Polyethylene Furanoate Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023-2032
The polyethylene furanoate, a strong contender to replace dominance of PET plastics promises several advantages over its conventional counterpart. The polyethylene furanoate offers superior barrier performance, high thermal, and mechanical resistance, low melting point, high glass transition, cost competitive industrial-scale production, and most importantly, a completely recyclable solution. Major companies like Coca-Cola have announced induction of polyethylene furanoate-based commodity LRB packaging. Moreover, new companies like AVA-CO2 has plans to manufacture PEF output of over 120,000 tons of FDCA, starting with 30,000 tons in 2019. The growing demand for packaging, the tremendous benefits of PEF, and rising regulations limiting prospects for PET will likely drive major growth for the polyethylene furanoate market in near future.
Rising Demand for Sustainable Packaging in E-commerce to Drive Growth
Studies reveal that packaging materials, and technology evolved continuously during the 90s. However, since then, it has become extremely challenging to reduce the environmental impact, and costs of packaging. Today, many packaging products use non-renewable items, driving negative attention for e-commerce, and reducing its scope for cost-cutting through recycling. Furthermore, products like PEF, carton board, paperboard promise major growth as these promise to replace traditional packaging materials with cost-cutting, and environmental advantages.
Moreover, the demand for green packaging remains at its peak from consumers, as industries like food and beverage continue to witness growth for natural-ingredient based products, organic products, among others. Furthermore, the PEF products offer several advantages for e-commerce distribution with better tensile strength than PET products, addition of lesser additives, recycled component into PET, higher thermal stability, and potentially higher cost-efficiency in the long run. The PEF products also promise to aid growth of safe, and recyclable small-size rigid, and flexible packaging. Additionally, technologies on the horizon like 3D printing promise to help optimize packaging volumes, shapes, and reduce carbon emissions further. This is the growing need of the hour in e-commerce as packaging technology remains a limited prospect in growth, and sustainable, and commercial promise of PEF products will open major opportunities for growth for players in the polyethylene furanoate market.
Demand for Home Furnishing to Receive Major Boost as Covid-19 Looms Large
As people spend more time at home during Covid-19, the demand for home furnishing is receiving a major boost. The partial growth in this sector can also be attributed to convenience, and cost-competitiveness offered by rising e-commerce sector. E-commerce continues to provide cost-effective, tailor-made solutions for a wide range of home furnishing needs. Salesforce data from quarter 1 estimates that, digital revenue from home goods increased by about 51% during 2019. Moreover, searches for home furnishing for companies like CB2 increased by about 90%, and sales for companies like Revival Rugs jumped by 50% year-over-year in 2019.
Furthermore, the development for liquid packaging for major companies like Coca-Cola also remains promising. According to president of packaging consultancy, Gordon Bockner, Coca-Cola is considering switching to PEF bottles to replace PET bottles in near future. He believes the company does not want to be left out of the evolution of packaging in relation to bottled beverage, and is considering LRB packaging for commodities. The rising demand for home furnishing, and growing appeal for PEF products for home furnishing, and strong futuristic promise in the F & B sector, will drive tremendous growth for the polyethylene furanoate market during the forecast period.
Key players in the polyethylene furanoate market including Danone S.A., Avantium Technologies B.V., Alpla, Toyobo Co., Ltd., And The Coca-Cola Company continue to invest in innovation to gain competitive edge.
The Polyethylene Furanoate Market is Segmented as Below:
By Application
By Region
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
