Between 2023 and 2033, the size of the global polyethylene terephthalate glycol (PETG) market is projected to grow at a compound annual growth rate (CAGR) of 3.3%. It is expected to increase in value from USD 2,747.8 million in 2023 to more than USD 3,818.9 million by 2033.
PETG is favored in a number of sectors, including packaging, cosmetics, and medical devices, as they deliver outstanding clarity and transparency. Its capacity to provide a clear picture of the contents and present products in an appealing way is expected to add to its rising popularity.
Due to its remarkable chemical resistance, PETG can be used in a variety of applications. It is resistant to exposure to corrosive substances, acids, and alkalis. It is anticipated that this will make it very attractive in sectors where chemical resistance is essential such as medicines, laboratories, and the automobile sectors.
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PETG is a sturdy and long-lasting material owing to its outstanding impact strength. In applications that demand resistance to breakage or deformation, this feature is expected to be very advantageous. Beverage bottles, food containers, and protective packaging are a few of these.
PETG is also regarded as a secure and hygienic material for food & beverage packaging. As it has FDA approval for direct contact with consumables, goods packaged in PETG containers are guaranteed to be secure and free from contamination. As a result, usage has expanded in the food & beverage sector, where cleanliness and safety are of the utmost significance.
Thermoforming, extrusion, and injection molding are just a few of the production processes that might be used to process PETG efficiently. This adaptability might make it possible to produce a variety of goods, from bottles and containers to medical equipment and display stands. It is anticipated to increase demand for polyethylene terephthalate glycol in a variety of sectors.
PETG is an eco-friendly material as it is a thermoplastic polymer and is simple to recycle. Demand for recyclable materials such as PETG keeps rising as sustainability gains importance in the worldwide market.
Expanding focus on product safety and shelf life extension is another factor contributing to the rising demand. Excellent barrier qualities against oxygen, UV radiation, and moisture are provided by PETG.
It aids in maintaining the products’ quality and freshness. Among other factors, this property is expected to make PETG appropriate for packaging perishable commodities, medications, and delicate electronic components.
Key Takeaways from Polyethylene Terephthalate Glycol (PETG) Market Report:
- Demand for PETG exhibited positive growth in the historical period from 2018 to 2022 with a CAGR of 1%.
- China polyethylene terephthalate glycol (PETG) industry is projected to exhibit a CAGR of 6% from 2023 to 2033.
- East Asia polyethylene terephthalate glycol (PETG) sales accounted for 3% of the global industry share in 2022.
- On the basis of end use, the food & beverage segment is estimated to hold over 45% of share by 2033.
- Top countries in the PETG market are likely to generate a value share of 55% to 60% in the estimated period.
“Due to its capacity to preserve the quality and freshness of contents, PETG is a preferred material for food & beverage packaging. It might be the best material for this application given its transparency, adaptability, and barrier characteristics against oxygen & moisture. Demand for PETG in packaging is projected to expand as a result of growing global population, shifting consumer preferences, and increased attention to food safety.” – Says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape
The market for polyethylene terephthalate glycol (PETG) is highly consolidated, with a number of top suppliers controlling sizable proportions. During the projected period, key players are anticipated to have a market share of around 70% to 75%.
Leading PETG manufacturers are strategically concentrating on partnerships & acquisitions to expand their footprint and hold onto larger shares. On the other hand, small and medium-sized manufacturers are concentrating on offering affordable and value-for-money items to increase their market penetration.
Government regulation of the market, particularly in relation to safety standards, might have an impact on the level of competition. It is susceptible to regional and international trends, as well as shifts in supply, demand, and pricing, which can have an impact on the marketplace.
For instance,
- In November 2021, SK Chemicals invested in CHDM, a crucial raw material for copolyester, to increase its manufacturing capacity by 25%. Additionally, the company started producing ECOTRIA CR in large quantities at its Ulsan facility using parts created from chemically recycled waste plastics.
Get More Valuable Insights into Polyethylene Terephthalate Glycol (PETG) Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global polyethylene terephthalate glycol (PETG) market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type (extruded grade, injection molding grade, blow molding grade), application (prototypes, containers/packaging, tools, jigs, fixtures, equipment & machinery, others), end use (food & beverage, medical, cosmetic, others), and region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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