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.
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.
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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.