Acumen Research and Consulting recently published report titled “Polyethylene Furanoate Films Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027.
LOS ANGELES, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The market for Polyethylene Furanoate Films market is expected to grow at a CAGR of around 9.8% from 2020 to 2027 and reach the market value of over US$ 412.2 Thousand by 2027. Polyethylene Furanoate or PEF is a bio-based polymer which has gained immense popularity in the past few years due to its 100% recyclable nature. It is produced using renewable raw materials (sugars) derived from plants and also referred to as next-generation polyester. PEF Films has a great opportunity in flexible packaging and PEF has equal thermo-mechanical and surface properties as compared to BOPET-based packaging. Additionally, these PEF films are recyclable with other suitable layers or compatible with clean energy recovery at reduced GHG emissions.
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The polyethylene furanoate film market is segmented on the basis of application, end-use, and geography. Based on the application, the market is divided into packaging and industrial. On the basis of end-use, the market is bifurcated into food, electronics, pharmaceuticals, and others. . By geography, the market is divided across North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Additionally, the aforementioned regions are further segregated into the major countries of the respective regions.
In 2019, Asia Pacific held the major share (%) of the global Polyethylene Furanoate Films market. The region is gaining pace on account of its emerging economies including China and India. The rapidly increasing demand for packaged food products in the region is supporting the growth. The favorable government initiatives in order to support bio-based material packaging to effectively deal with the degrading environmental condition are additionally bolstering the regional market value. Furthermore, the region is also anticipated to experience the fastest growth with a major CAGR (%) during the forecast timeframe from 2020 to 2027.
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Some of the leading competitors are Avantium Technologies B.V. (Canada), Danone S.A. (France), The Coca-Cola Company (US), Toyobo Co., Ltd. (Japan), Alpla (Austria), and others. Polyethylene Furanoate Films companies have announced strategic mergers and acquisitions, partnerships & collaborations, and new product development to expand their position in the polyethylene furanoate film industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.
Some of the key observations regarding polyethylene furanoate films industry include:
Avantium Technologies B.V. has partnered with Mitsui & Co., Ltd. (Japanese multinational) in November 2019. The strategic partnership is intended for the development of the PEF films market in innovative electronic applications and distribution across the high-end Japanese consumer brands.
BASF SE (Germany) and Avantium (Netherlands) have signed a letter of intent in 2016 to establish a joint venture (JV) for the production and marketing of furandicarboxylic acid (FDCA) and polyethylenefuranoate (PEF). The strategic move was intended to improve food packaging films and plastic bottles.
Avantium is aiming to produce furandicarboxylic acid (FDCA) particularly to help the bioeconomy supply chain to manufacture polyethylene furanoate (PEF). These are desired for high-value, easily-recyclable packaging applications according to the Bio Market CEO Tom van Aken. PEF bio-based alternative to fossil fuel-based PET and offers superior barrier and thermal properties. The company is looking forward to the replacement of petroleum-based multi-layer films with a mono-layer of PEF.
In 2019, Carlsberg has released the details of its new “paper bottle” research prototypes on which it was working. An inner barrier is used in the bottles to ensure the bottles can carry beer. Carlsberg described the inner layer as a “100% bio-based” polyethylene furanoate polymer film barrier. The company has also mentioned that it is planning to cut its usage of virgin plastic by 50% by 2025.
Avantium, a Netherlands-based company has opened its new branch in Japan to boost the development of PEF. The Avantium Renewable Polymers has a long-term partnership with the Toyobo (Japanese chemical company) for PEF polymerisation and PEF film. The strategic move is intended to market its polyethylene furanoate (PEF) material for use in the Japanese packaging and electronics market.
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