20-November-2018: According to a report by Grand View Research, Inc., global polyethylene furanoate (PEF) market is anticipated to reach 16,640.0 tons by 2022. Growing requirement for bio-based polymer products is anticipate to propel demand for polyethylene furanoate. PEF is likely to be 100% recyclable bio-based polymer extracted from plants. It can offer superior thermal, mechanical, and barrier properties. In addition, it can offer better tensile strength and require lesser additives as compared to polyethylene terephthalate (PET).
Being completely natural and biodegradable, PEF is likely to address environmental concern in the forthcoming years. It is expected to contain 70% biologically derived furandicarboxylic acid (FDCA) and 30% bio-based monoethylene glycol (MEG). This combination makes PEF completely biodegradable and less hazardous to environment as comparted to petroleum based PET.
Growing adoption of light-weight polymers in manufacturing of automobiles can influence growth of market. High demand for bio-based packaging material attributed to rising environment concerns can augment market growth. Favorable initiatives and continuous R&D activities from manufacturing companies to develop and commercialize PEF-based bottles can stimulate growth of market during the forecast period (2016 to 2022).
To cater to rising demand for recyclable PEF bottles, most manufacturing companies are getting involved in strategic actions to develop better products. For instance, a joint venture between BASF and Avantium named Synvina, recently received approval from European PET bottle platform (EPBP) for recyclability of PEF. This recyclability of PEF is likely to make it superior over other barrier materials. In addition, its high mechanical strength can allow manufacturers to make thinner packaging from it. It can be used as main component or as barrier layer in products such as trays, bottles for carbonated and non-carbonated drinks, and cups. The company is presently working with other brand owners and recyclers to develop recycling stream for PEF based bottles to separate PEF from conventional plastics.
The polyethylene furanoate market can be segregated on the basis of application and region. Based on application, the market can be categorized into films, bottles, and fibers. Fibers segment is likely to dominate the market and account for largest market share during the forecast period. PEF fibers can be recycled from PEF based bottles and can be processed further into 100% bio based t-shirts. In addition, these fibers can also be used in packaging of various products such as cement, fertilizers, and pesticides. Moreover, they can also be employed in clothing, carpets, and sports apparel.
Similarly, bottles segment can also contribute well for PEF market attributed to increasing use of PEF in recycled PET bottles. These bottles can be used for packaging of various beverages such as fruit juices, water, soft drinks, and alcoholic beverages. It can offer high resistance to carbon dioxide and oxygen to prevent food products from getting oxidized. Rising demand for PEF in recycled plastic bottles can increase significantly during the forecast period.
Regional segmentation includes Asia Pacific, Europe, North America, and rest of the world (ROW). In 2016, Asia Pacific dominated the market and accounted for largest market share. High demand for bio-degradable, cost-effective, and durable packaging material is likely to fuel growth of market. In addition, growth of carbonated soft drink market can also fuel market growth.
In Europe, the market is likely to grow well at CAGR of 7% in terms of volume during the forecast period. Growing need for sustainable packaging coupled with presence of stringent regulations can influence growth of market in the region.
Some of the leading companies offering polyethylene furanoate are Avantium Technologies B.V., The Coca-Cola Company, Toyobo Co., Ltd., ALPLA, and Danone SA. The PEF market is expected to be at nascent stage of development and can grow at significant pace during the forecast period. To avail the potential offered by this market, companies are expected to get involved in R&D activities to develop advanced production technologies and expand their commercialization. In addition, strategic partnerships with raw material suppliers and buyers can also contribute well in growth of PEF manufacturers. Moreover, prevalence of positive regulatory framework can also support manufacturers.
In-Depth Research Report On Polyethylene Furanoate (PEF) Market:
https://www.grandviewresearch.com/industry-analysis/polyethylene-furanoate-pef-market
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