With the emergence and long-term Impact of COVID-19, Global Polyethylene Furanoate (PEF) Market to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Polyethylene Furanoate (PEF) Market points towards a potential rise to USD XX Billion by 2030. Polyethylene furanoate (PEF) is an innovative bio-based polyester that has gained high traction across various industries. PEF emerges as a promising alternative to conventional petroleum-derived plastics such as PET because of its unique properties, such as high barrier performance, increased strength, and sourcing from renewable plant-based materials. PEF’s superior barrier characteristics contribute to extended shelf life for packaged goods, particularly in the packaging sector. Furthermore, its potential for biodegradability aligns with the global emphasis on sustainable materials, addressing consumer preferences for eco-friendly solutions.
The soaring demand from fibers segment, increasing consumer awareness and preferences for environmentally friendly products, along with the imposition of stringent government regulation and policies including bans or restrictions on single-use plastics and incentivizing the adoption of alternatives such as PEF are the most prominent factors that are propelling the market demand across the globe.
Geographically, the global Polyethylene Furanoate (PEF) market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia-Pacific dominated the market in 2022 owing to the soaring demand for polyethylene furanoate (PEF) In countries such as China, India, and Japan, which is driven by various industries such as food and beverage, packaging, textile, and automotive. This surge is fueled by the growing trend of environmentally conscious choices, with PEF being a 100% bio-based recyclable polymer derived from plants. Also, environmental concerns and increased awareness of bio-based alternatives for bottles, films, and fibers are key factors propelling the PEF Market in the region.
In China, the National Bureau of Statistics reported a production of 59.12 million metric tons of non-alcoholic beverages in the first four months of 2023, with a 3% increase in April compared to the previous year. This uptrend is expected to boost the demand for PEF bottles in the forecast period. Whereas, North America is expected to grow with a substantial CAGR over the forecast years. The growing demand for sustainable packaging, rising environmental concerns regarding minimizing greenhouse gas emissions, and increasing advancements in technology and manufacturing processes are significantly propelling the market demand across the region.
The global Polyethylene Furanoate (PEF) market is highly competitive owing to the presence of several key players such as Avantium NV Sulzer Ltd. AVA Biochem AG ALPLA Group Swicofil AG Origin Materials Toyobo Co., Ltd. Danone SA Mitsui & Co. Ltd. Eastman Chemical Company, and others.
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Key findings of the study suggest:
- Global Polyethylene Furanoate (PEF) Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Source segment, Plant based emerged out as the leading market segment in 2022.
- Asia-Pacific is anticipated to drive regional growth owing to the soaring demand for polyethylene furanoate (PEF) In countries such as China, India, and Japan, which is driven by various industries such as food and beverage, packaging, textile, and automotive.
- North America is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Source:
- Plant based
- Bio-based
By Grade:
- Standard grade
- High performance grade
- Bio-based grade
- Food grade
- Blended/ Customized grade
- Others
By Application:
- Bottles
- Films
- Fibers
- Molded
- Blended/ Customized grade
- Others
By End-use Industry:
- Packaging
- Fiber & textile
- Electronic & electrical components
- Automotive components
- Pharmaceuticals
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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