According to Stratistics MRC, the Global Polyethylene Naphthalate (PEN) market is valued at $0.9 billion in 2015 and is expected to reach $1.54 billion by 2022 growing at a CAGR of around 8.0% during the forecast period. Polyethylene naphthalate is mostly used in packaging applications due to higher shrinkage resistance, enhanced thermal and barrier properties, and dimensional stability. PEN films are major component of food packaging applications due to its higher stiffness modulus to provide improved barrier capabilities. Besides, high manufacturing cost is a main problem for manufacturers which causes capacity contractions and diminished margins for suppliers and manufacturers. On the other hand, recent developments of low cost monomers for production are anticipated to change market dynamics.
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The industry is likely to witness significant growth due to rising demand for the products in electrical and electronic industry. Electronics applications is estimated to grow at the highest CAGR of around 8% during the forecast period. Increasing applications in electronics such as manufacturing of solar cells, wires, cables, and various sensors is anticipated to boost the market growth. North America is the largest consumer and producer led by the United States. The growth of the market is due to emergence of end-user sectors such as automobile and electronics. Increasing usage of high performance rubber tires in automobile industry is anticipated to fuel market growth. Asia Pacific is expected to grow at a CAGR of more than 7% during the forecast period. Chinese raw material suppliers have enhanced production technology to cut down the cost which in turn reduces overall product cost. Europe is the main consumer of beer, so the demand for beverage bottling is anticipated to drive the demand over the forecast period.
Some of the key players in the global Polyethylene Naphthalate (PEN) market include DuPont, DuraFiber Technologies Inc., Seiwa Inc., SKC Inc, SASA Polyester Sanayi A.S, Sumitomo Chemical Co., Ltd., Teijin DuPont Films, and Toray Monofilament Co., Ltd.
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