Polyethylene Furanoate Market Analysis Highlights the Impact of COVID-19 (2020-2024) | Growing Demand for Bio-based Polymers to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalPolyethyleneFuranoateMarket–The polyethylene furanoate market is expected to grow by 3.58 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growing adoption of sustainable practices has significantly increased the demand for bio-based polymers across the world. In addition, the depletion of oil reserves and rising environmental concerns have increased the use of bio-polymers as substitutes for petroleum-based polymers in various industrial applications such as packaging, automotive, textile, and transportation. Besides, changing consumer trends, changing business environments, cost reductions, and functionalities have increased the use of bio-based polymers such as polyethylene furanoate (PEF) over conventional polymers such as PET. All these factors are contributing to the growth of the global polyethylene furanoate market.
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As per Technavio, the rise in demand for sustainable packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyethylene Furanoate Market: Rise in Demand for Sustainable Packaging
Government agencies across the world are introducing numerous regulations to promote sustainable packaging. This is compelling various manufacturers to shift toward the use of sustainable packaging practices. For instance, in 2018, McDonald's announced that by 2025, 100% of its customer packaging would be made of renewable, recycled, and certified materials. PEF-based packaging is considered to be eco-friendly and is extensively used in sustainable packaging. Therefore, the rising demand for sustainable packaging is expected to have a positive impact on the growth of the global polyethylene furanoate market.
“Advantages of PEF over PET and stringent regulations to monitor the use of conventional polymers will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Polyethylene Furanoate Market: Segmentation Analysis
This market research report segments the polyethylene furanoate market by Application (Bottles, Films, and Fibers) and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the polyethylene furanoate market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as an increase in the number of middle-class consumers in Asia and focus on eco-friendly packaging that ensures a low carbon footprint will significantly drive polyethylene furanoate market growth in this region over the forecast period.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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