Polyethylene Furanoate Industry Opportunities, Key Region and Product Scope Forecast 2022
11 March 2019: Polyethylene Furanoate (PEF) Market is expected to deal with 16,640 tons by 2022. It is better known by different names such as polyethylene furanoate, poly (ethylene furanoate), and poly (ethylene 2, 5-furandicarboxylate). It can be defined as a polymer that is manufactured with the help of polycondensation involving ethylene glycol and 2, 5-furandicarboxylic acid (FDCA). Polyethylene Furanoate market is expected to grow at a CAGR of 6.0% in the upcoming period as the scope, product types and its applications are increasing across the globe.
Polyethylene furanoate (PEF) is generally obtained from plants. It 100% recyclable and included in the category of bio – based polymer. The most striking aspect associated with it is that it has the potential to substitute conventional resources by durable material PET. It is known to possess exceptional barrier as well as mechanical properties as compared to polyethylene terephthalate. It is also likely to emerge as the next generation polyester.
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The key reason behind robust market growth of polyethylene furanoate could be growing environmental concerns in order to reduce the greenhouse gas emissions in the surroundings. Also, implementation of strict government regulations toward usage of non-recyclable plastics is estimated to contribute to the market growth. There has been a shift in the trend towards utilization of eco-friendly substitutes, which will soon foster the market growth in the near future. On the other hand, fall in the prices of crude oil and low availability of the raw material may hamper the PEF market growth in the years to come.
In addition, the bio-based PRT is a polymer consisting of approximately 30% bio-based MEG and 70% PTA. Rising efforts by numerous corporations to produce PTA using bio based raw resources in order to produce 100% bio-based PET is expected to challenge the development of the marketplace in the years to come.
Polyethylene Furanoate Market may be explored by applications, and geography. Polyethylene Furanoate (PEF) may be explored by applications as Bottles, Fibers and fibrous webs, Films, Packaging Product, Others. Fibers sector is estimated to grow at the highest CAGR and will keep on being the highest sector in the Polyethylene furanote over the forecast period. The PEF components are recycled from PEF-based flasks that have been arranged into 100% bio-based T-shirts. These fibers are mainly used as a part of the packing manufacturing products, for example, fertilizers, and cement, pesticides, nevertheless power-driven bundling, they are used in carpets, clothing, and sports apparel.
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Europe has been at the forefront with regards to Polyethylene Furanoate (PEF) Market and will continue to rule the roost in the years to come. Europe is anticipated to develop at a 7.0% CAGR in terms of volume during the forecast period. The strict government regulations standards and growing demand for maintainable packing is estimated to drive the development of PEF market over the forecast period.
Europe is followed by Asia-Pacific region. The development of the sector can be ascribed to growing demand for bio-degradable, sustainable, and profitable packaging material. Healthy development in the carbonated soft drink marketplace is expected to play an essential part in the growth of the regional marketplace.
Some of the key players that fuel the growth of the Polyethylene Furanoate (PEF) Industry include Toyobo Co., Ltd., SULZER ChemTech, and Avantium Technologies B.V. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Polyethylene Furanoate Application Outlook (Volume, Tons; Revenue, USD Thousand, 2016 – 2022)
Polyethylene Furanoate Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2016 – 2022)
• North America
• Asia Pacific
• Rest of the World
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