Global Polyethylene Naphthalate (PEN) Market to Cross USD 1.8 Billion By 2024

May 06, 2020

As per the report titled ‘Polyethylene Naphthalate (PEN) Market Size by Application, Industry Analysis Report, Regional Outlook Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024’ available with Market Study Report LLC, global polyethylene naphthalate (PEN) market is estimated to surpass USD 1.8 billion by the year 2024.

Consumer inclination towards ready to eat meals, rising demand for convenience foods in tandem with changing lifestyle and increasing urban population are driving the growth of global polyethylene napthalate (PEN) market.

Superior barrier to oxygen and moisture, alongside resistance to water vapor and UV rays are the favorable characteristics encouraging the use of PEN for food packaging. Moreover, increase in intake of fast food and ongoing expansion of food retail sector, mostly in China, India, and United States are positively impacting the industry outlook.

Elaborating on the application spectrum, automotive tyres segment is predicted to witness growth of 7.5% by the end of the forecast duration. PEN is extensively used in tyre manufacturing suitable for high-end luxury cars, as it offers noise reduction and rigidity. PEN based films help in lowering the overall weight of cars and trucks, resulting in improved fuel efficiency and reduced carbon emissions. These factors coupled with stringent EPA regulations regarding high fuel efficiency is bolstering the demand for polyethylene naphthalate from automobile manufacturers.

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Meanwhile, PEN market share from electronics application is poised to account for USD 300 million by the end of 2024. PEN films are used in major electronics and electrical applications including flexible printed circuits, optical displays, electrical insulation, labels laminates, and processing films for semiconductors. High UV resistance, superior gloss, low heat shrinkage, and optical clarity along with relatively high melting point and glass transition temperature are the favorable properties fueling the demand for PEN films across electronic industry.

Considering the regional outlook, Asia Pacific polyethylene naphthalate market size from beverage bottling application is anticipated to exceed USD 190 million by the year 2024. PEN provides oxidation resistance, high durability, excellent barrier, robustness, flexibility, and great compatibility with various chemicals making it suitable for bottle packaging. Surging demand for alcoholic beverages, mainly beer, due to growing youth population, rising disposable income, and urbanization are supporting APAC market expansion.

Prominent players in global polyethylene naphthalate (PEN) market are Sumitomo Chemical, Dupont Teijin Films, The EPC Group, Toray Industries, Inc., DuraFiber Technologies, Inc., SKC, Seiwa Inc., Polyonics, Kolon Plastics, and SASA Polyester Industry Inc.

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