Polyethylene Naphthalate (PEN) is a polyester that exhibits superior properties such as high mechanical strength, dielectric strength, and excellent resistance to temperature, solvents, and chemicals. PEN, due to its high thermal and mechanical properties, is widely used in films and pellet form to manufacture electronic parts. Due to the growth in the electronics products, the demand for PEN is increasing too. Additionally, PEN also witnesses an increasing demand in solar panels for the solar cell protection. —
Apart from electronics parts, polyethylene naphthalate is extensively used in packaging applications including food packaging to improve the thermal and barrier properties. A number of regulatory, worldwide, such as the U.S. FDA and the Japanese Ministry of Health, Labor & Welfare (MHLW) approve the use of recycled plastic products such as polyethylene terephthalate (PET) and polyethylene naphthalate (PEN) in food packaging.
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Owing to the wide application area, PEN witnesses a huge demand throughout the year. And as a result, the polyethylene naphthalate market is growing rapidly and pervasively. The initiation of several renewable energy projects is expected to offer substantial opportunities for the growth of the PEN market. Moreover, the growing use of PEN in the manufacturing of high performance, rigid rubber tire escalates the market on the global platform.
Acknowledging the rapid expansion, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global polyethylene naphthalate market will garner exponential accruals by 2023, registering a significant CAGR throughout the review period (2017-2023).
Additional key drivers of polyethylene naphthalate market include the rapidly increasing demand for the energy that is led by the ever-increasing population. Growing ecological concerns are promoting the demand for energy generation through renewable sources. Moreover, evolving applications of polyethylene naphthalate coupled with the technological advancements are fostering the growth of the market.
On the other hand, factors such as the commodification of the product and the price volatility of raw materials are impeding the market growth. Also, the demand and supply gap in the raw materials stock is obstructing the market growth. Nevertheless, increasing industrial applications of polyethylene naphthalate such as in the making of lightweight automotive parts are expected to support the market growth throughout the forecast period.
Global Polyethylene Naphthalate Market - Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Manufacturing Process : Acid and Ester.
By Application : Beverage Bottling, Food Packaging, Electronics, and Rubber Tires among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Polyethylene Naphthalate Market - Regional Analysis
The North American region heading with the high production and consumption of polyethylene naphthalate accounts for the leading market, globally. The US, backed by the expanding food & beverage industry accounts for the major contributor to the growth of the regional market.
The Asia Pacific region accounts for the second largest market for polyethylene naphthalate, globally. Factors such as the growing demand from major end-use industries such as packaging, automotive, and electronics drive the regional market.
On the other hand, the European region is rapidly emerging as a profitable market for polyethylene naphthalate. Factors such as the burgeoning automotive industry in the region propel the growth of the regional market creating a massive demand for the product.
Global Polyethylene Naphthalate Market - Competitive Analysis
Highly competitive, the polyethylene naphthalate market appears to be fragmented due to the presence of many large and small-scale players. To sustain their position in the market, these players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch.
Understanding the changing requirements of customers and using advanced technology to custom-design that pushes products to new extremes of performance, key players offer on-site coordination that ensures a quick turnaround.
The high growth potential demonstrated by the market attracts several new entrants, resulting in intensifying the completion further. Top players are substantially investing in R&D to bring out improvements in the existing product. Manufacturers strive to deliver the reliable, consistent, and pure high-quality polyethylene naphthalate products based on innovative technologies, and best practices that could satisfy the toughest of challenges and enable customers with an opportunity for potential differentiation, growth, and successes in existing and emerging markets around the world.
Key players leading the global polyethylene naphthalate market include Sumitomo Chemical Co., Ltd (Japan), DuPont Teijin Films (U.S.), DuraFiber Technologies Inc. (U.S.), Thermo Fisher Scientific (U.S.), Toray Monofilament Co., Ltd (Japan), Merck KGaA (Germany), SASA Polyester Sanayi A.S. (Turkey), SKC Inc. (South Korea), Seiwa Inc. (Japan), Shell Global (U.S.), Polyonics, Inc. (U.S.), 3M (U.S), DowDupont (U.S.), Kolon Plastic Inc. (South Korea), and GTS Flexible Ltd. (U.K) among others.
Industry/ Innovation/ Related News:
September 18, 2018 ---- Indorama Ventures Holdings LP (IVHLP – the US), a subsidiary of Indorama Ventures Public Company Limited announced that the company is poised to close three acquisitions, with a total value of over USD 800 MN. in the third quarter of 2018, acquiring the integrated PTA-PET assets in Corpus Christi, Texas, USA.
The JV - IVHLP is an integrated PTA-PET plant with the nominal production capacity of 1.1 MN and 1.3 MN metric tons per year of PET and PTA, respectively. The plant is the largest single line vertically integrated PTA-PET production facility in the world and the largest PTA plant in the Americas.
These acquisitions will enable IVHLP to establish a joint venture company called Corpus Christi Polymers LLC, which will be formed in collaboration with Alpek S.A.B. de C.V., a Mexican chemical manufacturing company and Far Eastern Investment (Holding) Limited (the US), an investment holding company.
Among the companies to be acquired include KORDÁRNA Plus a.s. (Czech Republic), a manufacturer of cord fabrics, industrial fabrics, and geosynthetic polyester textiles and DuPont Teijin Films U.S. Limited Partnership, a manufacturer and distributor of polyethylene terephthalate and polyethylene naphthalate polyester films.
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