The global polyethylene furanoate market size is expected to reach USD 44 million by 2027, according to a new report by Vision Research Reports.
The global polyethylene furanoate market size was valued at USD 27 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from forecast period 2020 to 2027.
The growing demand for bio-based plastics in various end-use industries, such as food and beverages, consumer goods, and pharmaceutical, is driving the PEF market.
Polyethylene furanoate is a 100% recyclable bio-based polymer that is extracted from plants and has the potential to replace widely used polymer, namely Polyethylene Terephthalate (PET), which is a durable material derived from conventional resources. It has better moisture barrier and mechanical properties in comparison to PET. Additionally, PEF offers enhanced tensile strength, requires less additives compared to polyethylene terephthalate, and can be used with PET recycling process up to 5% of PEF without impacting the performance of recycled PET.
The recent outbreak of the highly contagious coronavirus disease is anticipated to hamper product demand, majorly in films and fibers applications. The outbreak has also resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are further expected to impact the demand for PEF in the aforementioned applications. However, the growing positive cases of COVID-19 in Asia Pacific and Europe are positively influencing the demand for bio-based plastics in the packaging industry for various applications, such as food and beverages, pharmaceuticals, textiles, and other industries.
The bottles application segment led the market and accounted for more than 73% share of the global revenue in 2019. This significant share is attributed to rising demand from packaging applications, such as food and beverage packaging, personal care packaging, films and sheets, and household care products packaging.
Flexible packaging is expected to be one of the key contributors to the growth of the PEF market over the forecast period. It offers sustainable and environment-friendly packaging solutions for a broad range of food and non-food industries. It helps in reducing the amount of material used for packaging and creates much less waste than conventional flexible packaging.
PEF fibers offer enhanced properties over PET and have the potential to replace PET fibers.They are used in industrial packaging products, such as cement, pesticides, and fertilizers. Additionally, PEF fibers are used in the manufacturing of carpets, clothing fabrics, and others.
Asia Pacific led the market and accounted for more than 43% share of the global revenue in 2019. The shift in the production landscape of biodegradable plastics toward emerging economies, particularly China and India, is expected to positively influence market growth over the forecast period.
Europe is the second-largest consumer of polyethylene furanoate owing to various factors, such as the increasing environmental concerns among consumers, stringent environment-friendly laws, and rising R&D investments in bio-based and completely recyclable plastics by private as well as public organizations.
Central & South America
Middle East & Africa
Resilient Flooring Market (By Product: Luxury Vinyl Tiles, Vinyl Sheet & Floor Tile, Linoleum, Cork, Rubber; By Application: Residential, Non-residential) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Waterproofing Membranes Market (By Product: Liquid Applied Membranes, Sheet Membranes; By Application: Roofing, Walls, Building Structure, Tunnel & Landfills) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Food Additives Market (By Product: Flavors & Enhancers, Sweeteners, Enzymes, Emulsifiers, Shelf-life stabilizers, Fat Replacers, Prebiotics, Probiotics, Dietary Fibers; By Source: Natural, Synthetic; By Application: Bakery &Confectionery, Beverages, Convenience Foods, Dairy & Frozen Desserts, Spices, Condiments, Sauces & Dressings) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Textile Market (By Raw-material: Cotton, Chemical, Wool, Silk; By Product: Natural fibers, Polyesters, Nylon; By Application: Household, Technical, Fashion & Clothing) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Filters Market (By Product: Fluid Filters, ICE Filters, Air Filters; By Application: Motor Vehicle, Consumers Goods, Utilities, Industrial & Manufacturing) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...