PEF Films Market Growth & Trends
The global polyethylene furanoate films market size is anticipated to reach USD 800.9 thousand by 2035, according to a new report by Grand View Research, Inc., growing at a CAGR of 9.7% over the forecast period. The development of bio-based transparent conductive film comprised of silver nanowires for flexible optoelectronic devices is one of the key trends driving the demand for Polyethylene Furanoate (PEF) films. PEF films are better than PET films, in terms of performance, as they offer two to three times higher water vapor barrier, ten times higher oxygen barrier, and improved mechanical strength.
The use of PEF films in food packaging extends the shelf life of moisture-sensitive foods, such as crisps, cookies, cereals, medical, and personal care products, and oxygen-sensitive foods, such as dairy products, fish, and meat, as well as provides a good barrier of aroma for detergents, fish, and packaged cheese. The extended shelf life of these products also lessens the burden on the cold chain industry. The biggest challenge faced by PEF film as a product is the lack of large-scale commercialization of the product. As the product is in the introduction phase and has a single pilot plant established, the requirement of infrastructure and operations is high considering the huge target market to be captured.
This requires major funding and a possible partnership with packaging companies in the domestic markets as well as collaboration with domestic companies for the business development aspect, as done in Japan. Countries, such as Japan and India, recycle more than 80% of the plastics and buy PET at a relatively lower price, which does not make bioplastics a preferential option. This can be overcome if there are subsidiaries in place in respective countries that incentivize the use of bioplastics.
Polyethylene Furanoate Films Market Report Highlights
- The market was valued at USD 197.5 thousand in 2019 and is estimated to grow at a CAGR of 9.7% from 2020 to 2035
- The packaging was the largest application segment in 2019. Biaxially Oriented Polyethylene Furanoate (BOPEF) films-based pouches offer 10 times higher oxygen barrier compared to BOPET pouches, which makes them suitable for liquid and dry products
- Industrial application is estimated to emerge as the fastest-growing segment from 2020 to 2035 owing to increasing demand for PEF films in electronics application such as protective films for LED and OLED displays
- Asia Pacific accounted for the highest market share of more than 45% in 2019 and will expand further at a steady CAGR from 2020 to 2035
- This growth is attributed to the rising demand for sustainable, bio-based, and recyclable packaging and construction materials in the region