LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global polyethylene naphthalate (PEN) market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
PEN is used in various application industries such as packaging, electronics, premium automotive tires, beverage bottling, textiles, industrial fibers, and foamed articles. The demand from various industries has led to the significant growth of the PEN market, globally. Also, it is used in various products such as solar cells and magnetic recording media films.
Mohd Shakeel Iqbal, a lead analyst from Technavio, specializing in research on specialty chemicals sector, says, “The major growth is contributed from the emerging economies such as China, India, and Brazil. The rapid urbanization in these emerging economies has increased the use of PEN in these countries. Other factors such as the rise in the demand from industries like packaging, beverage bottling, and electronics in major regions, and major investments in the APAC region are driving the growth of the PEN market.”
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The top three emerging trends driving the global PEN market according to Technavio research analysts are:
- Rising application in solar cell protection
- New methods to manufacture PEN films
- Potential in new application: Magnetic recording media
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Rising application in solar cell protection
The increase in R&D activities by major vendors has led to the demand for PEN from various applications such as solar cell protection. PEN is used as a substrate for new solar cells. The transparency properties of PEN make it suitable for the formation of superstrates. PEN exhibits good optical, suitable surface properties, and good electrical properties, which enhances the performance of the products.
“The rising environmental concerns, demand for alternative energy, government initiatives for the promotion of renewable energy, technological advancement, cost-effective production, and low taxes, are the major factors that are driving the solar cells market. APAC is dominating the market with the increasing demand from emerging countries like China,” according to Shakeel.
New methods to manufacture PEN films
The advancement in technology has led to many developments, thereby reducing the cost of production. The suppliers of raw materials in APAC have developed their production technology, which is anticipated to reduce the overall production cost in the future. Consequently, PEN will compete with PET in similar application segments with enhanced properties in the forecast period.
The low-pressure high-frequency plasma chemical vapor deposition (CVD) system was developed to produced cost-effective PEN films, offering similar strength, stability, durability, chemical resistance, and other abilities. The new system that is developed is yet to be commercialized.
Potential in new application: Magnetic recording media
PEN is used in the production of magnetic recording media due to its high mechanical strength, good dimensional stability, high heat resistance, high tensile strength, and, high-density recording, which enhances the performance of the product. PET is replaced with PEN due to the higher resistance to heat exhibited by PEN.
The global magnetic recording media market is growing steadily, due to the rising demand from expanding industrial applications, increasing demand for high and medium energy speaker rings, magnetic separators, toys, novelties, magnetic therapy, holding-magnet systems, automotive motors, nuclear magnetic resonance (NMR) devices, and coatings of magnetic recording tapes.
The key vendors are as follows:
- Dupont Teijin Films
- Polyonics
- SKC
- Sumitomo Chemical
- TORAY INDUSTRIES
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