Polyethylene Furanoate Films Market: Introduction
- Polyethylene furanoate films are made of 100% recyclable bio-based polymer derived from plants. Polyethylene furanoate films have potential to replace the plastic industry’s giant polyethylene terephthalate (PET). Polyethylene furanoate films can be referred to as next-generation polyester, having better mechanical and barrier properties as compared to that possessed by the highly popular polyester (PET).
- Polyethylene furanoate films possess interesting mechanical properties such as higher glass transition temperature, lower melting point, and higher modulus. They can be recycled and incorporated into PET recycle streams at up to 5% PEF with no effect on the recycled PET performance.
- In terms of application, the global polyethylene furanoate films market can be segmented into packaging and industrial. The packaging application segment is projected to expand at a significant pace during forecast period owing to an increase in use of polyethylene furanoate in films in food & beverage and pharmaceuticals packaging. Based on end user, the global polyethylene furanoate films market can be segmented into food & beverage, electronics, pharmaceuticals, and others.
Key Drivers of Polyethylene Furanoate Films Market
- Government regulations on restricting the consumption of petro-based plastics in certain industries such as food & beverage and pharmaceutical is expected to boost the polyethylene furanoate films market during the forecast period. Various governments across the globe are restricting consumption of petro-based products due to increasing concerns regarding toxic issues pertaining to petrochemicals and depleting crude oil reserves. Thus, these restrictions are encouraging the development of polyethylene furanoate films and consequently, driving the market.
- Increase in demand for bio-based recyclable films in the packaging industry and growing awareness among consumers pertaining to bio-based solutions is projected to augment the market during the forecast period. Polyethylene furanoate films are sustainable and environment-friendly packaging solutions for end-use industries such as food & beverage, electronics, and pharmaceuticals. Polyethylene furanoate films help reduce the amount of material used for packaging and creates much less waste as compared to conventional flexible packaging.
Restraints of Polyethylene Furanoate Films Market
- Lack of universal directives pertaining to applications of polyethylene furanoate films is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of polyethylene furanoate films. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the polyethylene furanoate films market, thereby hampering the market.
- Lack of awareness and low rate of adoption of polyethylene furanoate films in several developed and underdeveloped countries is projected to restrain the market during the forecast period
COVID-19 impact on Polyethylene Furanoate Films Market
- The COVID-19 outbreak is hampering the demand for polyethylene furanoate films in several applications. Numerous governments across the globe enforced lockdowns as a measure to curb the spread of the coronavirus. This lockdown has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are declining the demand for polyethylene furanoate films.
- Rise in number of positive cases of COVID-19 in Asia Pacific and Europe is fueling the demand for polyethylene furanoate films in food and beverage, pharmaceuticals, and textiles industries. The outbreak of the coronavirus pandemic has affected consumer preferences and their choices while choosing products. Consumers are currently more conscious about environmental impact, recyclability, and decomposition time in landfills of products. This is expected to boost the consumption of polyethylene furanoate films during the forecast period.
Asia Pacific to Hold Major Share of Polyethylene Furanoate Films Market
- In terms of region, the global polyethylene furanoate films market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
- Asia Pacific is projected to hold a significant share of the global polyethylene furanoate films market, in terms of consumption, during the forecast period. End-user industries such as pharmaceutical, food & beverage, and electronics are expanding at a rapid pace in the region. Rise in disposable income and improvement in standard of living in numerous countries in Asia Pacific are boosting the demand for consumer electronics. This, in turn, is augmenting the demand for polyethylene furanoate films.
- Rapid expansion of the food & beverage industry in China, India, Vietnam, Singapore, and South Korea is expected to increase the consumption of polyethylene furanoate films in packaging applications, thereby boosting the market in these countries
- The market in North America is also expected to expand at a significant pace during the forecast period owing to increasing concerns about the environment to reduce GHG emissions coupled with stringent regulations toward domestic consumption of non-recyclable plastic
Prominent Players in Global Clear Encapsulation Materials Market
Major players operating in the global polyethylene furanoate films market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include;
Key Players Operating in Polyethylene Furanoate Films Market
- Avantium Technologies B.V.
- Danone S.A.
- The Coca-Cola Company
- Toyobo Co., Ltd
Polyethylene Furanoate Films Market, by Application
Polyethylene Furanoate Films Market, by End-user
- Food & Beverage
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.