Vancouver, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- The global Polyethylene Furanoate Market will be worth USD 51.8 billion by 2027, according to a current analysis by Emergen Research. The primary driving factors stimulating the market growth are growing demand of PFE for manufacturing of bottles and growing demand from fibers segment. On the contrary, due to COVID-19 outbreak in 2020, the prevalence of different bioplastics like bio-PE, bio-PP, and bio-PET, among others, have become less. These conditions are putting up challenges for the market growth.
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The increasing incidence of bio-based polymers across the medical sector is anticipated to provide a wide array of opportunities for the growth of market. Growing demand of PEF based materials across the packaging industry catering especially to beverage packaging of various sorts along with some extent of alcohol packaging is likely to stimulate the growth of the PEF market throughout the forecasted years. Additionally, PEF based materials impart a considerably high quotient of resistance to oxygen and carbon dioxide, which helps in preventing oxidization of food products. This is propelling the demand of PEF based products in food and beverage market, thereby boosting the overall market valuation.
Key Highlights From The Report.
- In September 2019, Bisleri, Coca-Cola, India and Pepsico partnered in order to launch plastic waste management entity. This is done primarily to optimize recycling processes by creating an efficient value chain for collection of plastic waste.
- The carbonated soft drink industry is growing rapidly and is anticipated to propel at a CAGR of over 4% across the Asia Pacific region throughout the forecasted span. In order to meet the growing emergence, the demand for bottles is expected to grow which will in-turn stimulate the growth of the PFA market in the future.
- PEF fibers are mostly recycled from bottles made out of PEF material and are utilized in the development and processing of 100% biobased t-shirts. Beside t-shirts, the PEF fibers are also used in packaging of industrial products like fertilizers, pesticides and cement. They are also used for making various parts across the textile industry. Hence, the usage of PEF across a wide range of industries is likely to boost the market growth.
- Key participants include Toyobo Co. Ltd., Avantium, AVA Biochem AG, Corbion, Swicofil AG, Gevo, Toray Industries and Mitsui & Co. Ltd. among others.
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North America accounted for the largest share of the market in 2019 and is likely to do so over the forecasted period as well. The growing incidence of the usage of PEF across the packaging industry coupled with the increasing market valuation of soft drinks market in propelling the growth of the market. However, the Asia-Pacific region is also emerging as a potential market share holder because of rising demand of bio-degradable and cost-effective packaging material.
For the purpose of this report, Emergen Research has segmented into the global Polyethylene Furanoate Market on the application and region:
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Bottles
- Films
- Fibers
- Others
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- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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