Polyethylene Furanoate (PEF) Market Worth About 16,640 tons By 2022
What is a Polyethylene Furanoate?
Polyethylene Furanoate or PEF is a
100% recyclable, bio-based polymer produced using renewable raw materials
(sugars) derived from plants.
PolyethyleneFuranoate (PEF) Market
is expected to deal with 16,640 tons by 2022. It is better known by different
names such as polyethylene furanoate, poly (ethylene furanoate), and poly
(ethylene 2,5-furandicarboxylate). It can be defined as a polymer that is
manufactured with the help of polycondensation involving ethylene glycol and
2,5-furandicarboxylic acid (FDCA). Polyethylene Furanoate market is expected to
grow at a CAGR of 6.0% in the upcoming period as the scope, product types and
its applications are increasing across the globe.
Polyethylene
furanoate (PEF) is generally obtained from plants. It 100% recyclable and
included in the category of bio – based polymer. The most striking aspect
associated with it is that it has the potential to substitute conventional
resources by durable material PET. It is known to possess exceptional barrier
as well as mechanical properties as compared to polyethylene terephthalate. It
is also likely to emerge as the next generation polyester.
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The
key reason behind robust market growth of polyethylene furanoate could be
growing environmental concerns in order to reduce the greenhouse gas emissions
in the surroundings. Also, implementation of strict government regulations
toward usage of non-recyclable plastics is estimated to contribute to the
market growth. There has been a shift in the trend towards utilization of
eco-friendly substitutes, which will soon foster the market growth in the near
future. On the other hand, fall in the prices of crude oil and low availability
of the raw material may hamper the PEF market growth in the years to come.
In
addition, the bio-based PRT is a polymer consisting of approximately 30%
bio-based MEG and 70% PTA. Rising efforts by numerous corporations to produce PTA
using bio based raw resources in order to produce 100% bio-based PET is
expected to challenge the development of the marketplace in the years to come.
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Polyethylene
Furanoate Market may be explored by applications, and geography. Polyethylene
Furanoate (PEF) may be explored by applications as Bottles, Fibers and fibrous
webs, Films, Packaging Product, Others. Fibers sector is estimated to grow at
the highest CAGR and will keep on being the highest sector in the Polyethylene
furanote over the forecast period. The PEF components are recycled from
PEF-based flasks that have been arranged into 100% bio-based T-shirts. These
fibers are mainly used as a part of the packing manufacturing products, for
example, fertilizers, and cement, pesticides, nevertheless power-driven
bundling, they are used in carpets, clothing, and sports apparel.
Europe
has been at the forefront with regards to Polyethylene Furanoate (PEF) Market
and will continue to rule the roost in the years to come. Europe is anticipated
to develop at a 7.0% CAGR in terms of volume during the forecast period. The
strict government regulations standards and growing demand for maintainable
packing is estimated to drive the development of PEF market over the forecast
period.
Europe
is followed by Asia-Pacific region. The development of the sector can be
ascribed to growing demand for bio-degradable, sustainable, and profitable
packaging material. Healthy development in the carbonated soft drink
marketplace is expected to play an essential part in the growth of the regional
marketplace.
Some
of the key players that fuel the growth of the Polyethylene Furanoate (PEF)
Industry include Toyobo Co., Ltd., SULZER ChemTech, and Avantium Technologies
B.V. The key players are focusing on inorganic growth to sustain themselves
amidst fierce competition. As such, mergers, acquisitions, and joint ventures
are the need of the hour.
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