Product Code: 69087
The market for Polyethylene Naphthalate is expected to grow at a CAGR of over 7% during the forecast period. Major factors driving the market studied are rising demand in packaging applications and increasing demand in electronics industry. On the flipside, high manufacturing cost and unfavorable conditions arising due to the COVID-19 outbreak are major restraints which hinder the growth of market.
Growing application of polyethylene naphthalate in solar cell protection is expected to offer various lucrative opportunities for the growth of market.
By application, packaging segment is expected to dominate the polyethylene naphthalate market owing to its high durability and resistance to chemicals & solvents.
North America region dominated the market across the globe with the largest consumption from countries such as United States, Canada and Mexico.
Key Market Trends
Increasing Demand from Packaging Segment
- Polyethylene naphthalate is a polyester which is derived from 2,6 dicarboxylic acid and ethylene glycol. It has superior properties like high resistance to chemicals & solvents, high mechanical strength and excellent scintillation properties.
- The demand of polyethylene naphthalate in packaging applications is increasing owing to their high stiffness modulus (Young's modulus) which is responsible for better shrinking resistance of the material and superior barrier capabilities.
- Additionally, polyethylene naphthalate is used for food packaging applications as it is less permeable to oxygen and water vapor, thus reduces the oxidation effects in containers, making it ideal for food preservation purposes.
- Furthermore, polyethylene naphthalate reduces the number of layers required for packaging, which enables simplification in packaging and also reduces the overall packaging costs.
- The global packaging industry is expected to grow at a CAGR of over 6% during the forecast period which would increase the demand of polyethylene naphthalate and thus propel its market in the near future.
- Owing to all the above-mentioned factors for polyethylene naphthalate, its market is expected to grow rapidly over the forecast period.
North America Region to Dominate the Market
- North America region is expected to dominate the market for polyethylene naphthalate during the forecast period. In countries like United States and Canada owing to the growing demand from major end user industries like packaging and electronics, the demand for polyethylene naphthalate has been increasing in the region.
- Polyethylene naphthalate is widely used in the films and pellet form to manufacture electronic parts owing to high mechanical and thermal properties, due to which the demand of polyethylene naphthalate is increasing in the region.
- Additionally, with the increasing trend of electric vehicles and growing use of polyethylene naphthalate in making high performance and rigid rubber tires is likely to boost its market in the region. The North American electric vehicles market is expected to register a CAGR of over 28% during the forecast period which is likely to increase the demand of polyethylene naphthalate market.
- Furthermore, rising demand for polyethylene naphthalate in making shatter proof and light weight beer and juice bottles is likely to further support the polyethylene market growth in the region.
- The United States Food and Drug Administration (FDA) has approved the use of recyclable plastic products like polyethylene naphthalate in food packaging which is likely to stimulate its market in the region during the forecast period.
- The packaging industry market value in United States was estimated at USD 183.92 billion in 2019, which is further projected to grow at a CAGR of over 4% during the forecast period and is expected to reach USD 218.36 billion by 2025. This will increase the demand of polyethylene naphthalate and boost its market during the forecast period.
- Some of the major companies operating in North America region are - Polyonics and Dupont Teijin Films.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyethylene naphthalate during the forecast period.
The polyethylene naphthalate market is highly consolidated with top players accounting for a major share of the market. Major companies in the market include Dupont Teijin Films, SASA Polyester Sanayi A.S., KOLON PLASTIC INC., GTS Flexible Ltd., and Polyonics.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Rising Demand in Packaging Applications
- 4.1.2 Increasing Demand in Electronics Industry
- 4.2 Restraints
- 4.2.1 High Manufacturing Cost
- 4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
- 4.3 Industry Value-Chain Analysis
- 4.4 Porters 5 Force Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Beverage Bottling
- 5.1.2 Packaging
- 5.1.3 Electronics
- 5.1.4 Rubber Tires
- 5.1.5 Others
- 5.2 Geography
- 5.2.1 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 Japan
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.2.2 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.2.3 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 Italy
- 18.104.22.168 France
- 22.214.171.124 Rest of Europe
- 5.2.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 5.2.5 Middle-East & Africa
- 220.127.116.11 Saudi Arabia
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Dupont Teijin Films
- 6.4.2 EPC Group
- 6.4.3 GTS Flexible Ltd.
- 6.4.4 KOLON PLASTIC INC.
- 6.4.5 Polyonics
- 6.4.6 PPI Adhesive Products (C.E.) s.r.o.
- 6.4.7 SASA Polyester Sanayi A.S.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Application in Solar Cell Protection
- 7.2 Other Opportunities