Market Research Report
PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging) and Region - Global Forecast to 2027
|PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging) and Region - Global Forecast to 2027|
Published: June 1, 2022
Content info: 168 Pages
Delivery time: 1-2 business days
The PET foam market is projected to grow from USD 361 million in 2022 to USD 503 million by 2027, at a CAGR of 6.9% from 2022 to 2027. The PET foam market growth is estimated to be majorly driven by growing economies of Asia Pacific region.
"Recycled PET foam dominated the PET foam market, by raw material in terms of value and volume, in 2021"
Recycled PET foams offer several benefits such as cost-effectiveness and reduced carbon footprint. They are used as core materials in automotive applications, and as structural foams in construction applications. Moreover, few companies such as Armacell International S.A. (Luxembourg), Petro Polymer Shargh (Iran), recycle PET found in food and beverage bottles into the foam.
"Low-density PET foam dominated the PET foam market, by grade in terms of value and volume, in 2021"
The low-density PET foam dominated the PET foam market, in terms of volume and value, in 2021. Low-density foam is widely used as a thermal insulator due to the low thermal conductivity of the gas phase and as a structural material for construction and furniture. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.
"Wind energy application dominated the PET foam market, in terms of value and volume, in 2021"
The wind energy application segment dominated the PET foam market, in terms of volume and value, in 2021. PET foam can be an ideal replacement for other core materials such as PVC, SAN, PU foams, and balsa. Core materials are used in wind turbine blades as sandwich panels in composite forms. The blades are made by combining core materials and glass-reinforced polyester/epoxy.
"Asia Pacific region dominated the PET foam market, in terms of value and volume, in 2021"
The increasing demand for PET foam in transportation, wind energy, and building & construction applications is driving the market in this region. The growth of the wind energy industry in this region has increased the demand for producing lightweight composite structures.
Armacell International SA (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), and Carbon-Core Corp. (US) are some of the key players operating in the PET foam market. These players have adopted strategies such as agreements, partnerships & joint ventures, new product & technology launches, and expansions to enhance their business revenue and market share.
The report defines, segments, and projects the PET foam market based on raw material, grade, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, PET foam manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, acquisitions, and product launches, undertaken by them in the market.
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the PET foam market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.