Global Polyethylene Terephthalate Glycol (PETG) Market - 2023-2030

Overview

Global Polyethylene Terephthalate Glycol (PETG) Market reached US$ 790.0 Million in 2022 and is expected to reach US$ 1,008.5 Million by 2030, growing with a CAGR of 3.1% during the forecast period 2023-2030.

PETG is being used increasingly in 3D printing applications because of its flexibility. The material is a top option for amateur and professional 3D printers because of its high layer adhesion, impact resistance and temperature stability. The demand for PETG in this domain is expected to rise with the advancement and widespread applications of 3D printing technologies, marking a significant trend in the PETG market.

PETG's reputation for flexibility and adaptability positions it as suitable for a variety of purposes. Its appeal in the packaging, healthcare, electronics and automotive industries may be attributed to its transparency, impact resistance and simplicity of processing. The material's capacity to satisfy a wide range of demands from various industries propels its steady demand and market expansion.

Asia-Pacific is among the growing regions in the global polyethylene terephthalate glycol (PETG) market covering more than 1/3rd of the market. The medical and healthcare industries in Asia-Pacific support the PETG market's expansion. The material's aptitude for medical applications, such as pharmaceutical and medical device packaging, fits well with the growing healthcare infrastructure in the region. PETG becomes a favored option as the need for safe and high-quality materials in these industries grows, accelerating the company's market expansion in the Asia-Pacific.

Dynamics

Growing Uses for Display and 3D Printing Technologies

PETG has become increasingly popular in developing technologies like 3D printing and display applications because of its adaptability. Professionals and consumers alike use PETG as their favorite material for 3D printing because of its superior layer adhesion, impact resistance and heat stability. PETG is used in display technologies to produce signs, point-of-sale displays and electronic device components.

For Instance, in 2021, Ultimaker launched its PETG material for 3D printing, featuring wear, temperature and chemical resistance. The company has extensively tested and developed material profiles to ensure reliability and ease of use. Designed for producing tools through 3D printing, Ultimaker PETG offers versatility and scalability, potentially reducing changeovers and enhancing efficiency across organizations.

Increased Demand in Packaging Industry

The packaging industry is experiencing a growing demand for polyethylene terephthalate glycol. PETG proves to be an ideal material for diverse packaging applications due to its unique combination of attributes, including transparency, impact resistance and versatile processing capabilities. The substance finds extensive application in the manufacturing of bottles, films and sheets intended for the packaging of food and drink items, medications, cosmetics and further consumer products.

For Instance, in 2021, Pacur, LLC, a leading supplier of specialty plastic packaging materials for the medical device industry, acquired CAROLEX SAS, a PETG sheet extruder based in France. The acquisition strengthens Pacur's focus on the European medical device market and enhances its global extrusion capabilities to meet the increasing demands of customers globally. The move underscores Pacur's commitment to growth and adaptability in the dynamic medical device industry.

Environmental Issues and Sustainability Problems

The increasing focus on sustainability and environmental issues is another barrier to the PETG industry. Although PETG is recyclable, there is still concern about the environmental effects of plastics and demand for more sustainable options is rising. PETG requires the burning of fossil fuels during manufacture and it is not biodegradable.

Additionally, manufacturers in the PETG industry must strike an agreement between sustainable development and customer demands for greener products and performance, as environmental rules force them to do. To meet these sustainability issues and stay competitive in a changing market, the PETG business must develop and implement eco-friendly production methods, investigate bio-based alternatives and enhance recycling infrastructure.

Price Volatility for Raw Materials

Fluctuations in the prices of raw materials pose a significant obstacle to the global polyethylene terephthalate glycol (PETG) market. Given that PETG derives from petrochemical feedstocks, alterations in crude oil prices can swiftly impact the production costs associated with PETG. Manufacturers may find it difficult to maintain competitive pricing if raw material prices suddenly rise and reduce their profit margins.

The volatility affects the planning and budgeting procedures for businesses in the sector by introducing an element of uncertainty into the PETG market. To handle these price swings and guarantee the stability of their supply chains, businesses need to put effective risk management measures into place.

Segment Analysis

The global polyethylene terephthalate glycol (PETG) market is segmented based on product, shrinkage, thickness, application, end-user and region.

Growing Demand Extruded PETG Due to Adaptable and Sustainable Materials

The extruded grade segment is among the growing in the global polyethylene terephthalate glycol (PETG) market covering more than 1/3rd of the market. The packaging industry's growing demand for adaptable and sustainable materials has driven PETG's acceptance, especially in extruded forms. The exceptional clarity, impact resistance and simplicity of processing extruded PETG sheets and films make them a popular choice in the packaging material industry.

The attributes enable extruded PETG to satisfy the changing demands of the packaging industry in applications including thermoformed packaging, blister packaging and display materials. Moreover, extruded PETG has grown as a result of the increased focus on sustainability and recyclable materials globally. PETG's recyclability and low ecological impact make it a desirable option for consumers and companies looking for sustainable alternatives.

