New York, NY, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Polyethylene Furanoate (PEF) Market Share, Size, Trends, Industry Analysis Report, By Grade; By Application (Bottles, Films, Fibers); By End-Use Industry; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.
The global polyethylene furanoate (PEF) market size and share is currently valued at USD 20.33 million in 2023. It is anticipated to generate an estimated revenue of USD 39.76 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Polyethylene Furanoate? How Big is Polyethylene Furanoate (PEF) Market Size & Share?
Polyethylene Furanoate is a hundred percent renewable, bio-dependent polymer. It is fabricated from renewable plant sugars. PEF manufacturing polymerizes furan dicarboxylic acid and ethylene glycol. The procedure is similar to PET production. However, PEF switches terephthalic acid with 2,5 furan dicarboxylic acid (FDCA). The rapidly rising demand for polyethylene furanoate (PEF) market can be attributed to the fact that it has surfaced as an appropriate option for PET. PEF can be utilized in several widespread applications of barricade food packaging. This involves films, bottles, fibers for textiles, and food trays.
The polyethylene furanoate (PEF) market growth can be attributed to the escalating demand for bio-dependent and eco-friendly emulsions in the packaging sector together with growing consciousness among consumers in context to the advantages of bio base commodities. Increasing worries concerning toxic concerns, together with exhausting crude oil stockpiles, have been boosting the growth of the market. Additionally, government directives moderating the intake of petro-based plastics in specific applications such as food packaging and medical devices will push the market growth.
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Market’s Key Companies
- Avantium NV
- Sulzer
- AVA Biochem
- ALPLA Group
- Swicofil
- Toyobo Co., Ltd.
- Stora Enso
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Key Highlights
- Increasing worries concerning toxic concerns, together with exhausting crude oil stockpiles, have been boosting the growth of the market.
- The polyethylene furanoate (PEF) market segmentation is primarily based on grade, application, end-use industry, and region.
- North America dominated the market in 2023
Market Developments
- Growth Drivers:
Directives by the government: Governments globally are putting into effect guidelines and directives to encourage the usage of sustainable substances such as polyethylene in several industries. For instance, many industries have prohibited biodegradable plastic, which has caused an escalated demand for recyclable options such as polyethylene. The polyethylene furanoate (PEF) market size is expanding as additionally, governments are providing fiscal stimulus and allocation to firms that acquire legitimate operations and substances inspiring the move of polyethylene.
Waste management: The polyethylene furanoate (PEF) market sales are soaring as directives concerning waste management and environmental safeguarding is also pushing the growth of the market. For instance, the European Union's Circular Economy Package establishes earmarks for decreasing waste and escalating recycling rate which has caused an escalated demand for recyclable substances such as polyethylene. Likewise, China's National Development and Reform Commission has put in place schemes targeted at boosting the usage of biodegradable substances in packaging, causing a rise in demand for polyethylene in the country.
- Industry Trends:
Decrease in carbon emissions: The increasing consciousness of environmental scrutinization and the requirement to decrease carbon discharge are the important propellers of the market. Further, PEF provides many benefits over ordinary plastics involving its elevated barricade features, noncompliance with heat and chemicals, and the potential to be recycled. Also, progression in technologies and economies of scale are bent on decreasing the production expense of PEF, rendering it more aggressive with conventional plastics.
Rise in carbonated soft drink industry: PEF-based substances have an escalated correlation of remonstrance to oxygen and carbon dioxide, which helps in the prevention of food oxidation. This is pushing the demand for PEF-dependent commodities in the food and beverage industry, elevating the holistic market value. Also the polyethylene furanoate (PEF) market is expanding due to the rise in the carbonated soft drink business. This has escalated the demand for bottles.
