Expanding food & beverage sector to drive Polyethylene Naphthalate Market trends
Escalating urbanization rate has led to major lifestyle changes. Consumers are inclined towards ready to eat food, which has resulted in mounting demand for convenience foods. Polyethylene naphthalate products that are commonly used for packaging in the F&B sector, which is poised to experience robust demand with the expanding population base worldwide.
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Polyethylene naphthalate raisin acts as a superior oxygen, water vapor and moisture barrier and also offers excellent UV resistance. Increasing fast food consumption across developed as well as developing countries, along with expanding food retail sector across the globe may foster polyethylene naphthalate market size in the coming years.
Global polyethylene naphthalate market size is forecast to cross the USD 1.8 billion mark by 2024. PEN films provide low heat shrinkage, optical clarity, high gloss and excellent UV rays protection. These products also provide relative high glass transition temperature (120°C) and melting point, which makes them highly suitable for applications demanding sterilization at maximum temperatures.
Optical displays, electrical insulation, flexible printed circuits, laminates, processing films and labels for semiconductors are some of the key electronics and electrical applications of the product. From electronics applications, polyethylene naphthalate market is forecast to garner revenue of over USD 300 million by 2024.
Polyethylene naphthalate products are extensively utilized in tire manufacturing and they are well-suited for high-end luxury Vehicles. They offer excellent toughness to tires and aid in noise reduction. Films made out of these products are also used to produce light weight components for trucks and light motor vehicles, which further enhances fuel efficiency and reduction in carbon emissions.
From automotive tire applications, polyethylene naphthalate market is expected to showcase growth rate of more than 7.5% over the analysis period. Stringent regulations imposed by the EPA regarding fuel efficiency has prompted various automotive manufacturers to incorporate light weight products in vehicles, stimulating PEN adoption.
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APAC polyethylene naphthalate market from beverage bottling applications is projected to register gains of more than USD 190 million over the analysis period. The product provides excellent barrier properties, robustness, flexibility, oxidation resistance, durability, and great compatibility with various chemicals. All these product benefits make it well-suited for application in bottle packaging.
There is higher consumer demand for alcoholic and functional beverages, on account of burgeoning youth population as well as rising affordability of these beverages, across the APAC countries. Asia Pacific will undoubtedly emerge as a key target area for PEN manufacturers.
Global polyethylene naphthalate market share is competitive and substantially consolidated with key participants including Toray, Teijin, Dupont, Toray, EPC, Polyonics, Seiwa Inc., DuraFiber Technologies, Inc., among others. These industry players are increasingly involved in forming collaborations, joint ventures and partnerships for enhancing product portfolio and expanding global reach.
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