Polyethylene Furanoate Films Market - Industry Report, 2030

Author : aarti mule | Published On : 14 Oct 2021

Polyethylene Furanoate Films Market: Introduction

  • Polyethylene furanoate films are made of 100% recyclable bio-based polymer derived from plants. Polyethylene furanoate films have potential to replace the plastic industry’s giant polyethylene terephthalate (PET). Polyethylene furanoate films can be referred to as next-generation polyester, having better mechanical and barrier properties as compared to that possessed by the highly popular polyester (PET).
  • Polyethylene furanoate films possess interesting mechanical properties such as higher glass transition temperature, lower melting point, and higher modulus. They can be recycled and incorporated into PET recycle streams at up to 5% PEF with no effect on the recycled PET performance.
  • In terms of application, the global polyethylene furanoate films market can be segmented into packaging and industrial. The packaging application segment is projected to expand at a significant pace during forecast period owing to an increase in use of polyethylene furanoate in films in food & beverage and pharmaceuticals packaging. Based on end user, the global polyethylene furanoate films market can be segmented into food & beverage, electronics, pharmaceuticals, and others.

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Key Drivers of Polyethylene Furanoate Films Market

  • Government regulations on restricting the consumption of petro-based plastics in certain industries such as food & beverage and pharmaceutical is expected to boost the polyethylene furanoate films market during the forecast period. Various governments across the globe are restricting consumption of petro-based products due to increasing concerns regarding toxic issues pertaining to petrochemicals and depleting crude oil reserves. Thus, these restrictions are encouraging the development of polyethylene furanoate films and consequently, driving the market.
  • Increase in demand for bio-based recyclable films in the packaging industry and growing awareness among consumers pertaining to bio-based solutions is projected to augment the market during the forecast period. Polyethylene furanoate films are sustainable and environment-friendly packaging solutions for end-use industries such as food & beverage, electronics, and pharmaceuticals. Polyethylene furanoate films help reduce the amount of material used for packaging and creates much less waste as compared to conventional flexible packaging.

Restraints of Polyethylene Furanoate Films Market

  • Lack of universal directives pertaining to applications of polyethylene furanoate films is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of polyethylene furanoate films. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the polyethylene furanoate films market, thereby hampering the market.
  • Lack of awareness and low rate of adoption of polyethylene furanoate films in several developed and underdeveloped countries is projected to restrain the market during the forecast period

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COVID-19 impact on Polyethylene Furanoate Films Market

  • The COVID-19 outbreak is hampering the demand for polyethylene furanoate films in several applications. Numerous governments across the globe enforced lockdowns as a measure to curb the spread of the coronavirus. This lockdown has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are declining the demand for polyethylene furanoate films.
  • Rise in number of positive cases of COVID-19 in Asia Pacific and Europe is fueling the demand for polyethylene furanoate films in food and beverage, pharmaceuticals, and textiles industries. The outbreak of the coronavirus pandemic has affected consumer preferences and their choices while choosing products. Consumers are currently more conscious about environmental impact, recyclability, and decomposition time in landfills of products. This is expected to boost the consumption of polyethylene furanoate films during the forecast period.

Asia Pacific to Hold Major Share of Polyethylene Furanoate Films Market

  • In terms of region, the global polyethylene furanoate films market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
  • Asia Pacific is projected to hold a significant share of the global polyethylene furanoate films market, in terms of consumption, during the forecast period. End-user industries such as pharmaceutical, food & beverage, and electronics are expanding at a rapid pace in the region. Rise in disposable income and improvement in standard of living in numerous countries in Asia Pacific are boosting the demand for consumer electronics. This, in turn, is augmenting the demand for polyethylene furanoate films.
  • Rapid expansion of the food & beverage industry in China, India, Vietnam, Singapore, and South Korea is expected to increase the consumption of polyethylene furanoate films in packaging applications, thereby boosting the market in these countries
  • The market in North America is also expected to expand at a significant pace during the forecast period owing to increasing concerns about the environment to reduce GHG emissions coupled with stringent regulations toward domestic consumption of non-recyclable plastic

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Prominent Players in Global Clear Encapsulation Materials Market

Major players operating in the global polyethylene furanoate films market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include;

Key Players Operating in Polyethylene Furanoate Films Market

  • Avantium Technologies B.V.
  • Danone S.A.
  • The Coca-Cola Company
  • Toyobo Co., Ltd
  • Alpla

Polyethylene Furanoate Films Market, by Application

  • Packaging
  • Industrial

Polyethylene Furanoate Films Market, by End-user

  • Food & Beverage
  • Electronics
  • Pharmaceuticals
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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