Global Polyethylene Furanoate Market – Rising Demand for Sustainable Packaging Drives Growth | Technavio

LONDON–(BUSINESS WIRE)–#PEF—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, ÔÇ£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.ÔÇØ

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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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