Fior Markets launched a study titled “Polyethylene Naphthalate (PEN) Market by Application (Beverage Bottling, Packaging, Electronics, Automotive Tires, Others), Regions”,and Global Forecast 2019-2026.
The global polyethylene naphthalate (PEN) market is expected to grow from USD 1,178.29 Million in 2018 to USD 1,933.12 Million by 2026, at a CAGR of 6.38% during the forecast period from 2019-2026. Growing demand from the end user industries such as electronics, packaging industries coupled rising sales of automotive tires are driving the global polyethylene naphthalate (PEN) market.
The packaging segment had a market value of USD 486.52 million in 2018
The application segment is divided into beverage bottling, packaging, electronics, automotive tires and others. Owing to their higher shrinkage resistance, dimensional stability, superior barrier properties as well as high-temperature stability, the polyethylene naphthalate (PEN) films are widely utilized in the packaging industry. As a result the packaging segment led the global polyethylene naphthalate (PEN) market with USD 486.52 million revenue in 2018.
The electronics segment is anticipated to grow at a CAGR of 8.45% in 2019-2026
Polyethylene naphthalate (PEN) resins are being extensively used in the manufacturing of capacitors and magnetic storage devices and coating application in flexible electrical circuit boards. Moreover, the polyethylene naphthalate (PEN) is also being utilized for insulation applications due to their excellent dielectric insulation properties. Therefore, the electronics segment is projected to grow at the fastest CAGR of 8.45% over the forecast period.
Even though the factors such as growing demand for packaged food and beverages as well as growing utilization of the polyethylene naphthalate (PEN) films in the electronics industry are driving the global polyethylene naphthalate (PEN) market. The high cost of raw materials coupled with high production cost are expected to restrain the growth of the market over the forecast period.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to the flourishing demand for the polyethylene naphthalate (PEN) films for the packaging of packaged food and beverages as well as growing utilization in the electronics industry, the Asia Pacific region is anticipated to grow at an accelerated CAGR of 8.54% over the forecast period. The North America region accounted for a robust market share in 2018. This increased market share can be attributed the growing demand for the PEN films from the packaging and electronics industry as well as increasing demand for the high performance tires, in the region.
Major players in the global polyethylene naphthalate (PEN) market are Teijin DuPont Films, Toray Monofilament Co., Ltd., Sumitomo Chemical Co., Ltd., DuraFiber Technologies, Inc., SKCPolyonics Inc., SASA Polyester Sanayi A.S, DuPont, Seiwa Inc., EPC Group, Kolon Plastics Inc., The 3M Company, GTS Flexible Ltd, SABIC, and among others.
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