Polyethylene Naphthalate Market may exceed USD 1.8 billion by 2024; according to a new research report.
Rising demand for convenience foods, rapid lifestyle changes, rising urban population and shifting consumer preference towards ready to eat meals may propagate market growth. Polyethylene naphthalate products provide superior barrier properties, oxygen and moisture barrier, water vapor and UV resistance. Additionally, increasing fast food consumption and expanding food retail sector majorly in India, China and U.S., may have a positive impact on the market growth.
Polyethylene naphthalate market from electronics applications may surpass USD 300 million by the end of forecast period. PEN films provides excellent UV resistance, low heat shrinkage, high gloss and optical clarity. The product?s provides relative high melting point and glass transition temperature (120?C) which are highly suitable for applications requiring sterilization at maximum temperatures. Some of the major electronics and electrical applications include optical displays, flexible printed circuits, electrical insulation, laminates, labels and processing films for semiconductors.
Polyethylene naphthalate market from automotive tyre applications may register gains at above 7.5% by the end of 2024. These products are highly utilized in the tyre manufacturing majorly suited for high-end luxury cars providing noise reduction along with rigidity. PEN based films enables light weight in cars and trucks thereby enabling fuel efficiency and reduction in Co2 emissions. Stringent EPA regulations regarding high fuel efficiency has promoted automotive manufacturers to incorporate products which provides light weight to vehicles thereby stimulating PEN market growth.
Asia Pacific polyethylene naphthalate from beverage bottling applications may surpass USD 190 million by 2024. The product provides oxidation resistance, durability, excellent barrier properties, flexibility, robustness and great compatibility with various chemicals making it suitable for making bottle packaging. Increasing consumer demand for alcoholic beverages mainly beer owing to growing youth population, urbanization and increasing affordability of such beverages may boost product market demand in the region.
Global polyethylene naphthalate is competitive and substantially consolidated with industry participants including Teijin, Toray, Dupont, EPC, Toray, Polyonics, Seiwa Inc. and DuraFiber Technologies, Inc. Prominent industry giants are engaged in forming partnerships, collaborations and joint ventures for enhancing product range and regional reach along with heavy investments in research purposes.