Polyethylene Furanoate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2800
Global polyethylene furanoate market value will grow over 2021-2027 with increased demand from the packaging sector. Polyethylene furanoate (PEF) will gain prominence with the rising need for sustainable packaging solutions. It will also gain traction in textile fibers, diapers and other uses.
The trend for biobased recyclable solutions in the packaging sector is poised to play a pivotal role in boosting the demand for PEF films and bottles. Escalating concerns regarding toxic issues with the use of petrochemicals have triggered the growth of bio-based polymers. Additionally, rigorous government regulations on petro-based plastic consumption have further stimulated the demand for PEF globally. End-users are expected to seek PEF as a viable alternative to packaging materials such as PET, aluminum or glass.
Based on application, polyethylene furanoate market share from the bottles segment will garner considerable share during the forecast period 2021-2027. A higher demand from personal care packaging, food & beverage packaging, household care products packaging and film & sheets can be expected. PEF could be introduced globally with high-value applications, ranging from multilayer bottles, monolayer bottles and film. Considering that PEF bottles use no fossil fuels, they are likely to attract sustainability credentials and can help boost shelf life.
On the basis of end-users, the market share from food & beverage segment will grow at a notable CAGR through 2027. The high resistance to carbon dioxide and oxygen helps prevent food products from being oxidized. Besides, it has also gained prominence in beverages such as soft drinks, water, alcoholic beverages and fruit juices. With the demand for decreasing global carbon footprint soaring, PEF is likely to replace packaging materials in alcoholic beverages, soft drinks and fruit beverages.
In terms of region, North America polyethylene furanoate market forecast will be robust during the forecast period. The trend for bio-based PEF bottles will be noticeable following the environmental concerns, increasing R&D investments and rigorous environment-friendly laws. The production landscape is likely to shift towards biodegradable plastics in the U.S. and Canada.
Europe could emerge as a promising market for polyethylene furanoate suppliers in the coming years. A robust approach from the EU to reduce the use of single-use plastics will encourage companies to boost the use of PEF materials. The U.K., Germany, Italy and France are likely to focus on recyclable bio-based plastics in consumer goods and packaging.
The competitiveness of the global polyethylene furanoate market has intensified with an increased focus on mergers & acquisitions, product launches, partnerships and collaborations. Some of the key industry participants in the landscape are Avantium Technologies B.V., Toyobo Co., Ltd., and the Coca-Cola Company, among others.
Avantium inked an agreement with Resilux in April 2021 for the supply of PEF resin for its FDCA flagship plant. The Amsterdam-based company will produce 5 kilotons of FDCA (furandicarboxylic acid)—a major building block for the 100% fossil-free PEF. Meanwhile, the company had entered into the commercialization phase for PEF and is on course to open the plant by the end of 2023.
The global polyethylene furanoate market response to the COVID-19 pandemic
The impact of coronavirus on PEF bottles will be mixed with the trend for sustainable and eco-friendly packaging soaring. Demand has risen sharply for packaging for healthcare products, food & beverages and e-commerce transportation. However, the demand for luxurious, industrial and B2B-trasnport packaging products could plunge owing to the shutdown of industrial plants. The impact of the pandemic will depend upon exposure to different regions and end-users of packaging. Consumer purchasing pattern will potentially shift towards sustainable packaging as polyethylene furanoate market players target eco-friendly bottles and fibers.
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