The global polyethylene naphthalate market size is expected to exceed USD 1.40 billion by 2022, according to a new report by Grand View Research, Inc. The industry is expected to witness substantial growth on account of increasing demand for the product in electrical and electronic industry as well as the beverage bottling industry.
Polyethylene naphthalate has various superior characteristics including its high barrier properties, high dimensional stability, high temperature stability and high shrinkage resistance. These characteristics have resulted in producing films which can have various applications including imaging, flexible food packaging, electrical, solar cell protection, thermal sheets and pressure sensitive tapes.
Electronics application is expected to witness fastest growth over the forecast period, growing at a CAGR of 7.8% from 2015 to 2022. Growing use of polyethylene naphthalate films and pellets in the manufacturing of electronic parts such as printed circuit boards, magnetic tapes and capacitors owing to its superior thermal and mechanical properties is expected to drive growth.
Increasing application scope of polyethylene naphthalate in electronic and electrical industry such as in manufacturing of wires, cables, solar cells and various other sensors is expected to propel demand over the forecast period.
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Further key findings from the report suggest:
Beverage bottling segment is expected to be one of the fastest growing segments, growing at a CAGR of 7.3% from 2015 to 2022. Polyethylene naphthalate pellets used in manufacturing bottles exhibit excellent barrier properties and durability. It offers resistance against oxidation and heat which is a major factor contributing towards use in the bottling industry.
In countries such as Denmark and Norway beer bottles consisting of polyethylene naphthalate films are gaining popularity. Presently, around 5 million new bottles are in flow and this is expected to grow over the forecast period owing to rising demand for shatter proof and lightweight bottles.
Polyethylene naphthalate is increasingly being used in manufacturing rubber tires. The product offers increased resistance to wear and tear thus improving performance characteristics as well as longevity of tires. The demand is attributed to automotive sector growth particularly in developing economies such as China, Brazil and India. Rising disposable income in these regions coupled with growing consumer awareness regarding high performance tires is likely to propel demand for PEN in tires application over the forecast period.
Europe demand was valued at 197.8 million in 2014. The market in Europe is expected to be driven by beverage bottling and automotive applications which are expected to show substantial growth over the forecast period. Presence of major automobile manufacturers in countries such as Germany, Sweden and Italy is expected to boost market revenue particularly in tires application. In addition, Europe is the highest consumer of beer; as a result, the demand for beverage bottling is expected to drive the demand over the forecast period.
The demand for polyethylene naphthalate in Latin America was 14.3 kilo tons in 2014. Polyethylene naphthalate demand is expected to increase owing to growing use in electronics and electrical applications. Rising disposable income coupled with significant infrastructure growth in the region is expected to increase product demand over the next few years. Furthermore, major electronics manufacturers such as Samsung and Xiaomi have setup their manufacturing facilities in Brazil and this trend is expected to expand to other countries in the region over the forecast period.
Key players in the polyethylene naphthalate market include Teijin DuPont Films, Toray Monofilament Co., Ltd., Sumitomo Chemical Co., Ltd., DuraFiber Technologies, Inc., SKC Inc., SASA Polyester Sanayi A.S, DuPont and Seiwa Inc.
Grand View Research has segmented the global solution polyethylene naphthalate market on the basis of application and region:
Polyethylene Naphthalate Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Polyethylene Naphthalate Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
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