NEWARK, Del, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, Inc. (FMI), the global Polyethylene Terephthalate Glycol (PETG) Market is forecast to accelerate at 3.3% CAGR between 2023 and 2033. The total market size is likely to increase from US$ 2,747.8 million in 2023 to US$ 3,818.9 million by 2033.
Growing demand for polyethylene terephthalate glycol from food packaging and medical industries is a key factor proving impetus to the global market.
Polyethylene terephthalate glycol (PETG) finds its application across diverse industries. Mainstream consumers of PETG utilize it for packaging purposes owing to its various advantages.
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Food packaging, medical packaging, and cosmetic bottles are few of the most grossing application areas, which are predominantly consuming PETG across the world. 3D printing, automotive films, building and construction, and few other industries are also investing in product offerings to relish various advantages of PETG-based products.
Polyethylene terephthalate glycol possesses high impact resistance and good thermal stability that make it ideal for applications such as 3D printing. Its safe nature also makes it suitable for making food packaging such as containers and bottles.
Polyethylene terephthalate glycol is also being used as a substance for medical implants and medical packaging. Hence, widening applications across various industries will elevate PETG demand over the projection period.
Despite such a wide array of applications and driving factors, sales prospects of PETG are witnessing sluggish growth. Implementation of carious stringent regulations over the use and disposal of PETG is hampering its growth rate. Awareness towards environment protection and plastic waste is likely to impede the growth of the market.
In order to counter this, companies are launching new innovative products that are biodegradable. For instance, recently, BioPETG, an environmentally friendly PETG filament was launched. Development of these eco-friendly products will help the market to thrive during the next ten years.
“Widening application of PETG in medical and food industries will boost polyethylene terephthalate glycol (PETG) market over the forecast period,” said an analyst at FMI.
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Key Takeaways from Polyethylene Terephthalate Glycol (PETG) Market Study
- The worldwide polyethylene terephthalate glycol (PETG) industry is forecast to expand at 3.3% CAGR during the assessment period.
- By application, containers/packaging segment will continue to hold a significant share of the global PETG market through 2033.
- Based on end-use industry, most of the PETG demand is expected to arise from medical sector.
- South Asia Pacific and East Asia are expected to collectively hold more than half of the market share in the global PETG market.
- The USA polyethylene terephthalate glycol (PETG) market is forecast to exhibit a moderate CAGR during the projection period.
- India is expected to remain a lucrative market for PETG over the next the years.
Who is Winning?
Clariant Ltd., Eastman Chemicals Company, Shandong Shenghe Plastic Ltd, SM Kunststofftechnologie GmbH, Integrated Packaging Films Inc., and Industrial Plastics Belgium (IPB nv) are few of the leading manufacturers of polyethylene terephthalate glycol (PETG) profiled in the full version of the report.
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Key Segments Covered in Polyethylene Terephthalate Glycol (PETG) Industry Research
By Grade:
- Extruded Grade
- Injection Molding Grade
- Blow Molding Grade
By Application:
- Prototypes
- Containers/Packaging
- Tools, Jigs, Fixtures
- Equipment & Machinery
- Others
By End-use Industry:
- Food and Beverage
- Cosmetics
- Medical
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
More Insights into the Polyethylene Terephthalate Glycol (PETG) Market Report
In its latest report, Future Market Insights 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 grade, application, end-use industry, and Region.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Value Share Analysis
1.3. Demand Side Trends
1.4. Supply Side Trends
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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