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According to a new report released by Grand View Research, the market is expected to experience strong growth due to the increasing demand for poultry products such as chicken meat and eggs around the world.
The Global polyethylene furanoate marketthe size should reach $ 44.5 million through 2027According to a new report from Grand View Research, Inc. It is expected to grow at a TCCA of 6.6% from 2020 at 2027. The growing demand for bio-based plastics in various end-use industries, such as food and beverage, consumer goods and pharmaceuticals, is driving the market for PEFs.
Polyethylene furanoate is a 100% recyclable bio-based polymer that is extracted from plants and has the potential to replace the widely used polymer, namely polyethylene terephthalate (PET), which is a sustainable material derived from conventional resources. It has better moisture barrier and mechanical properties compared to PET. In addition, PEF offers improved tensile strength, requires fewer additives than polyethylene terephthalate, and can be used with the PET recycling process up to 5% of PEF without affecting the performance of recycled PET.
The recent outbreak of the highly contagious coronavirus disease is expected to hamper demand for products, primarily in film and fiber applications. The outbreak has also resulted in slowing and stopping of manufacturing operations, supply and transportation restrictions, and a slowdown in infrastructure, which are further expected to impact 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 beverage, pharmaceuticals, textiles and other industries.
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Highlights of the Polyethylene Furanoate Market Report
â¢ The bottle application segment held the largest share of the revenue in 2019. Polyethylene furanoate is widely used in the packaging of food and beverage, consumer goods and others.
â¢ PEF fibers are used to produce bio-based textiles, which are used in sportswear, further reducing stress across the entire value chain to produce conventional plastics for textiles, such as nylon and polyester
â¢ In 2019, Asia-Pacific led the market, accounting for over 45.0% of global revenue. The changing landscape of biobased plastics production towards emerging economies especially China and India is expected to positively influence the growth of PEF market during the forecast period.
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Polyethylene furanoate market segmentation
Grand View Research has segmented the global polyethylene furanoate market on the basis of application and region:
Polyethylene Furanoate Application Outlook (Volume, Tons; Revenue, Thousands US $, 2016 – 2027)
Polyethylene Furanoate Regional Outlook (Volume, Tons; Revenue, Thousand US $, 2016 – 2027)
â¢ North America
â¢ United States
â¢ Great Britain
â¢ Asia Pacific
â¢ South Korea
â¢ Central and South America
â¢ Middle East and Africa
â¢ Saudi Arabia
List of key players in the Polyethylene Furanoate Market
â¢ Avantium Technologies BV
â¢ Danone SA
â¢ Toyobo Co., Ltd.
â¢ The Coca-Cola Company
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