As per the recently published report by MarketsandMarkets™, The “Polyethylene Furanoate (PEF) Market by Source (Plant Based, Bio Based), Grade, Application (Bottles, Films, Fibers, Molded), End-Use Industry (Packaging, Fiber & Textiles, Electronics & Electrical, Pharmaceuticals), & Region – Global Forecast to 2028 “, size is projected to reach USD 28 million by 2028, at a CAGR of 8.1% from USD 19 million in 2023. The PEF market is mainly driven by government regulation & policies. Moreover, increasing demand for PEF for bottle production and the growing demand from the fiber segment.
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- 310 Market data Tables
- 148 Figures
- 270 Pages and in-depth TOC on “Polyethylene Furanoate (PEF) Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The key global players in the PEF market include Avantium NV (Netherland), Sulzer (Switzerland), AVA Biochem (Switzerland), ALPLA Group (Austria), Swicofil (Switzerland), Origin Materials (US), Toyobo Co., Ltd. (Japan), Danone (France), Mitsui & Co. (Japan), Eastman (US) are the key players in the PEF market. These companies are strong in their home region and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
Recent Developments in Polyethylene Furanoate (PEF) Market Industry
- In November 2023, Avantium announced a partnership with Pangaia, a purpose-driven materials science and apparel company. Under this, PANGAIA has committed to procuring Avantium’s eco-friendly and recyclable PEF (polyethylene furanoate) material for their clothing line, aiming to develop sustainable materials and products free from fossil fuels.
- In February 2023, Avantium collaborated with Origin Materials, a leading sustainable materials company based in the US. Under this, both companies accelerate the mass production of FDCA and PEF for use in advanced chemicals and plastics. The main aim of this partnership is to bring the technology platforms of both companies together to produce FDCA from sustainable wood residues on an industrial scale.
- In March 2022, Avantium has reached financial close for the construction of its FDCA Flagship Plant in Delfzijl, the Netherlands. It is the world’s first commercial FDCA factory is set to produce 5 kilotonnes of FDCA (furandicarboxylic acid) per annum, the key building block for the 100% plant-based, recyclable polymer PEF.
- In January 2023, Eurasion announced its intention to invest in the Kingdom for the long term. The company plans to invest USD 50 Million in the market, with the potential to increase this number year-on-year.
- In August 2022, Sulzer signed a MOU with BASF SE with the goal of advancing technologies for renewable fuels and chemically recycled plastics that will further expand the partners’ portfolio of sustainable solutions.
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“Packaging segment is projected to grow at fastest CAGR, in terms of value, during the forecast period.”
The packaging sector is a crucial domain for Polyethylene Furanoate (PEF) due to its wide-ranging advantages. PEF emerges as a sustainable substitute for conventional packaging materials such as polyethylene terephthalate (PET). Its exceptional ability to resist gases like oxygen and carbon dioxide makes it an excellent choice for diverse packaging applications. PEF’s impressive thermal and mechanical characteristics, alongside its recyclability and renewable origin, contribute to reducing environmental impact. This positions PEF as an eco-friendly alternative to standard plastics.
“Bottles segment is projected to grow at fastest CAGR, in terms of value, during the forecast period.”
Polyethylene furanoate (PEF) emerges as a promising contender in the bottle market, providing an eco-conscious substitute for conventional plastics such as polyethylene terephthalate (PET). Sourced from plants, PEF offers sustainability and heightened barrier properties, preserving beverage quality and extending shelf life. Its lightweight composition not only reduces material consumption but also cuts down on transportation expenses. While PEF aligns with current recycling systems, challenges including production scalability, cost-effectiveness, regulatory compliance, and consumer acceptance remain pivotal hurdles.
“Asia Pacific is expected to be the fastest growing market for PEF during the forecast period, in terms of value.”
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Shifting consumer preferences toward sustainable products plays a pivotal role. With heightened environmental consciousness, consumers here are actively seeking eco-friendly alternatives, presenting a substantial demand for PEF due to its renewable sourcing and potential biodegradability. The region’s robust economic growth and rapid urbanization fuel a surge in packaged goods consumption, particularly beverages. As disposable incomes rise and lifestyles evolve, there’s an escalating demand for innovative, sustainable packaging solutions like PEF to meet these changing consumer needs.
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