Polyethylene Naphthalate (PEN) Market Size

Polyethylene Naphthalate Market Size

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.

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.
 

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.