Polyethylene naphthalate market size is forecast to reach US$2.1 billion by 2027 after growing at a CAGR of 5.8% during 2022-2027. The polyethylene naphthalate market is majorly rising, due to the growing demand in the packaging, transportation, and electronics industry. Expansion in the application of polyethylene naphthalate in solar cell protection, in the production of high-performance fiber and rigid rubber tires, is projected to boost the opportunities for the growth of the market. In the food & beverage industry, applications such as food packaging & bottling beverages are forecasted to drive the polyethylene naphthalate market growth, due to its requirement in the industry for characteristics such as high durability, providing lightweight to bottles, resistance to chemicals & solvents, and high stiffness modulus. Also, the rising demand in the textile & apparel industry due to its lower production cost, improving shrinkage, and durability has driven the growth of the polyethylene naphthalate market.
COVID-19 Impact
The food & beverage, textile & apparel, and transportation industries were widely affected due to the COVID-19 outbreak, over 2020. Owing to nationwide lockdown, the production process of various goods in these industries declined due to the non-functioning of the manufacturing plants. Economies of each sector got affected and resulted in stagnation of activities across the sectors that use polyethylene naphthalate. According to the European Parliament, production dropped by 15% for clothing and 7% for textile, and retail sales dropped by 9.4% for clothing and 9.7% for textile, in 2020, due to the decreased interest in buying clothes due to COVID-19. However, overall turnover in the industry is expected to reach about 15% in 2021, with a potential catch-up of consumer spending, thus, once the textile & apparel, and transportation activities get back on track and start functioning fully, the market for polyethylene naphthalate products is estimated to incline.
Polyethylene Naphthalate Market Segment Analysis – By Application
The food packaging segment held the largest share in the polyethylene naphthalate market in 2021. The usage of recyclable plastic products like polyethylene naphthalate in food packaging has been allowed by the United States Food and Drug Administration (FDA), which is estimated to drive the market growth in the region. Polyethylene naphthalate offers characteristics such as high mechanical strength and high resistance to chemicals & solvents. The demand for polyethylene naphthalate in packaging applications is rising, due to its high stiffness modulus, which provides resistance against the shrinking of the material and excellent barrier capabilities. Additionally, polyethylene naphthalate’s food packaging & bottling beverages such as beer and juice, is less permeable to oxygen and water vapor, thus decreasing the oxidation effects, and making an ideal food preservation material. Furthermore, it decreases the packaging costs, by reducing the number of layers required for packaging. The increasing growth of the food and beverage industry will drive the demand for polyethylene naphthalate, in the food & beverages packaging application. For instance, according to the China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately US$595 billion in 2019, with a 7.8 percent increase over 2018. Thus, with the growth of the food and beverage sector, the market for polyethylene naphthalate will further rise over the forecast period.
For More Information About Polyethylene Naphthalate Market @
https://www.industryarc.com/Research/Polyethylene-Naphthalate-Market-Research-503659
Report Price: $ 4500 (Single User License)
Polyethylene Naphthalate Market Segment Analysis – By End-Use Industry
The food and beverage industry held the largest share in the polyethylene naphthalate market in 2021 and is expected to grow at a CAGR of 6.1% during 2022-2027. COVID -19 increased the demand for packaged food and beverages products, since during pandemic, with the change in people’s lifestyles, ready-to-eat and ready-to-cook food items sales were increased. People started stockpiling the packaged food items due to the pandemic, also, the shift towards hygienic food items, increased the demand for packaged food, driving the growth of the food and beverages industry. Additionally, developing e-commerce, and rising disposable income, have boosted the demand for packaged food. In the food and beverage industry, polyethylene naphthalate is used in packaging applications. Various packaging technologies have been developed to meet packaged products’ convenience, comfort, safe use, and fresh quality. The rising government investments in the food & beverage industry is driving the polyethylene naphthalate market growth, in the packaging application. For instance, according to the Government of Canada, in 2021, the government of Canada and Ontario invested, US$ 6 million, in food and beverage processors projects in Ontario, to improve operations, and adapt challenges after the pandemic. Thus, the rising government investment in the food and beverage industry is predicted to uplift the polyethylene naphthalate market growth.
Polyethylene Naphthalate Market Segment Analysis – By Geography
North America dominated the polyethylene naphthalate market with a share of 39% in 2021. In countries such as the United States and Canada, owing to the rising demand from industries such as packaging and electrical & electronics, the demand for polyethylene naphthalate has been growing in the region. Polyethylene naphthalate is applied in the pellet and films form to produce electronic parts, having high mechanical and thermal properties. Additionally, the expansion of the electric vehicles market and increasing usage of polyethylene naphthalate in producing rigid rubber tires is forecasted to drive the market growth. Additionally, the rising growth of other end-use industries such as transportation, and textile & apparel, has uplifted the growth of the polyethylene naphthalate market. Since polyethylene naphthalate produces high-performance fiber, thus is excessively being used in these industries. According to the Prime Minister of Canada, Justin Trudeau, and the Premier of Quebec, announced an equal investment of US$100 million to Lion Electric, for the establishment of a highly automated battery-pack assembly plant for electric vehicles in Saint Jérôme, in the Laurentians. Thus, the increasing investments in electric vehicles, in turn, will increase the production of polyethylene naphthalate and is forecasted to drive the growth of the polyethylene naphthalate market.
