United States, Rockville MD, July 06, 2022 (GLOBE NEWSWIRE) -- As per in-depth industry analysis by Fact.MR, a market research and competitive intelligence provider, global demand for polyethylene furanoate is anticipated to surge at a CAGR of 8.3% from 2022 to 2032.
The polyethylene furanoate market is predicted to bring in a large number of chances to change the global packaging industry with the rapid deployment of flexible packaging solutions over the coming years, since PEF products are safe, recyclable, and cost-effective. Because of the growing demand for sustainable production processes, the packaging sector has seen a major transition over the past decade.
Rising consumer awareness and increased environmental concerns have resulted in the restructuring of product manufacturing processes and supply chains all over the world. Different research businesses and organizations are working on the creation of novel solutions to packaging systems.
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The worldwide packaging and bottle industry is rapidly transitioning to a bio-based economy. The changing market structure and increased consumer awareness necessitate the deployment of environment-friendly solutions. Climate change, depletion of fossil fuel-based feedstock, and increased carbon footprint in manufacturing processes have all been important driving and restraining factors in consumers' acceptance of bio-based products.
Demand for polyethylene furanoate is being stimulated by the high utilization of PEF fibers in several end-use sectors because of it being lightweight, corrosion-resistant, and having renewability properties.
Polyethylene furanoate is still in its early stages of development; however because of its unique characteristics, it has the potential to replace PET and become a major player in the chemical sector. It is seen as a promising sector for investments by several manufacturers and distributors from diverse markets.
Key Takeaways from Market Study
- Global PEF market to reach valuation of US$ 76.7 million by 2032.
- Market in Germany projected to increase 8.9% CAGR over forecast period.
- Europe accounts for 25.5% share of global polyethylene furanoate market.
- Demand for polyethylene furanoate fibers expected to rise at 9.1% CAGR from 2022 to 2032.
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Winning Strategy
Companies have been actively investing in research and development activities for packaging alternatives. Leading market players are using the current PEF manufacturing method for testing and process optimization.
Polyethylene furanoate producers are focusing on lowering their prices, facilitating and speeding up the replacement of PET with PEF on a big scale.
For instance,
- In 2019, Bisleri, Coca-Cola India and Pepsico teamed up to develop a plastic waste management company. This is largely done to improve recycling procedures by establishing a cost-effective value stream for collecting plastic waste.
Key Segments Covered in Polyethylene Furanoate Industry Research
- Polyethylene Furanoate Market by Type :
- Plant-based Polyethylene Furanoate
- Bio-based Polyethylene Furanoate
- Others
- Polyethylene Furanoate Market by Application :
- Fibers
- Bottles
- Films
- Polyethylene Furanoate Market by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global polyethylene furanoate market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (plant-based, bio-based, and others) and application (fibers, bottles, films), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemicals and materials consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemicals and materials sector. Our expertise in recognizing the challenges and trends impacting the global chemicals and materials industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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