Global Polyethylene Naphthalate Market size to exceed $1.8 bn by 2024
The polyethylene naphthalate (PEN) market size is set to surpass $1.8 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing product demand for polyethylene naphthalate films in various industries such as automotive, electronics, food and beverage packaging, aerospace, imaging and photography applications may accelerate market growth.
Polyethylene naphthalate (PEN) market size from beverage bottling applications was valued at over $280 million in 2017, according to the report. These are incorporated in production of beer and juice bottles as the material provides high oxygen and moisture barriers of about 5 times more than PET and is considered most effective mono material.
Increasing alcoholic beverages consumption owing to rapid urbanization, rising beer demand among youth population and affordability are reportedly the major factors contributing to polyethylene naphthalate market demand.
The U.S. polyethylene naphthalate market from packaging applications may exceed $130 million by the forecasted timeframe. Rising product demand from packaged food applications pertaining to high dimensional stability, high temperature stability, shrinkage resistance which may boost product demand. Increasing consumer demand for convenient food and beverages along with rising trend for on the go consumption may accelerate industry growth.
China polyethylene naphthalate market size may expect gains at over 8.5 percent by the end of 2024. Growing demand from automotive, electronics and packaging industries may propel regional market growth. Additionally, various manufacturers are shifting their production base from Europe and North America to China which may provide ample growth opportunities for market growth.
According to the report, Teijin DuPont, Toray Industries, Durafiber Technologies, EPC Group, SKC, Polyonics and Kolon Plastics are the major manufacturers in the market. The raw material suppliers are forwardly integrated and supply these products to various end-use industries. The manufacturers are highly engaged on attracting new customers along with spending heavily on research activities to provide cost-effective products on a larger scale which may promote polyethylene naphthalate industry growth.
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