The phenomenon of "scissor gap" in March 2026: The impact paths of PP (polypropylene) and PET (polyester) commonly used in the vacuum forming industry are different

The turmoil in the Middle East, especially the escalation of the US Iran conflict and the obstruction of shipping in the Strait of Hormuz, poses multiple challenges to thermoforming and vacuum forming product companies.

As a midstream link in plastic processing, the vacuum forming industry is highly sensitive to raw material prices, energy costs, and logistics efficiency.

The impact pathways of PP (polypropylene) and PET (polyester) commonly used in the vacuum forming industry are different.

The following is the latest trend analysis based on the current global supply chain turbulence:

1. PP (polypropylene) - most closely linked to crude oil

PP is the material most directly impacted by the situation in the Middle East, as the Middle East is not only an exporter of crude oil, but also an important global production center for propylene and its derivatives.

Price trend: showing a "pulse like" upward trend. Due to the obstruction of shipping in the Strait of Hormuz, PP exports from countries such as Saudi Arabia have encountered force majeure, resulting in a sudden tightening of spot supply in Asian and European markets.

Enterprise pain point: The high transparency PP sheet used for vacuum forming has very little bargaining space due to the increasing cost of additives.

2. PET (polyester) - subject to dual fluctuations in shipping and PTA costs

The price of PET is influenced by both crude oil prices and downstream textile/packaging demand, but in the current context of war, logistics surcharges have become the main driving force.

Price trend: steadily rising, with an accelerated frequency of fluctuations. Due to the high dependence of PTA (purified terephthalic acid) production on naphtha, the cost support of PET is extremely strong after the crude oil price stabilizes at a high level.

Quotation range: The spot price for bottle grade/sheet grade PET is currently maintained at around 8200-8800 RMB/ton.

Logistics impact: For enterprises that rely on imported PET slices or exported PET vacuum formed boxes, the additional fees caused by the Red Sea route detour result in a much higher actual landed cost than the quoted price.

The most awkward situation currently faced by vacuum forming enterprises is that upstream raw materials have "skyrocketed" due to war expectations, while downstream terminals (such as supermarkets and electronic product packaging) refuse to raise prices due to weak consumption.

If you have fixed orders for the next 3 months, it is recommended to immediately sign a fixed price contract with the supplier or engage in moderate hedging.

Pay attention to rPET: Currently, raw materials are subject to significant fluctuations due to war, and some companies are turning to recycled PET rolls with stable quality. Their prices are relatively detached from the trend of crude oil and are more stable.