Polyethylene Naphthalate Market Analysis
Polyethylene Naphthalate Market - Size, Share, Trends, and Forecast 2019 - 2027
Polyethylene naphthalate or PEN is a polyester derived from naphthalate-2, ethylene glycol, and 6-dicarboxylic acid. Although polyethylene naphthalate is similar to terephthalate (PET) chemically, it is more temperature resistant and a better barrier compared to PET. It features excellent physical properties such as good thermal conductivity, dimensional stability, dielectric strength, excellent hydrolysis resistance, low thermal shrinkage, and high mechanical strength. Polyethylene naphthalate finds applications in manufacturing of various products such as industrial fibers, beverage containers, textiles, foamed articles, films, and other thermoformed applications. Generally, it is available in the market in the form of films, laminates, and rods.
Global polyethylene naphthalate market size was valued at US$ 1,126.9 million in 2018, and is expected to register a CAGR of 8.48% during the forecast period (2019-2027). This is owing to a rise in the use of polyethylene naphthalate in various applications such as electronics and electrical equipment. Polyethylene naphthalate has excellent dielectric constant and high resistance to temperature, which is expected to increase its demand and subsequently boost the market growth in the near future. Furthermore, polyethylene naphthalate is used in manufacturing of beverage containers, especially for carbonated drinks. Polyethylene naphthalate has received the U.S. FDA approval to pack carbonated beverages, which is expected to support growth of the market during the forecast period. Moreover, perishable food products that are needed to be protected from sunlight require packaging containers made of polyethylene naphthalate, which is expected to propel the market growth in the near future. Furthermore, as compared to polyethylene terephthalate, PEN is lighter in weight which reduces the shipping cost. This has made more and more manufacturers to turn towards polyethylene naphthalate packaging, and hence support the market growth.
However, a higher price of polyethylene naphthalate compared to PET is expected to restrain growth of the global polyethylene naphthalate market during the forecast period.
Market Regional Analysis
North America is expected to account for the largest market share in the global polyethylene naphthalate market during the forecast period. Growing use of polyethylene naphthalate in the food and beverage industry is expected to increase its demand and subsequently boost the market growth. Asia Pacific is expected to witness slower growth as compared to North America and Europe, though poses tremendous opportunities for the market players in the near future. Emerging economies in the Asia Pacific such as Japan and China are expected to hold the dominant positions in the region.
Key players operating in the global polyethylene naphthalate market include Teijin Ltd., Advansa Sasa Polyester San A.S. DuPont, DuraFiber Technologies, Toray Monofilament, Kolon Plastics, and Sumitomo Chemical.