Home > Polymers, Specialty Chemicals & Advanced Materials > Polyethylene Naphthalate (PEN) Market
Polyethylene Naphthalate Market size was valued at $1 billion in 2017, registering a CAGR of 8.8% through the forecast period. The industry expects consumption at over 380 kilo tons by 2024. Rising demand for packaged food & beverages on account of changing lifestyle patterns, hectic schedules, and rising disposable incomes may stimulate the market growth.
The rising demand for carbonated soft drinks, frozen and processed foods mainly in China, India and U.S. is likely to enhance the polyethylene naphthalate market. These resins are highly used in the production of films used for packaging purposes along with electronics and automotive tires.
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Polyethylene naphthalate pellets and films are used for the electrical, imaging, thermal sheets, pressure sensitive tapes and solar cell protection. Global consumer electronics sector may surpass USD 1.5 trillion by 2024 owing to rapid adoption of smartphones, computers & wearable electronic devices and technological advancements along with heavy spending in specialized appliances.
|Polyethylene Naphthalate (PEN) Market Size in 2017:||1 Billion (USD)|
|Forecast Period:||2018 to 2024|
|2024 Value Projection:||1.8 Billion (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||150|
|Tables, Charts & Figures:||131|
|Segments covered:||Application and Region|
|Pitfalls & Challenges:|
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These products are highly used in electronic components such as batteries, capacitors, insulation, semiconductors, magnetic storage tapes and for optical purposes further boost the polyethylene naphthalate market value.
Polyethylene naphthalate products provide various superior properties such as heat resistance, low oligomer extraction, strength and dimensional stability. Additionally, these products exhibit better barrier properties and shrinkage resistance making it highly suitable for packaging applications. Recent introduction of polyethylene naphthalate beer bottles by the Norway's Association of Brewers and Soft Drink Producers may positively impact the polyethylene naphthalate market.
More than 5 million new PEN based bottles are in circulation which is expected to increase at a fast pace owing to its high barrier properties, prolonged shelf life and ability to withstand high temperature washes. Moreover, increasing consumer preferences towards shatter proof and light weight beer and juice bottles may further support the polyethylene naphthalate market growth.
Major raw materials used in the manufacturing of these resins are ethylene glycol and naphthalene-2,6-dicarboxylic acid. Polyethylene naphthalate polyesters are generally manufactured by polycondensation of these raw materials following an acid or ester process. High manufacturing costs and limited availability of 2,6-NDC feedstock may hamper market growth. However, increasing availability of monomers for PEN at huge scale and minimised costs may provide various opportunities for polyethylene naphthalate market players.
Packaging applications segment in polyethylene naphthalate market may surpass $640 million by the end of 2024. These products are used for food packaging applications as they provide high barrier properties and are less permeable to water vapor and oxygen. Additionally, they reduce oxidation effects in containers making them ideal for food preservation purposes.
These resins are used to manufacture pellets and films which are thin, flexible and durable thereby preventing chemical gases and moisture from entering the packaged food products. The product reduces the number of required layers thereby enabling simplification of packaging structure along with reducing overall packaging costs.
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Polyethylene naphthalate market share from electronics applications may witness gains at over 7% through the forecast period. These resins are used in the manufacturing of capacitors and magnetic storage devices including USB’s and for coating application in flexible electrical circuit boards. Additionally, these are highly being used for barrier and electrical insulation applications along with imaging and photography prospects pertaining to their dielectric insulating properties.
North America led by U.S., Canada and Mexico may surpass USD 520 million up to 2024. The material provides superior resistance to UV rays, high mechanical properties and strength along with 4 to 5 times oxygen and moisture barrier properties. They have high chemical resistance along with ability to withstand extreme temperatures making them ideal for refillable bottles.
Moreover, improved mechanical properties, lightweight and lower production cycle times are expected to enhance market growth. Increasing consumption of carbonated beverages and beer owing to easy availability and urbanization may promote the polyethylene naphthalate market outlook.
Europe led by UK, France, and Germany was valued at over USD 250 million in 2017. These resins are used in producing high performance sailcloth and laminating sail on boats thereby providing high resistance from sunlight. Also, the usage of PEN films provides 10% reduction in sail weight and UV resistance as compared to PET films.
These products are used in the manufacturing of tires majorly in high end cars thereby reducing road noise up to 30 percent. Rising automobile production and presence of various manufacturers such as BMW, Audi, and Mercedes in the region along with rising exports of passenger vehicles may enhance the polyethylene naphthalate market.
Asia Pacific led by China, Japan and India may witness significant gains at above 8% by the end of forecast period. Shifting consumer preference towards packaged food & beverages majorly chocolates, confectionary, baked goods, frozen foods, yogurt and carbonated drinks owing to growing inclination towards fast food and rising working population may positively influence the polyethylene naphthalate market trends.
Global polyethylene naphthalate market share is highly competitive and consolidated among major industry participants including:
Producers are highly focusing on product launches and innovations along with high spending in research for making this product available at lower costs. Additionally, they are engaging in partnerships and joint ventures to enhance product portfolio and regional reach.
Polyethylene naphthalate are polyesters derived from polycondensation of ethylene glycol and naphthalene-2,6-dicarboxylic acid. These are manufactured using ester or acid process further used in applications mainly packaging and electronics. These resins are further used in making films and fibres providing high temperature resistance and low permeability. Manufacturers are heavily experimenting with these products for incorporation in carbonated, non-carbonated and packaging containers as it a niche material providing huge benefits.
Polyethylene naphthalate market report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD from 2013 to 2024, for the following segments:
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The above information is provided on a regional and country basis for the following: