LONDON--(BUSINESS WIRE)--Technavio market analysts predict the global polyethylene furanoate (PEF) market to grow at a CAGR of over 5% during the period 2018-2022, in their latest report.
The rise in demand for sustainable packaging is one of the key trends being witnessed in the market. The packaging industry is a key end-user segment of the global PEF market. Governmental agencies, private organizations, and non-governmental agencies are concentrating on developing sustainable packaging. To diminish the environmental impacts of conventional packaging, various manufacturers are shifting toward sustainable packaging.
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In this report, Technavio analysts highlight the growing demand for bio-based polymers as a key factor contributing to the growth of the global polyethylene furanoate market:
Growing demand for bio-based polymers
The demand for bio-based polymers is increasing on a global basis. The demand for sustainable approaches has further fueled the demand for bio-based polymers. The use of such polymers can lead to sustainability. Petroleum-based polymers are resistant to natural decomposition and cause ecosystem damages. Depletion of oil reserves and rising environmental concerns have contributed to the high demand for bio-based polymers.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “Bio-based polymers are eco-friendly and find several applications in industries such as packaging, automotive, textile, and transportation. Replacing single-use plastics with bio-based plastics will minimize the environmental implications caused by the global packaging industry. The increased utility and customer propensity associated with such polymers have contributed to the enhanced sale of PEF.”
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Global polyethylene furanoate market segmentation
This market research report segments the global polyethylene furanoate market into the following applications (fibers, bottles, and films) and key regions (the Americas, APAC, and EMEA). It provides an analysis of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major applications, the fibers segment held the largest market share in 2017, accounting for nearly 51% of the market. This application is expected to dominate the global market throughout the forecast period.
APAC contributed to the highest share of the global polyethylene furanoate market in 2017, accounting for a market share of approximately 44%. It was followed by EMEA and the Americas respectively. APAC is expected to dominate the global market through 2022.
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