The report “Polyethylene Furanoate (PEF) Market by Source (Plant Based, Bio Based), Grade, Application (Bottles, Films, Fibers, Molded), End-Use Industry (Packaging, Fiber & Textiles, Electronics & Electrical, Pharmaceuticals), & Region – Global Forecast to 2028″, is projected to reach USD 28 million by 2028, at a CAGR of 8.1 % from USD 19 million in 2023. The PEF market is mainly driven by government regulation & policies. Moreover, increasing demand for PEF for bottle production and the growing demand from the fiber segment.
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- 310 Market data Tables
- 148 Figures
- 270 Pages and in-depth TOC on “Polyethylene Furanoate Market – Global Forecast to 2028”
Some of the prominent key players are:
- Avantium NV (Netherland)
- Sulzer (Switzerland)
- AVA Biochem (Switzerland)
- ALPLA Group (Austria)
- Swicofil (Switzerland)
- Origin Materials (US)
- Toyobo Co., Ltd. (Japan)
- Danone (France)
- Mitsui & Co. (Japan)
- Eastman (US)
Driver: Government regulation and policies
Governments globally are increasingly prioritizing environmental sustainability by enacting stringent policies and regulations targeting the reduction of plastic waste. These policies and regulations include bans or restrictions on single-use plastics and incentivizing the adoption of alternatives like PEF. For instance, in the US biobased products must be independently tested and certified to be labeled with a biobased certification and fall under one of the 139 identified categories. The USDA actively advocates for manufacturers and offers support to help companies complete the certification process. Mandatory Federal purchasing requirements for biobased products were established by Section 9002 of Public Law 107-171, and later expanded in the 2008 and 2014 Farm Bills, which authorized USDA to designate biobased products for Federal procurement.
Governments are fostering a conducive environment for bio-based materials like PEF through grants, subsidies, or tax incentives. These incentives encourage investment in research, development, and adoption of innovative, environmentally friendly materials, aligning with government agendas aiming for a circular economy and reduced environmental impact. Businesses responsive to these regulatory shifts and incentives are strategically pivoting toward PEF and similar bio-based materials. Embracing these alternatives not only ensures compliance with evolving regulations but also demonstrates corporate responsibility and fosters positive brand perception among environmentally conscious consumers.
As government policies continue to evolve and become more stringent in tackling plastic waste, companies proactively adopting PEF stand to benefit from a competitive edge, cost efficiencies, and market differentiation in alignment with evolving environmental mandates.
“Fiber’s type was the second largest segment for PEF market in 2022, in terms of value.”
The utilization of Polyethylene furanoate (PEF) within the fibers sector signifies a pivotal advancement in the market for this innovative bio-based polyester. PEF, known for its remarkable attributes such as superior strength, increased durability, and the potential for biodegradability, presents a compelling alternative to traditional plastics in the production of fibers and textiles. Its inherent properties make PEF an attractive material for the fibers industry, particularly in the creation of sustainable fabrics. This innovative material aligns perfectly with the escalating demand for environmentally friendly products as consumers increasingly prioritize sustainability.
“Asia Pacific was the fastest growing market for PEF in 2022, in terms of value.”
Asia Pacific was the fastest growing market for global PEF market, in terms of value, in 2022. China is the largest market in Asia Pacific and is projected to witness the highest growth during the forecast period considering of high usage of plastic in the region for various application.
