Avantium, N.V., Corbion NV, and AVA Biochem AG, among others, are the major players in the global polyethylene furanoate market.
In the forecast period of 2022-2027, the global polyethylene furanoate market is expected to grow at a CAGR of 6.4%. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing demand for eco-friendly packaging materials.
The major drivers of the industry are the vast applications of polyethylene furanoate in packaging, from personal care and food packaging to beverage and household care packaging as well. The increasing awareness amongst consumers regarding sustainable and environment-friendly packaging is driving the growth of the market significantly. With the regulations on landfills getting stricter around the world and in Europe especially, manufacturers are shifting towards recyclable and bio-degradable plastics for packaging.
Adding to this, the ban on single-use plastic in many countries like the United Kingdom, Taiwan, Zimbabwe and New Zealand and several other states in the United States of America, like Hawaii, New York and California, is significantly increasing the demand for polyethylene furanoate. The Asia Pacific and European regions are the largest users of polyethylene furanoate due to several factors like increasing environmental awareness, strict regulations, and expanding research and development investments.
Many research institutions are coming together to develop new eco-friendly alternatives of packaging to meet the increasing demand. Polyethylene furanoate, which has tremendous applications in the packaging industry, can be very useful in solving the resource scarcity problem. The governments of various countries are working towards reducing the usage of non-renewable materials. The European Union took the decision to reduce the use of single-use plastic goods by 90% by the end of 2021. Such steps are bound to help the polyethylene furanoate market immensely. With the COVID-19 pandemic, the market has taken a slight hit due to the reduced exports across countries and the lockdowns implemented worldwide. However, the pandemic has also made people more conscious about their daily activities like shopping. They are more concerned about the environmental effects, landfill decomposition and recyclability, and are moving towards bio-based alternatives.
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Avantium develops chemical technologies for various industries across the world. The company is a leader in the renewable chemistry sector. Avantium produces chemicals from renewable sources for a vast range of goods including plastic and textiles. The aim of the company is to make the world fossil-free by developing ground-breaking technologies that will aid this transition.
Corbion is the global market leader in the production and supply of lactic acid and its derivatives and is also a major supplier of emulsifiers, minerals, vitamins and algae ingredients. The company constantly delivers solutions in the areas of health and food preservation, and also develops state-of-the-art technologies for consumers across the globe.
AVA Biochem AG is the global industry leader in the production and sale of the chemical 5-HMF, which is a renewable alternative to a vast range of petroleum-based materials. This chemical has a wide range of applications in the pharmaceutical, chemical and food industries. The company aims to replace all the petroleum source chemicals in various markets with non-toxic, bio-based alternatives.
*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.