Polyethylene Naphthalate Market Drivers
Surging Demand for Polyethylene Naphthalate with the Growth of the Textile and Apparel Industry
The textile & apparel industry uses polyethylene naphthalate on a vast scale for manufacturing synthetic fibers. Polyethylene naphthalate, when used for textiles, it is known as polyester. Since polyester lowers the production costs and raises affordability it is the extensively used synthetic fabric. Polyester improves shrinkage, and durability on blending with generally used natural materials. Since the polyester fabric is resistant to environmental conditions, it remains a widely used and heavily produced fabric worldwide. Rising utilization of polyester fabric in the homeware, industrial, and apparel applications for the production of suits, shirts, pillows, bath towels, and others, is estimated to drive the market growth. Globally, the clothing application segment has led the market due to the ever-changing fashion trends, influencing the demand for clothing. Furthermore, with the expanding textile and apparel industry, the demand for polyethylene naphthalate will also rise over the forecast period. For instance, according to the Indian Brand Equity Foundation, from April 2000 to March 2021, the textiles industry captivated Foreign Direct Investment (FDI), amounting US$ 3.75 billion. Additionally, Indo Count Industries Ltd. (ICIL), invested Rs. 200 crores (US$ 26.9 million) to expand its production capacity in textile and apparel. Thus, the rising demand for polyethylene naphthalate in the clothing sector is estimated to drive market growth.
Rapidly Rising Demand for Electric Vehicles will drive the market of Polyethylene Naphthalate
Electric vehicles are necessarily being introduced in the market due to their property to cut carbon emissions in the atmosphere. In the past few years, polyethylene naphthalate has raised vehicle development, enhancing durability, performance, design, and strength for physically large automotive parts, by producing high-performance fiber. For fast-evolving mobility, polyethylene naphthalate provides new benefits and applications to support the automotive industry. Making rigid rubber tires is the critical benefit of polyethylene naphthalate. Moreover, the increasing production and sales of electric vehicles have raised the demand for polyethylene naphthalate. For instance, according to International Energy Agency (IEA), in China, the sales of electric vehicles increased from 4.8% in 2019 to 5.7% in 2020. Thus, the rapidly rising demand for electric vehicles in various regions is estimated to drive the growth of the polyethylene naphthalate market.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503659
Polyethylene Naphthalate Market Challenges
Negative Effects of Polyethylene Naphthalate on the Environment Will Hamper the Market Growth
Negative impacts of synthetic fabrics such as polyethylene naphthalate or polyester on the environment are more general. From its production to its disposal, the polyethylene naphthalate fabric has unfortunate environmental impacts at every stage of its use cycle. The material is neither biodegradable nor degradable, for decades the only breakdown that occurs is granulation, which possibly chokes the intestinal tract of animals upon their consumption, leading to their deaths. Moreover, environmental scientists have raised concerns about the pollution caused by synthetic fabrics such as polyethylene naphthalate since it takes centuries to break down completely. Thus, increasing environmental effects with the rising usage of synthetic fabrics such as polyethylene naphthalate will create hurdles for the growth of the market.
Polyethylene Naphthalate Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies players adopt in the polyethylene naphthalate markets. Major players in the polyethylene naphthalate market are:
Sumitomo Chemical
Performance Fibers
Kolon Plastics
Toray Industries
SASA Polyester Sanayi A.S
Teijin DuPont Films
SKC
Polyonics
Seiwa Inc.
3M
Recent Development
In 2021, DuPont Teijin Films re-introduced Kaladex, polyethylene naphthalate (PEN) high-performance polyester films for demanding applications, to offer reliability, consistency, and best-in-class properties.
Key Takeaways
North America dominates the polyethylene naphthalate market owing to the increasing investments in the transportation sector. For instance, according to the Government of Canada, in 2021, the government invested US$ 5 million for FedDev Ontario, in the Automotive Parts Manufacturers’ Association (APMA), to support Project Arrow.
Rapidly rising demand for polyethylene naphthalate in the textile & apparel industry due to its lower production cost, improving shrinkage, and durability has driven the growth of the polyethylene naphthalate market.
The growing demand for electric vehicles in the transportation sector due to their lower cost and cutting of carbon emissions will be a critical factor driving the growth of the polyethylene naphthalate market in the upcoming years.
However, rising environmental effects due to the excessive use of polyethylene naphthalate or polyester as the fabric can hinder the growth of the polyethylene naphthalate market.
Relevant Reports
Amorphous Polyethylene Terephthalate Market
https://www.industryarc.com/Report/15534/amorphous-pet-market.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/