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February 24 2021
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Market Overview and Growth Factors:
Polyethylene Naphthalate Market is spanned across five regions namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is the dominating region in the global polyethylene naphthalate on account of the growing product applications in food & beverage industry in the region. North America accounts for around 35% market share, both in terms of value and volume. The major driver of polyethylene naphthalate in food packaging is the reduction of food wastage in the region. According to the sources, around 60 million metric tonnes of food is wasted every year in the U.S. alone. The wasted food ends up in landfills, which results in the release of methane, thereby, adversely effecting the environment. To reduce these environmental impacts, the manufacturers are shifting to the production of packaging, which will keep the food perishable for a longer time, which is likely to propel the market for polyethylene naphthalate owing to its various properties that help in achieving better shelf life for packaged foods & beverages. The growing electronics and automotive sector in the region are expected to drive the market growth during the assessment period further. The luxurious lifestyle and the high disposable income is expected to propel the market growth over the forecast period.
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Market Scenario:
The Asia Pacific is anticipated to be the fastest emerging region in the global polyethylene naphthalate market owing to the various product applications in major end-use industries such as food packaging, automotive, and electronics in countries such as China, India, Japan, and others.
The increasing product demand from automotive sector is favoring the market growth in the European region. Furthermore, the various technologies such as Multi-Purpose Reactor (MPR), EREMA Basic and EREMA Advanced technologies developed at EREMA, a plastic processing plant in Austria, are used to recycle post-consumer PET into food contact materials such as polyethylene naphthalate, which will augment the market growth.
Latin America is expected to showcase a significant growth owing to the increasing automotive and food & beverage industries in countries such as Mexico, Brazil, and others.
Key Players:
Some Of The Manufacturers Operating In The Global Polyethylene Naphthalate Market Are:
Segmentation:
The global Polyethylene Naphthalate Market Growth is segmented by manufacturing process and application.
The two type of the starting monomer used in the polyethylene naphthalate is acid and an ester.
Based on the application, the global polyethylene naphthalate market is segmented into beverage bottling, food packaging, electronics, rubber tires, and others.
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