Polyethylene Naphthalate (PEN) is a polyester that exhibits superior properties such as high mechanical strength, dielectric strength, and excellent resistance to temperature, solvents, and chemicals. PEN, due to its high thermal and mechanical properties, is widely used in films and pellet form to manufacture electronic parts. Due to the growth in the electronics products, the demand for PEN is increasing too. Additionally, PEN also witnesses an increasing demand in solar panels for the solar cell protection.
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Apart from electronics parts, polyethylene naphthalate is extensively used in packaging applications including food packaging to improve the thermal and barrier properties. A number of regulatory, worldwide, such as the U.S. FDA and the Japanese Ministry of Health, Labor & Welfare (MHLW) approve the use of recycled plastic products such as polyethylene terephthalate (PET) and polyethylene naphthalate (PEN) in food packaging.
Owing to the wide application area, PEN witnesses a huge demand throughout the year. And as a result, the polyethylene naphthalate market is growing rapidly and pervasively. The initiation of several renewable energy projects is expected to offer substantial opportunities for the growth of the PEN market. Moreover, the growing use of PEN in the manufacturing of high performance, rigid rubber tire escalates the market on the global platform.
Acknowledging the rapid expansion, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global polyethylene naphthalate market will garner exponential accruals by 2028, registering a significant CAGR throughout the review period (2021-2028).
Additional key drivers of Polyethylene Naphthalate Market Size include the rapidly increasing demand for the energy that is led by the ever-increasing population. Growing ecological concerns are promoting the demand for energy generation through renewable sources. Moreover, evolving applications of polyethylene naphthalate coupled with the technological advancements are fostering the growth of the market.
On the other hand, factors such as the commodification of the product and the price volatility of raw materials are impeding the market growth. Also, the demand and supply gap in the raw materials stock is obstructing the market growth. Nevertheless, increasing industrial applications of polyethylene naphthalate such as in the making of lightweight automotive parts are expected to support the market growth throughout the forecast period.
Global Polyethylene Naphthalate Market – Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Manufacturing Process : Acid and Ester.
By Application : Beverage Bottling, Food Packaging, Electronics, and Rubber Tires among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
The North American region heading with the high production and consumption of polyethylene naphthalate accounts for the leading market, globally. The US, backed by the expanding food & beverage industry accounts for the major contributor to the growth of the regional market. Furthermore, the increasing demand for the polyethylene naphthalate in the burgeoning automotive and electronics sector is projected to encourage the market growth in the region further over the forecast period.
The Asia Pacific region accounts for the second largest market for polyethylene naphthalate, globally. Factors such as the growing demand from major end-use industries such as packaging, automotive, and electronics drive the regional market. Furthermore, the augmented demand for polyethylene naphthalate in electronic products in the developing economies such as India and China are expected to provide impetus to the market growth to an extent.
The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.
On the other hand, the European region is rapidly emerging as a profitable market for polyethylene naphthalate. Factors such as the burgeoning automotive industry in the region propel the growth of the regional market creating a massive demand for the product. Furthermore, the high penetration of the product in the manufacturing of electronics and automotive parts, especially in Western European countries such as France, the U.K, Italy, and others is expected to fuel the market demand.
Global Polyethylene Naphthalate Market – Competitive Analysis
Highly competitive, the Polyethylene Naphthalate Market Revenue Growth appears to be fragmented due to the presence of many large and small-scale players. To sustain their position in the market, these players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch.
Understanding the changing requirements of customers and using advanced technology to custom-design that pushes products to new extremes of performance, key players offer on-site coordination that ensures a quick turnaround.
The high growth potential demonstrated by the market attracts several new entrants, resulting in intensifying the completion further. Top players are substantially investing in R&D to bring out improvements in the existing product. Manufacturers strive to deliver the reliable, consistent, and pure high-quality polyethylene naphthalate products based on innovative technologies, and best practices that could satisfy the toughest of challenges and enable customers with an opportunity for potential differentiation, growth, and successes in existing and emerging markets around the world.
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