The market for Polyethylene Furanoate (PEF) Market is expected to reach XX Mn in 2023.
Polyethylene furoate (PEF) is derived from plants and is a 100% recyclable and bio-based polymer. It has the potential to replace the conventionally based durable material polyethylene terephthalate (PET). Polyethylene furoate has a better barrier and mechanical properties when compared to polyethylene terephthalate. It can also be considered the next generation of polyester.
The market for polyethylene furoate is witnessing growth on the back of rising environmental concerns about reducing greenhouse gas emissions. Moreover, stringent government regulations towards the consumption of non-recyclable plastics will likely stimulate market growth. In addition, a shift in trend towards eco-friendly substitutes is likely to drive market growth for PEF. A decrease in crude oil prices is projected to hinder the PEF market's growth. Moreover, a lack of raw material availability is likely to impede the market growth.
Europe and Asia-Pacific are projected to be the most promising markets for PEF. Supportive government policies in Europe are one of the major factors contributing to market growth in this region. Asia Pacific is projected to be the fastest-growing market due to the growing packaging sector in Malaysia, India, Singapore, Australia, and China. North America is also projected to grow significantly, owing to stringent government regulations and growing environmental concerns.
Application
By Geography
Novamont, Avantium, Toray, Canon Inc., and Evian are some key players in this market.
The market for Polyethylene Furanoate (PEF) Market is expected to reach XX Mn in 2023.
The Polyethylene Furanoate (PEF) Market is expected to see significant CAGR growth over the coming years,at XX%
The report is forecasted from 2016-2023.
The base year of this report is 2015.