Global Polyethylene Furanoate Market Report and Forecast 2024-2032

Global Polyethylene Furanoate Market Outlook

The global polyethylene furanoate market reached a value of about USD 34.57 million in 2023. The market is further expected to grow at a CAGR of 6.4% in the forecast period of 2024-2032 to reach a value of approximately USD 60.51 million by 2032.

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Rising Demand for Bottles to Augment the Polyethylene Furanoate Industry Growth

By application, the market is segmented into bottles, fibres, and films. Among these, bottles are witnessing a significant growth in the industry. This can be attributed to the high product demand for packaging applications, such as food and beverage packaging, personal care packaging, and packaging for household care items. The increasing consumer awareness of sustainable packaging, combined with tightening landfill regulations around the world, especially in Europe, is pushing manufacturers to use bio-based and recyclable plastics for packaging. Furthermore, the ban on single-use plastics in several countries, including the United Kingdom, New Zealand, Taiwan, Zimbabwe, and numerous states in the United States, including Hawaii, New York, and California, is pushing up the demand for PEF in the bottles application segment.

Over the forecast period, flexible packaging is expected to be one of the major contributors to the PEF market's growth. It delivers environmentally friendly and safe packaging options to a number of food and non-food sectors. It aims to minimise the volume of packaging material used and causes much less waste than typical flexible packaging. This packaging is made from renewable materials, thus, making it an ideal alternative for a number of eco-friendly companies.

The Asia Pacific to Provide Enhanced Growth Opportunities to the Polyethylene Furanoate Industry

Region-wise, in 2019, the Asia Pacific dominated the market, accounting for more than 45.0% of the global sales. Over the forecast era, the shift towards the biodegradable plastics production environment in emerging economies, especially China and India, is expected to positively influence the market growth. However, the COVID-19 pandemic is expected to have a negative effect on the growth of the PEF market in the Asia Pacific, as there is currently minimal cross-border trade among the economies. The various end-use industries, such as medical and food and beverage are driving PEF demand in the region, thanks to increasing demand for packaged and processed foods and the growing trend of e-commerce shopping in the region.

Europe is the second-largest user of polyethylene furanoate, owing to a variety of reasons, including increasing consumer anxiety about the environment, tight environmental regulations, and expanded R&D investments in bio-based and fully recyclable plastics by private and public organisations. Furthermore, government policies such as the EU's decision to reduce total use of single-use plastic goods in the region by 90% by the end of 2021 are projected to improve PEF demand over the forecast period.

Polyethylene Furanoate: Market Segmentation

The acronym PEF stands for polyethylene furanoate. Polyethylene furanoate is a polymer formed by polycondensation. FDCA (furandicarboxylic acid or 2,5-furan dicarboxylic acid) is the building block of polyethylene furanoate. PEF is a chemical analogue of PET (polyethylene terephthalate) and PEN (polyethylene naphthalate).

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After the US Department of Energy announced its building stone, FDCA, as a possible bio-based substitute for distilled terephthalic acid (PTA) in 2004, PEF has received renewed interest.

By application, the market is divided into:

• Bottles
• Films
• Fibres

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Packaging to Bolster the Growth of the Polyethylene Furanoate Industry

Due to the rising need for sustainable production systems, the packaging industry has experienced a major transition over the last decade. The increasing market consciousness and increased environmental issues have culminated in the restructuring of production systems and supply chains all over the world. Various research institutions and institutes are collaborating to develop novel packaging alternatives. As opposed to polyethylene terephthalate (PET), which is produced from nonrenewable materials, polyethylene furanoate (PEF) has the potential to resolve rising questions about resource scarcity. The PEF market is expected to offer a significant number of opportunities to revolutionise the global packaging sector, considering the rapid advances and developments in the packaging industry.

Furthermore, the coronavirus pandemic has had a huge effect on customer shopping habits and expectations when it comes to picking goods and services. Consumers are deeply worried about the products’ environmental effects, recyclability, and decomposition time in landfills. Thus, customers are more likely to prefer bio-based and recyclable plastics over traditional plastics in the forecast period, thus, aiding the polyethylene furanoate industry growth.

Key Industry Players in the Global Polyethylene Furanoate Market

The report gives a detailed analysis of the following key players in the global polyethylene furanoate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Avantium N.V.
• Corbion NV 
• AVA Biochem AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Polyethylene Furanoate Market Report Snapshots

Polyethylene Furanoate Market Size

Polyethylene Furanoate Market Growth

Polyethylene Furanoate Market Regional Analysis

Polyethylene Furanoate Companies