Polyethylene Furanoate Market Share, 2018-2025
The polyethylene furanoate market is open to the companies that initiate the development and production of PEF. New entrants are trying to create a niche for themselves due to the emerging market opportunities and other factors. The PEF market has comparatively low barriers to entry; thus, it will face medium-high threat of new entrants.
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The growth of the PEF market is largely dependent on the acceptance of the product by consumers. The more powerful the buyers of an industry are, the less profitable that industry will be.
The focus on sustainability and consumer awareness toward lesser carbon footprint has changed the scenario of the whole polymer market. Plastic packaging has an important and everyday role in the daily lives of individuals. The drive toward bio-based chemicals is on an upsurge. PEF being fully made from renewable resources might replace PET which dominates the industry at present.
Market Overview
PEF has enhanced properties and could be used in several end-use applications. It is preferred to replace PET that currently occupies a giant market size in the field of packaging industries. Owing to its features, PEF can widely be used in other industries as well apart from the packaging. PEF’s lesser environmental impact and better barrier properties vouch for its potential to become a leader in the packaging industries and be the preferred choice among the consumers. Consumers and manufacturers are inclined toward plastic packaging due to their feasibility and usefulness therefore PEF caters to both the demand and supply side.
The bottle application of PEF currently occupies a major share of the market generating a revenue of $XX thousand in 2017 and is expected to show the fastest growth of XX% during the forecast period. The use of PEF in bottle applications not only addresses a huge market for replacement, but it also provides an opportunity for using plastic bottles for different beverages owing to its good barrier properties.
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