Worldwide polyethylene naphthalate (PEN) market is predicted to cross US $1.8 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Polyethylene naphthalate provides barrier to moisture and oxygen, while also being UV resistant. These properties are beneficial in various applications such as beverage bottling, packaging, automotive tyres, and electronics, thereby propelling the market growth.
According to the report, rapid urbanization and lifestyle changes, along with growing preference for ready-to-eat meals and convenience foods will augment the demand for polyethylene naphthalate products. Other factors aiding the market growth are the increasing consumption of fast food and expansion of food retail industry in the nations like China, India and the U.S.
Based on the application spectrum, PEN market from electronics segment is presumed to exceed US $300 million over the forecast period, owing to the ability of the product to provide low heat shrinkage, UV resistance, optical clarity ,and high gloss. PEN has higher melting point and glass transition temperature enabling its usage in applications requiring sterilization at peak temperatures. The product is used in optical displays, electrical insulations, labels, flexible printed circuits, laminates, and processing films in semiconductors.
On the other hand, automotive tyres application segment is expected to witness a growth of over 7.5% over the analysis period. Polyethylene naphthalate provides rigidity and noise reduction, hence is used in the manufacturing tyres for high-end luxury cars. PEN based films offer light weight vehicles higher fuel-efficiency and lower CO2 emissions. Furthermore, strict EPA regulations regarding high fuel-efficiency for vehicles have persuaded automobile manufacturers to adopt light weight PEN products.
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Asia Pacific PEN market from beverage bottling application is anticipated to accrue US $190 million by the year 2024, pertaining to the increasing demand for alcoholic beverages such as beer in the region. PEN products provide durability, flexibility, oxidation resistance, robustness, excellent barriers properties, and great compatibility with varied chemicals, making it ideal for bottling purposes. Other factors driving the market growth in APAC are urbanization, increasing youth population, and rising affordability of alcoholic beverages.
The key players operating in the polyethylene naphthalate market profiled in the report are Toray, Polyonics, DuraFiber Technologies, Dupont, Seiwa Inc., Teijin, and EPC among others. These companies are focusing on improving their product range and expanding their regional reach by undertaking strategic collaborations.
The report also provides elaborative insights regarding the business trends, regional trends and application trends of the NEP market for the period 2018 to 2024.