August 10, 2021: The global Polyethylene Naphthalate (PEN) Market size is expected to value at USD 1.40 billion by 2022. The market is subject to witness a substantial growth due to the rising demand for the product in electrical and electronic industry, and increasing adoption in the beverage bottling industry. Polyethylene naphthalate (PEN) is also adopted in various packaging solutions in order to improve thermal and barrier properties.
Use of polyethylene naphthalate (PEN) enhances corrosion resistance by limiting oxidation. These factors are anticipated to fuel market demand for polyethylene naphthalate (PEN) over the forecast period. Growing demand for high strength photographic films is expected to fuel market growth over the forecast period. Globally, the polyethylene naphthalate industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Polyethylene naphthalate films are primary component of various food packaging solution due to their higher stiffness modulus and enhanced barrier capabilities. Higher stiffness helps to enhance the strength of the material. In addition, increasing adoption of polyethylene naphthalate films for manufacturing of pressure sensitive tapes and thermal sheets is predicted to stimulate the growth of polyethylene naphthalate (PEN) market over the forecast period. Polyethylene naphthalate films are considered as vital in solar cell protection. Thus, polyethylene naphthalate (PEN) industry is characterized by the forward-end incorporation of raw material providers in the production of polyethylene naphthalate.
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Integration of raw material suppliers in the value chain coupled with lower manufacturing cost are some of key contributing factor for market expansion, in the recent years. However, volatility in cost of raw materials owing to the tight supply of 2, 6-NDC feedstock is primary concern for the sustained growth of polyethylene naphthalate market, in the last few years. Moreover, higher production cost and production complexity are expected to limit market growth to a certain extent. Complexity involved during production phases are affecting capacity contractions, thus resulting in reduced margins for suppliers and manufacturers. Yet, the recent advancement such as introduction of the low-cost monomers for production is expected to change market outlook over the coming years.
The polyethylene naphthalate (PEN) industry is broadly categorized into four major segments based on the application type such as beverage bottling, electronics industry, packaging sector, and rubber tires. The packaging sector is considered as one of the fastest growing segment in the market of polyethylene naphthalate (PEN) with substantial revenue generation in the last few years. Growing popularity of polyethylene naphthalate (PEN) in the packaging segment is attributed to its enhanced properties such as higher shrinkage resistance, dimensional stability, superior barrier properties and high-temperature stability. The electronics segment has also witnessed substantial growth due to the growing need for enhanced thermal and barrier properties for production of semiconductors, PCB’s and super capacitors.
The polyethylene naphthalate (PEN) market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in packaging industry, increasing demand for high performance rubber tires in automobile sector, presence of large number of manufacturers in the region, and existence of well-established manufacturing infrastructure.
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Asia-Pacific region is predicted to hold major market share in the polyethylene naphthalate (PEN) with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth in the region, rapid growth of automobile and packaging industry, growing electronic manufacturing, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the polyethylene naphthalate (PEN) industry are DuPont Teijin Films Ltd., Toray Monofilament Co., Ltd., Sumitomo Chemical Co., Ltd., DuraFiber Technologies, Inc., SKC Inc., SASA Polyester Sanayi A.S, E. I. du Pont de Nemours and Company, and Seiwa Inc.
Market Segment:
Polyethylene Naphthalate Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• Beverage Bottling
• Electronics
• Packaging
• Rubber Tires
• Others
Polyethylene Naphthalate Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
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