The global polyethylene furanoate (PEF) market demand is projected to reach 16,640.0 tons by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.0% during the forecast period. Increasing demand for bio-based polymer products from various end-use industries such as packaging and automotive has been a key factor driving market globally. In addition, favorable properties of PEF over bio-based PET is anticipated to fuel demand over the same period.
Polyethylene furanoate is a 100% recyclable biobased polymer extracted from plants. It is gaining popularity as several companies are engaged in the manufacturing of 100% biobased bottles, films, and fibers. The product is likely to witness high growth as it can be widely used as a potential substitute for biobased PET on account of its superior mechanical, thermal, and barrier properties. Moreover, it has better tensile strength, requires lesser additives than PET, and can be recycled and incorporated into PET recycle streams at up to 5% of PEF without affecting the performance of recycled PET.
The carbonated soft drink industry is growing at a rapid pace and with that, demand for bottles has been on the rise. PET is largely preferred for the production of bottles across the globe. However, due to rising environmental concerns, the bottled packaging industry is slowly shifting toward biobased plastic bottles. As a result, there will be surging adoption of PEF in bottled packaging applications over the forecast period.
The global polyethylene furanoate market was valued at USD 21.06 million in 2016 and is expected post a CAGR of 8.8% from 2018 to 2022
Fibers emerged as the largest application segment in 2016 and is estimated to account for just over 44.0% of the overall market revenue by 2022
The bottle segment registered the highest CAGR of 7.3% in terms of volume during the forecast period
Asia Pacific held a dominant share of 48.3% of the overall market volume in 2016. The growth of the segment can be attributed to rising demand from various end-use industries, especially packaging, textile, and automotive
The PEF market is still at a nascent stage with the presence of a few market players such as Avantium Technologies B.V., Toyobo Co., Ltd., and SULZER ChemTech.
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Grand View Research has segmented the global polyethylene furanoate (PEF) market on the basis of application and region:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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