According to a new research report by Global Market Insights Inc., the Polyethylene Naphthalate (PEN) Market size is set to surpass USD 1.8 billion by 2024. Growing product demand for polyethylene naphthalate films in various industries such as automotive, electronics, food and beverage packaging, aerospace, imaging and photography, may accelerate market growth.
Polyethylene naphthalate is used in capacitors for providing self-healing properties, excellent shock resistance along with increasing overall reliability. The capacitors produced from these films provide low dielectric absorption, DC bias and enhances capacitance values like ceramic capacitors thereby stimulating the polyethylene naphthalate market.
Beverage bottling applications was valued at over USD 280 million in 2017. These are majorly incorporated in production of beer and juice bottles as the material provides high oxygen and moisture barriers of about 5 times more than PET and is considered the most effective mono material. Also, these products provide durability when exposed to high temperatures. Increasing alcoholic beverages consumption owing to rapid urbanization, rising beer demand among youth population and affordability are the major factors contributing to the polyethylene naphthalate market share.
Automotive tires may witness significant gains at above 7.5% during the projected period. They are used in high-end and luxury cars providing smooth ride, rigidity and noise reduction making it an ideal material for producing lightweight tires. Also, the product provides high dimensional stability when compared to plastics such as rayon and nylon. Increasing manufacturers inclination towards incorporation of PEN based products in cars along with its superior properties may promote the polyethylene naphthalate market growth.
Browse key industry insights spread across 150 pages with 108 market data tables & 23 figures & charts from the report, “Polyethylene Naphthalate (PEN) Market By Application (Beverage Bottling, Packaging, Electronics, Automotive Tyres), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
U.S. industry from packaging applications may exceed $130 million by the end of the forecast timeframe. Rising product demand from packaged food applications pertaining to high dimensional stability, high temperature stability, shrinkage resistance may boost the business growth. Increasing consumer demand for convenient food & beverages along with rising trend for on the go consumption may accelerate the polyethylene naphthalate market.
China may expect gains at over 8.5% through 2024. Growing demand from automotive, electronics and packaging industries may propel regional market growth. Additionally, various manufacturers are shifting their production base from Europe and North America to China which may provide ample growth opportunities for polyethylene naphthalate market growth.
Germany may witness gains of above 7.5% through 2024. These products are used in producing high performance fibers as have better dimensional stability and high modules when compared to nylon fibers and PET.
Teijin DuPont, Toray Industries, Durafiber Technologies, EPC Group, SKC, Polyonics and Kolon Plastics are the major manufacturers in the market. The raw material suppliers are forwardly integrated and supply these products to various end-use industries. The manufacturers are highly engaged on attracting new customers along with spending heavily on research activities to provide cost-effective products on a larger scale which may promote polyethylene naphthalate industry.