Polyethylene Naphthalate Market expects 380 kilo tonnes consumption by 2024

According to a new research report by Global Market Insights, Polyethylene Naphthalate (PEN) Market is set to surpass USD 1.8 billion by 2024.

18 Feb 2019 | By Dibyajyoti Sarma

Growing product demand for polyethylene naphthalate films in various industries such as automotive, electronics, food and beverage packaging, aerospace, imaging and photography applications may accelerate market growth.

It is used in capacitors, providing self-healing properties, excellent shock resistance along with increasing overall reliability. The capacitors produced from these films provide low dielectric absorption, DC bias and enhances capacitance values similar to ceramic capacitors thereby stimulating polyethylene naphthalate market demand.

Polyethylene naphthalate (PEN) market size from beverage bottling applications was valued at over USD 280 million in 2017. These are majorly incorporated in production of beer and juice bottles as the material provides high oxygen and moisture barriers of about 5 times more than PET and is considered most effective mono material.

Also, these products provide durability when exposed to high temperatures. Increasing alcoholic beverages consumption owing to rapid urbanization, rising beer demand among youth population and affordability are the major factors contributing to polyethylene naphthalate market demand.

Polyethylene naphthalate market size from automotive tyres may witness significant gains at above 7.5% during the projected period. They are used in high-end and luxury cars providing smooth ride, rigidity and noise reduction making it an ideal material for producing lightweight tyres. Also, provides high dimensional stability when compared to plastics such as rayon and nylon. Increasing manufacturer inclination towards incorporation of PEN-based products in cars along with its superior properties may promote market growth.

US polyethylene naphthalate market from packaging applications may exceed USD 130 million by the forecasted timeframe. Rising product demand from packaged food applications pertaining to high dimensional stability, high temperature stability, shrinkage resistance which may boost product demand. Increasing consumer demand for convenient food and beverages along with rising trend for on the go consumption may accelerate industry growth.

China polyethylene naphthalate market size may expect gains at over 8.5% by the end of 2024. Growing demand from automotive, electronics and packaging industries may propel regional market growth.

Additionally, various manufacturers are shifting their production base from Europe and North America to China which may provide ample growth opportunities for market growth.

Germany polyethylene naphthalate market demand may witness gains of above 7.5% up to 2024. These products are used in producing high performance fibres as have better dimensional stability and high modules when compared to nylon fibers and PET.

Teijin DuPont, Toray Industries, Durafiber Technologies, EPC Group, SKC, Polyonics and Kolon Plastics are the major manufacturers in the market. The raw material suppliers are forwardly integrated and supply these products to various end-use industries. The manufacturers are highly engaged on attracting new customers along with spending heavily on research activities to provide cost-effective products on a larger scale which may promote polyethylene naphthalate industry growth.

For details on the report, visit Global Market Insights.