Polyethylene Furanoate Market is forecast to reach $7 billion by 2024, after growing at a CAGR of 5% during 2019-2024. The Polyethylene Furanoate (PEF) Market is witnessing an increase in demand, as PEF is a bio-based plant-based product and it is capable of replacing the most widely used polyethylene terephthalate (PET) polymer in the manufacture of bottles. PEF is the material of the next generation and has several performance benefits over PET. Growing public interest in sustainable and environment-friendly products will further enhance the overall market demand for polyethylene furanoate during the forecast period.
Report Coverage
The report: “Polyethylene Furanoate Market – Forecast (2019-2024)”, by IndustryARC, covers an in-depth analysis of the following segments of the Polyethylene Furanoate Market.
Key Takeaways
· Europe dominates the Polyethylene Furanoate Market owing to the increasing number of stringent standards and norms regarding environmental safety and public health.
· Increasing adoption of sustainable and environmentally friendly products, implementation of stringent government regulations related to harmful emissions will increase the market demand for PEF in the near future.
The bottles segment remains the major application of Polyethylene furanoate market.
Application - Segment Analysis
Bottles will remain the significant segment of PEF market. Global annual production of PET bottles is around 18 million tons, and PEF substitution could save 440–520 petajoules (PJ) of non-renewable energy consumption and reduce greenhouse gases by 20–35 tons of carbon dioxide equivalents. The market for polyethylene furanoate allows bottle manufacturers not to need new equipment to substitute PET with PEF, since it can be processed in the same manner and the same machine. PEF is easier to manage due to its low melting temperature, and greater glass transition temperature makes it simpler to use.
End-Use - Segment Analysis
Packaging remains the largest end-use of PEF in 2018. PEF is similar to PET but 100% bio-based and has superior barriers and thermal properties, making it an optimal packaging material for beverages, food, and non-food products. Rising consumption of food & beverages globally will boost the use of polyethylene furanoate (PEF) in packaging applications. Significant growth in the food and beverages industry will drive the market for polyethylene furanoate (PEF).
Geography - Segment Analysis
Europe is a major hub for the entire PEF market; it ranks highest in R&D and is the world's biggest market. According to European bioplastics nova institute, about one-fifth of the world's manufacturing ability for bioplastics is situated in Europe. It is anticipated that this share will rise to 27 percent by 2023. Recently implemented policies in the several European Member States, such as Italy and France, will favor the market growth. Also, another factor that drives manufacturers to develop PEF based products is growing consumer awareness, as consumers are now more environmentally aware and concerned about health. Therefore, the future of PET is 100% bio-based PEF.
Drivers – Polyethylene Furanoate Market
Increasing demand for sustainable products by consumers.
Increasing awareness of the environmental impact and the need to reduce dependency on fossil resources as well as the ongoing progress and innovation of the bioplastics industry in new materials with improved properties and new functionalities will boost the market growth in the near future. It has been found that PEF manufacturing can decrease the use of non-renewable energy and greenhouse gas emissions by about 65 percent and 70 percent compared to PET.
Challenges – Polyethylene Furanoate Market
Risk of substitutes such as bio-based PET
Market growth will be hindered by the existence of alternative products such as bio-based polyethylene terephthalate. Intense research and development activities are conducted by polymer manufacturing firms to develop innovative technologies for the production of bio-based polymers for packaging applications.
Market Landscape
Partnerships and acquisitions are key strategies adopted by players in the Polyethylene Furanoate Market. In 2018, the market of fuel additives had been consolidated by the top five players accounting for xx% of the share. Major players in the Polyethylene Furanoate Market are Alpla-Werke Alwin Lehner Gmbh Co Kg, Avantium Technology B V, Danone Sa, The Coca-Cola Company, Toyobo Co, Ltd, Mitsui & Co. Ltd., Corbion NV, Swire Pacific Ltd., AVA Biochem AG, Toyo Seikan Co., Ltd. among others.
Acquisitions/Technology Launches
Ø In September 2016, Toyobo and Avantium joined hands to develop thin films made from PEF, a 100% biobased plastic based on Avantium's proprietary YXY technology for the production of FDCA. These PEF films are about 10 micrometers in thickness and can be applied for food packaging, in electronics applications such as displays or solar panels, industrial and medical packages.
