A newly released business intelligence report from IndustryARC has projected the global polyethylene furanoate market size to increment highly profitably during the forecast period of 2019 to 2024. The report is titled “Polyethylene Furanoate Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 – 2024.”
The analyst of the report highlights that bio-based plastics have found its usage in a broad array of applications, and still it constitutes only about 1% share in the overall plastic production. The bio-based plastic production is expected to rise at an exponential rate in the coming years due to several reasons such as strict government regulation and initiative to use bio-based plastics, increasing environmental and health concern among the consumers, and its performance benefits. Consequently, the polyethylene furanoate market is anticipated to transform into a highly profitable aspect of the broader next generation plastic industry.
Polyethylene Furanoate (PEF) is 100% bio-based and is derived from plants. It has the ability to replace the most widely-used petroleum-based polyethylene terephthalate (PET) polymer in bottle manufacturing. PEF is the next generation material and does have several performance advantages compared to PET. The polyethylene furanoate market companies are offering products that offer superior gas barrier properties (O2 barrier is 10 times greater than PET, CO2 barrier is 4 times greater than PET, and H2O barrier is 2 times greater than PET), better tensile strength, light weight in nature, and superior thermal stability without heat-setting.
It has been detected that the production of PEF can reduce non-renewable energy use and greenhouse gas emissions by approximately 65% and 70% respectively, as compared to PET. These reductions are higher as compared to other bio-based plastics available alternates to polyethylene furanoate market such as polylactic acid (PLA) or bioPE. The global annual production of PET bottles is approximately 18 million tons and the substitution by PEF could save 440–520 petajoules (PJ) of non-renewable energy use and reduce greenhouse gases by 20–35 tons of carbon dioxide equivalents.
Browse in-depth TOC “Polyethylene Furanoate Market (2019 - 2025)”
Bio-based Material Trend Disrupting Polyethylene Furanoate Market
PEF is a sustainable alternative as it is 100% bio-based, requires less additives than PET, and has more attractive thermal properties with a higher glass transition temperature of 86°C (Avantium, 2013). The polyethylene furanoate market is enabling the bottle manufacturers to not need a new equipment to replace PET with PEF as it can be processed in the same way and in the same machinery. Due to its low melting temperature, PEF is easier to handle and higher glass transition temperature makes it better for use. And last but not the least, in large quantities it is even cheaper, when compared to Bio-PET.
Europe Polyethylene Furanoate Market Poised for Fruitful Returns
Across the globe, developed countries are diverting their investments to 100% bio-based PEF, a sustainable alternative of PET. As per the polyethylene furanoate market analysis conducted by IndustryARC, Europe and the U.S. lead the innovation in the field of bio-chemistry. Though PEF is one of the best alternatives of PET, it will take time to replace PET at the global level. Government regulations regarding the use of bio-based materials and involvement by providing subsidies to the manufacturers will help in the replacement of PET bottles. Other factor that is pushing the manufacturers towards the development of PEF bottles, is the growing consumer behavior, as consumers are now more health conscious and concerned about the environment. Hence, 100% bio-based PEF is the future of PET bottles.
Pioneering Polyethylene Furanoate Market Companies: Recent Developments
There are a number of major and regional players who are disrupting the polyethylene furanoate market to certain extent. Once instance can be the key initiatives taken by Avantium and other industry players for the development and market of PEF bottles. BASF and Avantium have signed a letter of intent to establish a joint venture (JV). The JV will use the YXY process developed by Avantium in its laboratories and pilot plant in Geleen. Avantium has also collaborated with the Coca-Cola Company, Danone, ALPLA, and Wifag//Polytype to launch the first PEF packaging in the market in 2018. Currently, the concept of PEF bottles is in the commercial launch phase and PEF bottles will be rolled out through the beverage market by 2020.
The IndustryARC polyethylene furanoate market research report has taken consideration all micro and macro factors, abided by the proven research methodologies and provides evaluations and estimations on the value and volume of demand. The report analyst has provided in-depth assessment of all factors pertaining to the progress of the polyethylene furanoate market and included geographical as well as segment bifurcation. A number of major players have also been profiled for their product portfolio as well as recent strategic decisions.
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