Polyethylene Naphthalate Market To Reach $1.83 Billion By 2030

Polyethylene Naphthalate Market Growth & Trends

The global polyethylene naphthalate market size is expected to reach USD 1.83 billion by 2030, registering a CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The industry is expected to witness substantial growth on account of increasing demand for the product in electrical and electronic industry as well as the beverage bottling industry.

Polyethylene naphthalate has various superior characteristics including its high barrier properties, high dimensional stability, high temperature stability and high shrinkage resistance. These characteristics have resulted in producing films which can have various applications including imaging, flexible food packaging, electrical, solar cell protection, thermal sheets and pressure sensitive tapes.

Electronics application is expected to witness fastest growth over the forecast period, growing at a CAGR of 7.8% from 2015 to 2022. Growing use of polyethylene naphthalate films and pellets in the manufacturing of electronic parts such as printed circuit boards, magnetic tapes and capacitors owing to its superior thermal and mechanical properties is expected to drive growth. 

Increasing application scope of polyethylene naphthalate in electronic and electrical industry such as in manufacturing of wires, cables, solar cells and various other sensors is expected to propel demand over the forecast period.

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Polyethylene Naphthalate Market Report Highlights

• The packaging segment held the largest market revenue share of 67.9% in 2023. Polyethylene naphthalate pellets used in manufacturing bottles exhibit excellent barrier properties and durability. It offers resistance against oxidation and heat which is a major factor contributing towards use in the bottling industry.

• In countries such as Denmark and Norway beer bottles consisting of polyethylene naphthalate films are gaining popularity. Presently, around 5 million new bottles are in flow and this is expected to grow over the forecast period owing to rising demand for shatter proof and lightweight bottles.

• Polyethylene naphthalate is increasingly being used in manufacturing rubber tires. The product offers increased resistance to wear and tear thus improving performance characteristics as well as longevity of tires. The demand is attributed to automotive sector growth particularly in developing economies such as China, Brazil and India. Rising disposable income in these regions coupled with growing consumer awareness regarding high performance tires is likely to propel demand for PEN in tires application over the forecast period.

• The market in Europe is expected to be driven by beverage bottling and automotive applications which are expected to show substantial growth over the forecast period. Presence of major automobile manufacturers in countries such as Germany, Sweden and Italy is expected to boost market revenue particularly in tires application. In addition, Europe is the highest consumer of beer; as a result, the demand for beverage bottling is expected to drive the demand over the forecast period.

• Latin America polyethylene naphthalate market is expected to grow at the fastest CAGR over the forecast period. Polyethylene naphthalate demand is expected to increase owing to growing use in electronics and electrical applications. Rising disposable income coupled with significant infrastructure growth in the region is expected to increase product demand over the next few years. Furthermore, major electronics manufacturers such as Samsung and Xiaomi have setup their manufacturing facilities in Brazil and this trend is expected to expand to other countries in the region over the forecast period. 

Polyethylene Naphthalate Market Segmentation

Grand View Research has segmented the global polyethylene naphthalate market based on end use, region:

Polyethylene Naphthalate End Use Outlook (Revenue, USD Million, 2018 - 2030), (Volume in Kilotons)

• Beverage Bottling

• Electronics

• Packaging

• Rubber Tyres

• Others

Polyethylene Naphthalate Regional Outlook (Revenue, USD Million, 2018 - 2030), (Volume in Kilotons)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Indonesia

  • Vietnam

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List Of Key Players Polyethylene Naphthalate Market

• DuPont

• SKC

• Sumitomo Chemical

• Polyonics

• 3M

• KOLON Corp.

• SASA

• TORAY INDUSTRIES, INC.

• TEIJIN LIMITED.