Geographical Penetration

Rising Demand for PETG in Packaging Applications in Asia-Pacific

Asia-Pacific has been a dominant force in the Global Polyethylene Terephthalate Glycol (PETG) Market and the demand for PETG in packaging applications is being driven by the region's strong economic growth and urbanization, which has increased consumer expenditure on packaged products. PETG's clarity and flexibility make it a top option for producers in the Asia-Pacific area as customer attitudes and lifestyles change in favor of convenient and visually appealing packaging.

The growing population of middle-class people in nations such as China and India led to a rise in the market demand for a variety of consumer products, one of which is PETG. Because of PETG's advantageous qualities, industries like food and beverage, cosmetics and personal care have seen significant expansion in their usage of the material for packaging. The increased adoption of PETG in various industries has been propelled by the upward trajectory of disposable income and changing consumer preferences.

Additionally, a substantial surge in demand for PETG is evident in the expanding healthcare sector, particularly in the fabrication of pharmaceutical packaging and medical devices. The heightened utilization of PETG in manufacturing items like medical equipment, vials and packaging can be attributed to the prioritization of robust healthcare infrastructure and the escalating focus on compliance with stringent medical safety regulations.

For Instance, in 2023, South Korean chemical firm SK Chemicals acquired Shuye Environmental Technologies for US$100 million, reinforcing their collaboration. In 2021, SK Chemicals invested 23 billion won for a 10% stake in Shuye, along with an off-take agreement for 20,000 tons of chemically recycled raw material production capacity. The acquisition aligns with SK Chemicals' strategic response to the growing demand for eco-friendly packaging solutions.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a major impact on the global market for polyethylene terephthalate glycol (PETG), resulting in both short- and long-term changes in demand trends. Lockdowns, limitations and unpredictability in the economy caused a halt in production across a range of industries in the early stages of the pandemic.

Because the PETG industry is intimately related to the automotive, consumer goods and packaging industries, there was a brief drop in demand due to supply chain interruptions, operational difficulties and lower consumer spending. However, several PETG industry categories showed resiliency and flexibility as the epidemic spread.

The demand for PETG in applications including medical equipment, face shields and protective packaging for medications and personal care products rose due to the growing awareness of cleanliness and safety precautions. Due to PETG's adaptability to changing industry demands throughout the pandemic including clarity, impact resistance and simplicity of processing, it was chosen as a material of choice.

As e-commerce got out, there was an increase in demand for PETG, particularly in the packaging business. The led to a rise in the need for clear and long-lasting packaging materials. Businesses in the PETG sector are aiming for methods to improve their ability to withstand shocks in the future and match their products to the expanding market for recyclable and environmentally friendly materials.

Russia-Ukraine War Impact Analysis

The global conflict between Russia and Ukraine can affect the global polyethylene terephthalate glycol market due to both countries are essential to the manufacturing and supply of both raw materials and final products. Russia, a significant participant in the petrochemical sector, supplier of essential raw materials required for the synthesis of polymers.

The petrochemical supply chain in Russia faces vulnerabilities that may result in disruptions, potentially causing shortages in raw materials and affecting PETG production. Furthermore, the demand for PETG and other plastics may be impacted by economic turmoil in Russia and Ukraine, two significant markets for a variety of sectors. Supply chains and trade dynamics may also be impacted by the geopolitical disorder.

The globally distribution of PETG may be impacted by trade restrictions, tariffs or interruptions in transportation routes that impede the free movement of commodities. Businesses frequently make cautious decisions due to uncertainty in the geopolitical scene, which affects their plans for investments and market development. Businesses in the PETG sector may have trouble estimating demand and controlling inventory, which might have an impact on pricing and the stability of the market as a whole.

By Product

• Extruded Grades
• Injection Molding Grade
• Blow Molding Grade

By Shrinkage

• Shrinkage < 60%
• Shrinkage 60-70%
• Shrinkage > 70%

By Thickness

• 2mm
• 3mm
• 4mm
• 5mm

By Application

• Prototypes
• Blister Packaging
• 3-D Printing
• Thermoformed Plastic Clamshell
• Food Trays
• Others

By End-User

• Food & Beverages
• Building & Construction
• Electronics & Electricals
• Automotive
• Healthcare & Pharmaceuticals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On January 04, 2023, Braskem, known as the biggest producer of polyolefins in the Americas and a market leader and innovator in the production of biopolymers on an industrial scale, acquired taulman3D, a prominent global supplier of 3D filaments, including nylon, recycled PETG and PET, to professionals in the aerospace, automotive, healthcare, government and higher education sectors.

Competitive Landscape

The major global players in the market include: Eastman Chemical Company, SK Chemicals, Lotte Chemical Corporation, Dow Inc., Teijin Limited, SABIC, Indorama Ventures Public Company Limited, Nan Ya Plastics Corporation, Shinkong Synthetic Fibers Corporation and Far Eastern New Century Corporation.

Why Purchase the Report?

• to visualize the global polyethylene terephthalate glycol (PETG) market segmentation based on product, shrinkage, thickness, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of radiation shielding glass market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global polyethylene terephthalate glycol (PETG) market report would provide approximately 77 tables, 84 figures and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies