Global demand for polyethylene furanoate market was valued at approximately USD 24.2 million in 2018 and is expected to generate revenue of around USD 35.9 million by end of 2025, growing at a CAGR of around 5.8% between 2019 and 2025.
The report covers forecast and analysis for the polyethylene furanoate market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on volume (Kilotons) and revenue (USD Million). The study includes drivers and restraints for the polyethylene furanoate market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the polyethylene furanoate market on a global as well as regional level.
As per the report, the global demand for polyethylene furanoate market was valued at approximately USD 24.2 million in 2018 and is expected to generate revenue of around USD 35.9 million by end of 2025, growing at a CAGR of around 5.8% between 2019 and 2025.
Polyethylene furanoate is a 100% bio-based, recyclable polymer that is manufactured using plant-derived renewable raw material (sugar). Polyethylene furanoate offers numerous benefits such as superior barrier performance, high glass transition temperature, and lower melting point, and polyethylene furanoate is recyclable and hence has reduced carbon footprint. Polyethylene furanoate is used in the manufacture of different products, such as bottles, drink containers, film sheets, and fiber sheets, and for various packaging products. Several institutes and sectors are investigating its further implementation and use. In order to apply PEF, no other investment in tools and machines must be included. It can also be processed at the same installation as PET and recycled through PET streams.
The rising application of polyethylene furanoate in the packaging industry coupled with the rapidly growing food & beverage industry is expected to be one of the major factors driving the market growth. Rise in the use of polyethylene furanoate will likely contribute to the future resolution of environmental issues. PEF includes around 70% mono-ethylene glycol and 30% of biologically derived furandicarboxylic acid (FDCA). Due to its relatively high biodegradability, it is now accepted as the best available alternative to use in sustainable packaging over the forecast period, making it more biodegradable and less dangerous to the environment as compared to oil-based PET. Moreover, at present, the polyethylene furanoate is widely used in the textile industry to form bio-based fibers. This is likely to enhance the consumption of polyethylene furanoate. But, the presence of PEF substitutes like bio-based PET is likely to hamper the market growth in the future. However, R&D specialist players are focusing on to produce and commercialize polyethylene furanoate based bottles, this is further estimated to offer new growth opportunities to the market.
The global polyethylene furanoate market is segmented on the basis of application. Based on application, the global polyethylene furanoate market is classified into bottles, films, and fibers. In 2018, the fibers segment accounted for the largest market share and bottles segment is projected to grow at the highest CAGR of around 7.3% during the forecast period. Polyethylene furanoate fibers are recycled from polyethylene furanoate bottles, which are later processed into 100% bio-based t-shirts. These materials are used in agricultural packaging, for example in fertilizers, glue, and pesticides. They are used in tapestries, clothing and athletic clothing in relation to agricultural packaging. Moreover, rising demand for bio-based packaging of beverages such as soft drinks, water, fruit juices, and alcoholic beverages is likely to enhance the consumption of polyethylene furanoate in the packaging industry.
The Asia Pacific is likely to be a lucrative market in the near future on account of growing packaging industry in China and India in vague of a positive outlook on consumer goods, food & beverage, and pharmaceutical sectors. Moreover, North America is expected to observe significant growth for bio-based chemicals due to the stringent regulations regarding non-recyclable plastic consumption at the domestic level along with rising environmental concerns towards reducing GHG emissions.
Some of the key players operating in the global polyethylene furanoate market include Mitsui & CO., LTD., Toyo Seikan Co., Ltd., Avantium, Danone, Tereos, Toyobo Co., Ltd., AVA Biochem AG, ALPLA Werke Alwin Lehner GmbH & Co KG, Swire Pacific Ltd., Synvina, and Corbion NV among others. In addition, the development of PEF drinking bottles is anticipated to continue with the initiatives made by leading chemical companies such as Avantium and Mitsui Co., Ltd. at significant events, such as the Tokyo Olympics in 2020.