Polyethylene Naphthalate (PEN) Market to hit $1.8 bn by 2024: Global Market Insights, Inc.

China polyethylene naphthalate market demand to grow at 8.5% CAGR by the end of 2024 owing to growing demand from automotive, electronics and packaging industries as various manufacturers are shifting their production base from Europe and North America to China.

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Selbyville, Delaware, Jan. 08, 2019 (GLOBE NEWSWIRE) --

The worldwide polyethylene naphthalate market share will cross USD 1800 million by 2024; according to a growth statistics analysis by Global Market Insights, Inc. Growing product demand for polyethylene naphthalate films in various industries such as automotive, electronics, food and beverage packaging, aerospace, imaging and photography applications may accelerate polyethylene naphthalate market growth. It is used in capacitors, providing self-healing properties, excellent shock resistance along with increasing overall reliability. The capacitors produced from these films provide low dielectric absorption, DC bias and enhances capacitance values similar to ceramic capacitors thereby stimulating polyethylene naphthalate market demand.

Polyethylene naphthalate (PEN) market size from beverage bottling applications was valued at over USD 280 million in 2017. These are majorly incorporated in production of beer and juice bottles as the material provides high oxygen and moisture barriers of about 5 times more than PET and is considered most effective mono material. Also, these products provide durability when exposed to high temperatures. Increasing alcoholic beverages consumption owing to rapid urbanization, rising beer demand among youth population and affordability are the major factors contributing to polyethylene naphthalate market demand.

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Polyethylene naphthalate market size from automotive tyres may witness significant gains at above 7.5% during the projected period. They are used in high-end and luxury cars providing smooth ride, rigidity and noise reduction making it an ideal material for producing lightweight tyres. Also, provides high dimensional stability when compared to plastics such as rayon and nylon. Increasing manufacturers inclination towards incorporation of PEN based products in cars along with its superior properties may promote market growth.

U.S. polyethylene naphthalate market from packaging applications may exceed USD 130 million by the forecasted timeframe. Rising product demand from packaged food applications pertaining to high dimensional stability, high temperature stability, shrinkage resistance which may boost product demand. Increasing consumer demand for convenient food & beverages along with rising trend for on the go consumption may accelerate industry growth.

Browse key industry insights spread across 150 pages with 108 market data tables & 23 figures & charts from the report, “Polyethylene Naphthalate (PEN) Market Size By Application (Beverage Bottling, Packaging, Electronics, Automotive Tyres), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, Spain, Russia, Poland, China, Japan, India, South Korea, Australia, Indonesia, Malaysia, Thailand, Brazil, Argentina, Saudi Arabia, South Africa, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/polyethylene-naphthalate-pen-market

Germany polyethylene naphthalate market demand may witness gains of above 7.5% up to 2024. These products are used in producing high performance fibers as have better dimensional stability and high modules when compared to nylon fibers and PET.

Teijin DuPont, Toray Industries, Durafiber Technologies, EPC Group, SKC, Polyonics and Kolon Plastics are the major manufacturers in the market. The raw material suppliers are forwardly integrated and supply these products to various end-use industries. The manufacturers are highly engaged on attracting new customers along with spending heavily on research activities to provide cost-effective products on a larger scale which may promote polyethylene naphthalate industry growth.

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About Global Market Insights
 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. 


        

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