Global Polyethylene Naphthalate (PEN) Market Report and Forecast 2023-2028

Global Polyethylene Naphthalate (PEN) Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), theglobal polyethylene napthalate (PEN) market attained a value of USD 282.2 million in 2022. The market is estimated to grow at a CAGR of 11.2% during 2023-2028 to reach a value of USD 514.7 million by 2028. Aided by the mounting demand for high-performance polymers across multiple sectors and the diversifying applications of PEN, the market is expected to grow significantly by 2028.

Polyethylene Naphthalate, often referred to as PEN, is a high-performance polyester known for its superior properties as compared to its counterpart Polyethylene Terephthalate (PET). PEN stands out owing to its enhanced dimensional stability, superior resistance to temperature fluctuations, and superior barrier properties against gases and solvents. These attributes make it a preferred material in various applications ranging from electronic parts, high-density recording media, to packaging materials.

The escalating shift towards advanced materials in industries, primarily in electronics and automotive sectors, is acting as a catalyst for the global polyethylene naphthalate (PEN) market growth. The electronics industry, constantly aiming for miniaturisation, seeks materials that offer better performance and durability, especially under demanding conditions. This has caused an uptick in the adoption of PEN for manufacturing capacitors and flexible printed circuits. Similarly, in the automotive sector, the quest for lightweight and high-performance materials has provided an impetus to PEN's popularity.

The broadening horizon of PEN's applications also significantly influences the global polyethylene naphthalate (PEN) market outlook. The packaging sector, always in pursuit of materials with better barrier properties and stability, is turning to PEN. Given its excellent resistance to gas and solvent permeability, PEN is becoming the material of choice for food and beverage packaging, thereby ensuring freshness and extended shelf life. This is particularly evident in the case of beer bottles, where PEN’s barrier properties help in retaining the beverage's carbonation.

In the realm of optical media, PEN's superior dimensional stability at high temperatures is being leveraged for producing high-density recording media, especially Blu-ray discs. Its resistance to high temperatures ensures that the media can be read accurately and reliably, even when subjected to the intense heat of high-speed recording and playback.

According to the polyethylene naphthalate (PEN) market analysis, another burgeoning avenue for PEN is the textile industry. The constant demand for fabrics that can withstand higher temperatures, offer UV resistance, and retain their structure is being met by integrating PEN. This ensures textiles that are not just durable but also lend themselves well to various applications, from protective wear to high-performance athletic wear.

Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

• Film
• Fibre
• Resin

Market Breakup by Application

• Beverage Bottles
• Food Packaging
• Electronic Goods
• Rubber Tyres
• Textiles
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global polyethylene naphthalate (PEN) market. Some of the major players explored in the report by Expert Market Research are as follows:

• Indorama Ventures Public Company Limited
• DuPont Teijin Films Ltd.
• Kolon Plastics Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.