Escalating need for sustainable packaging combined with added advantages of PEF and its augmenting demand from various end-use verticals is propelling the growth of the market.
The Global Polyethylene Furanoate Market is anticipated to gain a valuation of USD 120.1 Million by 2027, at a growth rate of 17.8%, throughout the predicted timeframe, as per the latest analysis by Emergen Research.
The films produced from PEF materials have a pleasing odor and enhanced gas barrier attributes. These films have the capability to be a replacement for various plastic resins in packaging applications. This feature is presumed to stimulate the need for PEF materials over the next years, thereby propelling the industry growth.
Key companies of the global market landscape include Avantium Technologies B.V., Toyobo Co., Ltd., Sulzer ChemTech., Swicofil AG, Corbion, and Biochem AG, among others.
PEF is a bio-based polymer made from plant extracts and is completely recyclable. Several significant companies of the business sphere are emphasizing on the development of comprehensive bio-based fibers, bottles, and films, adding traction to the requirement of PEF. Its extensive use as an alternative to bio-based PET due to its characteristic features of better barrier and superior chemical and mechanical properties. Owing to its remarkable tensile strength, PEF requires lesser additives than PET, which further adds to the market growth.
Application Outlook (Revenue, USD Billion; 2017-2027)
- Fibers
- Films
- Bottles
- Others
Even though PET is predominantly used to manufacture bottles across the world, the growing environmental concerns surrounding it are compelling the companies to shift their preference to bio-based plastic bottles. This is paving the way for rapid adoption of PEF in manufacturing of bottle and packaging applications, thereby augmenting the industry growth in the forecasted timespan.
Avantium, a Netherlands-based chemical and renewable polymers company, in 2019 commercialized the company’s YXY brand technology, which is patented, of furanics. The company is aiming to manufacture technologically progressed green fuels to augment the use of PEF across significant geographies.
