Global PET Foam Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 11.0% in the Forecast Period
Published | 13 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global PET foam market was worth USD 252.5 million in the year 2020. The data gathered by the study reveals that the market is estimated to grow at the CAGR of 11.0%, earning revenue of around USD 504.1 million by the end of 2027. PET Foams or Polyethylene terephthalate foams are thermoplastic closed-cell foams that are increasingly used in sandwich construction. The growth of the PET foam market can be attributed to a number of factors, including the development of end-user sectors such as construction, wind energy, transportation, and packaging, among others. Furthermore, the escalating demand for lightweight materials for the production of renewable energy sources and automobile parts is estimated to drive the global PET foam market during the forecast period.
Flourishing Wind Energy Sector Will Boost the Global PET Market
The wind energy sector is progressing at a very rapid rate. Keeping in mind the highly volatile prices of non-renewable resources, the government is pushing for the use of diversified energy sources and is taking various initiatives to promote wind energy sources by setting up plants. The global PET Foam market is flourishing immensely through these efforts as PET foam is increasingly being used for the production of wind blades as they are lightweight and extremely cost-effective. Due to this factor, the PET foam market is estimated to grow favorable during the forecast period.
Increasing Demand and Trend for The Recycled Materials Will Propel the Demand For PET Foam
Because single-use plastics are the leading cause of environmental degradation, there is a growing interest in environmental protection and sustainability. Due to this, the use of recycled materials in various industries is also rising. PET foam is one of the most widely used polymers in the industry, and it is primarily utilized in the manufacturing of beverage and water bottles. They are also highly recyclable which prevents the problem of land-fillings. Because of this, major players of different industries are increasingly using PET foam in the production of their products and other essential items, thus propelling the market growth for PET foam.
The Automotive Industry Will Lead the Global PET Foam Market in The Forecast Period
The global PET foam market is divided into many end-user segments, such as building and construction, marine, packaging, automotive, transportation, wind energy, and others. Among these, the automotive segment is projected to have the highest CAGR in the forecast period.The strong demand for lightweight materials like PET foam for the production of the automotive body and other critical parts might be ascribed to the segment's rise. In addition to being lightweight, it has many other advantages such as good thermal stability, minimal water absorption, good electrical properties, etc. That is why, PET foam is increasingly being used in the production of various essential automobile parts such as engine cover, connector housings, headlamp retainer, interior trim, etc.
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Global PET Foam Market - Regional Insights
Geographically, the global PET foam market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The Asia-Pacific region accounted for the largest market share owing to the presence of a large number of production and manufacturing units in this region. Developing economies like China, India, and South Korea have a high rate of production due to cheap labor. Furthermore, China leads the market with some of the biggest production units in the world. This is because China is dedicated to the ‘low-cost production’ of goods, which continuously fuels the economy. Hence, it has a high demand for lightweight materials like PET foam.
Impact of Covid-19 On the Global PET Foam Market
The sudden outbreak of the Covid-19 pandemic has caused a setback in the global PET foam market. PET foam is essentially used in production companies.Due to the lockdown imposed in many countries to prevent the spread of the virus, production was disrupted throughout, except for essential goods. As a result, the demand for PET foam declined to a great extent, affecting the market negatively.
However, in the post-Covid-19 world, the global PET foam market is projected to escalate. To revive the economy from the slump it faced during the initial phase of the pandemic, the governments of various countries are taking some initiatives to increase the production capacity. This is going to pull significant demand for PET foam in the upcoming years.
The leading market players in the global PET foam market are Nitto Denko Corporation, 3M, Carbon-Core Corp., Huntsman International LLC, Gurit, Petro Polymer Shargh, Changzhou Tiansheng New Materials Co., Ltd., Diab Group, Armacell, Sekisui Plastics Co., Ltd., Corelite, Visight Composite Material Co., Ltd, Composite Essential Materials LLC, XTX Composites, Hunan Rifeng Composite Co., Ltd, Nitto Denko, 3A Composites, and other prominent players.
These key industry players are focusing on evolving technology for the production of advanced products. Additionally, they are investing in the development of manufacturing plants and offices in emerging markets that have tremendous potential but haven't been tapped into yet, in order to stay competitive in the marketplace and establish themselves as global market leaders.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global PET foam market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global PET foam market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global PET Foam Market, By Raw Material (Recycled PET, Virgin PET), By Type (Low-Density PET Foam, High-Density PET Foam), By End-User (Building and Construction, Marine, Packaging, Transportation, Wind Energy, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: August 2021
Polyethylene Terephthalate or PET foam is a type of thermoplastic polymer foam.They are extremely recyclable, chemically stable, and have a low absorption rate of water. Additionally, PET foam has wide applications due to the various benefits it offers such as lightweight, high mechanical strength, high-temperature resistance as compared to other types of plastics.
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