- Restraints
High costs: PEF is a recyclable and viable option to conventional practice, but its production procedure is more intricate and costly than that of traditional plastic. The primal matter utilized to fabricate PEF, such as sugarcane or corn starch, is pricier than fossil fuels utilized to make conventional plastic. Further, the manufacturing procedure needs unique equipment and technology, which further escalates its selling price. The economies of scale for PEF fabrication still require to be established, which indicates that the production magnitude is comparatively lesser, causing elevated prices per unit. This renders it arduous for firms to fabricate it at a price that is aggressive with conventional plastic, restricting its acquisition in several industries.
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Segmentation Overview
- The Bottle Segment Witnessed a Steep Rise
Based on application, the bottle segment witnessed a steep rise. The polyethylene furanoate (PEF) market demand is on the rise due to escalating demand from many end-use industries such as packaging in food and beverages, personal care, and pharmaceuticals. One of the elements translating into the ascendency of the bottle segment in the market is the escalating consciousness of viability and environmental worries among consumers. Consumers are becoming excessively conscious and propose commodities that are eco-friendly and can decrease waste. This switch in consumer conduct has caused an elevated demand for viable packaging solutions, especially in the food and beverage industry, where plastic bottles are excessively utilized.
- The Packaging Segment Dominated the Market
Based on end use, the packaging segment dominated the market. The polyethylene furanoate (PEF) market trends include growing demand for viable and sustainable substances. PEF is a bio-dependent and recyclable polymer that provides many benefits over PET, including its potential to debase organically in the environment, its decreased carbon impression, and its possibility to restore conventional fossil fuel-dependent plastics. As consumers are growingly concentrating on environmental influence, firms are restoring PEF as an option to systematic PET plastics for packaging administration such as containers, bottles, and replaceable cutlery.
Polyethylene Furanoate (PEF) Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 39.76 Million |
| Market size value in 2024 | USD 21.85 Million |
| Expected CAGR Growth | 7.8% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Avantium NV, Sulzer, AVA Biochem, ALPLA Group, Swicofil, Toyobo Co., Ltd., Stora Enso, etc, among others |
| Segments Covered | By Grade, By Application, By End-Use Industry, By Region |
| Regional scope |
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| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: This region held the largest polyethylene furanoate (PEF) market share due to a notable escalation in the demand for eco-friendly substances propelled by escalating consumer consciousness and strict government directives. The existence of eminent firms such as PepsiCo, Coca-Cola, and Danone, which have pledged to utilize viable substances in their packaging and additionally pushed the demand for PEF in the region. Additionally, the US has copious resources of corn stover, a crucial raw material utilized in making PEF, rendering an alluring situation for fabricators.
Asia Pacific: It is anticipated to witness notable growth in nations such as China, Japan, and India, there is an escalating inclination towards acquiring eco-friendly packaging solutions, which is pushing the demand for PEF as an option to traditional plastics. Further, governments in these nations are applying policies and directives that inspire the usage of biodegradable substances, additionally pushing the market growth.
Browse the Detail Report “Polyethylene Furanoate (PEF) Market Share, Size, Trends, Industry Analysis Report, By Grade; By Application (Bottles, Films, Fibers); By End-Use Industry; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/polyethylene-furanoate-pef-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the polyethylene furanoate (PEF) market?
Ans: The CAGR expected to be recorded for the market is 7.8%.
- What is the current and estimated market value of the market?
Ans: The current market value is USD 21.85 million, and the estimated market value is USD 39.76 million.
- Which are the major players operating in the industry?
Ans: Some of the major players operating in the industry are Avantium NV, Sulzer, and AVA Biochem.
- Which segments are covered by the report?
Ans: The segments covered by the report are grade, application, end-use industry, and region.
Polaris Market Research has segmented the polyethylene furoate market report based on grade, application, end-use industry, and region:
By Grade Outlook
- Bio-based grade
- Blended/ Customized grade
- Food grade
- High-performance grade
- Standard grade
- Others
By Application Outlook
- Bottles
- Fibers
- Films
By End Use Industry Outlook
- Automotive components
- Electronic & electrical components
- Fiber & textile
- Packaging
- Pharmaceuticals
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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