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Impact of Covid-19 on Polyethylene Terephthalate-Glycol (PETG) Market

 

Global polyethylene terephthalate glycol (PETG) Market: Snapshot

The increasing application of plastic in food and beverage industry stands as a key factor promoting the growth of the global polyethylene terephthalate glycol market. Polyethylene Terephthalate-Glycol (PETG) is a thermoplastic polymer acquired by copolymerization of polyethylene Terephthalate and ethylene glycol. This plastic tar has a place with polyester family and finds a wide scope of utilizations incorporating those in food and drinks industry. It is utilized in production of fluid compartments, just as in certain other bundling and thermoforming applications. Polyethylene Terephthalate-Glycol (PETG) is an unmistakable nebulous thermoplastic which can be infusion formed, sheet expelled and blow shaped. PETG is vapid and shows generally higher straightforwardness.

This report is based on a qualitative and quantitative analysis of the market and its growth parameters. It also discusses the impact of COVID-19 pandemic on the market and the possibility of future growth opportunities if any. The report also emphasizes on the current trends, upcoming challenges and recent innovations. List of players and their major contributions to the market are also discussed in the report.

The global market for polyethylene terephthalate glycol is classified on the basis of application, end user, process, shrinkage, and region. Based on process, the market is classified into blow molded, injection molded, and extruded. In terms of application, the market is grouped into ffilms and sheets, bottles, containers, and others. With respect to end user, the market is grouped into medical, cosmetics, food & beverages, and others. The shrinkage section is further classified into below 60%, between 60-70%, and above 70%.

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Global polyethylene terephthalate glycol (PETG) Market: Competitive Landscape

Some of the players functioning in the global PETG market are Shandong Shenghe Plastic Ltd., SK Chemicals Liaoyang Petrochemicals, Eastman, Bilcare Pvt. Ltd., Magical Film Enterprises, Allen Plastic Industries, PolimexSrl, Kevin Metpack Pvt. Ltd., Henan Yinjinda New Materials, and others. Key strategies adopted by players include merger and acquisitions, joint ventures, product launches, company collaborations, and others. The key objective of players is to indulge in new product development with high impact strength and durability of the polyethylene terephthalate glycol material so as to gain a competitive edge in the overall market.

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Global polyethylene terephthalate glycol (PETG) Market: Current Trends

PETG is clear and colorless and capable of sterilization, owing to which, packaging materials are mainly dominated by the food and beverage industries. Thus, the growth of the food and beverages industries is in turn, boosting the demand for PETG worldwide. Additionally, the stringent regulations imposed on the use of certain plastic materials in food and beverages and packaging industries will help increase the demand for alternative materials such as PETG or PeT, and other resins. This, coupled with the biodegradability and toughness of PETG material will further help this market witness lucrative growth opportunities in the forecast period, 2020-2030.

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Global polyethylene terephthalate glycol (PETG) Market: Regional Insights

Asia pacific market is expected to dominate the global Polyethylene Terephthalate-Glycol (PETG) market owing to the presence of large number of end use industries such as food & beverages, healthcare & pharmaceuticals and packaging, among others. Development of new healthcare infrastructure and facilities, increasing number of patient pool, and rise in disposable incomes of people has further accelerated the overall growth of PETG in the region. Growth in these end use industries in the region is expected to directly contribute to the overall growth of the PETG market. North America is in close competition and ranks the second largest market for Polyethylene Terephthalate-Glycol (PETG), closely followed by Europe. The markets in Latin America and the Middle East and African regions are expected to account for relatively lower share in global Polyethylene Terephthalate-Glycol (PETG) market on account of minimum development and lack of infrastructural base.

 

 

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