PUBLISHER: Grand View Research | PRODUCT CODE: 1632604
PUBLISHER: Grand View Research | PRODUCT CODE: 1632604
The global polyethylene furanoate market size is anticipated to reach USD 54.15 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2025 to 2030. The growing demand for bio-based plastics in various end-use industries, such as food and beverages, consumer goods, and pharmaceutical, is driving the PEF market.
Polyethylene furanoate is a 100% recyclable bio-based polymer that is extracted from plants and has the potential to replace widely used polymer, namely Polyethylene Terephthalate (PET), which is a durable material derived from conventional resources. It has better moisture barrier and mechanical properties in comparison to PET. Additionally, PEF offers enhanced tensile strength, requires less additives compared to polyethylene terephthalate, and can be used with PET recycling process up to 5% of PEF without impacting the performance of recycled PET.
The recent outbreak of the highly contagious coronavirus disease is anticipated to hamper product demand, majorly in films and fibers applications. The outbreak has also resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are further expected to impact the demand for PEF in the aforementioned applications. However, the growing positive cases of COVID-19 in Asia Pacific and Europe are positively influencing the demand for bio-based plastics in the packaging industry for various applications, such as food and beverages, pharmaceuticals, textiles, and other industries.