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Global Polyethylene Naphthalate (PEN) Market to Reach USD 1.8 Billion by 2025, Aided by the Rising Demand from the Packaging Sector

According to a new report by EMR titled, 'Global Polyethylene Naphthalate (PEN) Market Report and Forecast 2020-2025', the global PEN market reached a value of almost USD 1.2 billion in 2019. The market is further expected to grow at a CAGR of 7% in the forecast period of 2020-2025 to reach a volume of around USD 1.8 billion by 2025.

The polyethylene naphthalate (PEN) industry is being driven by the rising demand from the packaging sector, where it helps in extending the shelf life of food products by decreasing oxidation rates. With consumers increasingly relying on packaged food due to their increasingly busier lifestyles and expanding disposable incomes, the PEN market is expected to continue to witness a healthy growth within the packaging sector. The market is being further aided by the rising demand for the product in the automotive industry, due to the factors like polyethylene naphthalate’s superior resistance to UV rays, improved mechanical properties, and high moisture barrier.

North America, Europe, and the Asia Pacific are the significant regions for the PEN market. In North America, the healthy growth of the automotive industry and growing R&D activities have supported the market growth. The regional market is also being driven by its extensive food and beverage industry and the expanding electronics industry. Meanwhile, in Europe, the presence of a robust automotive sector and the rising demand for high-performance sailcloth are propelling the industry forward. In the coming years, the Asia Pacific is also expected to present lucrative growth opportunities for the industry due to the rising disposable incomes and the rapid growth of the manufacturing sector, with governments in the region increasingly focussing on domestic manufacturing. The growing penetration of global e-commerce players like Amazon.com (NASDAQ: AMZN), along with the rise of local players like Flipkart, Snapdeal, JD.com, and Tmall, among others, are furthering the polyethylene naphthalate (PEN) growth. The rise of the e-commerce websites is adding to the market growth as these platforms offer lucrative deals on consumer electronics, leading to an increase in the sales of electronic goods, a major application segment of polyethylene naphthalate (PEN).

Market Analysis by Type, Application, and Region:

  • The market, on the basis of type, is divided into film, fibre, and resin.
  • The market is segmented on the basis of applications into beverage bottles, food packaging, electronic goods, rubber tyres, textiles, and others.
  • Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Findings of the Report:

  • The market is driven by the packaging, beverage bottling, automotive tyres, and electronics sectors.
  • The rising demand for the product from the packaging sector due to its ability to reduce oxidation and extend shelf life is aiding the market growth.
  • The market for polyethylene naphthalate (PEN) is further aided by the product’s favourbale properties like high shrinkage resistance, superior barrier properties, high-temperature properties, and dimensional stability.
  • The market growth is also supported by the booming demand for electronics as the product is extensively used in the manufacturing of electronic goods as it is heat resistant, anti-hydrolytic and provides strengthening properties.
  • Moreover, the rising demand for smartphones, laptops, tablets, and desktops, especially in the emerging regions, is providing further impetus to the industry growth.
  • The product is witnessing a high demand in the North American region due to its extensive use in pressure-sensitive tapes, imaging, electrical, thermal sheets, and solar cell protection for consumer electronics.

Key Offerings of the Report:

  • The EMR report gives an overview of the market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the types, applications, and major regions of polyethylene naphthalate (PEN). 
  • It gives an in-depth look at the regional price trends in the global PEN market.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Dupont Teijin Films U.S. Limited, SASA Polyester Sanayi A.?., and Teijin Limited, among others, are the key players in the global polyethylene naphthalate (PEN) market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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