films made using PEF material have a potentially good odor and gas barrier properties. They have the capability to replace different kinds of plastic resins present in packaging applications. This is likely to stimulate the demand for PEF over the forthcoming years and boost its market growth over the forecast years.
In terms of revenue, North America dominated the market in 2019 and is likely to continue its dominance over the forecast period. This is mainly because of the rise of the soft drinks industry across the region. The market in Europe is also gaining traction because of stringent environmental regulations coupled with the growing demand for sustainable packaging.
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Key participants include Avantium Technologies B.V., Toyobo Co., Ltd., Sulzer ChemTech., Corbion, Biochem AG, and Swicofil AG. among others.
For the purpose of this report, Emergen Research has segmented the Global Polyethylene Furanoate Market on the application and region:
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue: USD Billion; 2017-2027)
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