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

  • Published Date: August 2021
  • Report ID: BWC2125
  • Available Format: PDF
  • Page: 200

Report Overview

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.

The global PET foam market was worth USD 252.5 million in the year 2020. It is further projected to grow at the CAGR of 11.0% during 2021-2027 (forecast period), earning revenue of around USD 504.1 million by the end of 2027. PET foam offers a lot of advantages, such as convenient processing, 100% recyclability, thermoformability, resistance to high temperature, eco-friendliness, and much more. Moreover, the foam can effectively prevent fires, prevent viruses, and keep the environment safe from smoke and UV rays. The PET foam market is booming as a result of factors such as its growing use in the automobile sector due to its lightweight properties, and increased construction activity, particularly in emerging economies. Furthermore, the demand for PET foam has been witnessing significant traction from other end-users such as the wind-energy market, aviation, road transportation, rail transportation, marine, packaging, etc.

pet foam market

Source: BlueWeave Consulting

Global PET Foam Market- Overview

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. Moreover, with the rising research and development activities, the manufacturers are focusing on increasing the properties of PET foams, along with syncing them with environmental needs. Because of the advantages offered by PET foam, it is used as a PVC foam core alternative, which in turn is driving the PET foam market worldwide.

Global PET Foam Market Forecast and Trends

Growth Drivers

Infrastructural Development and Surge in Construction Activities

PET foam has a wide variety of applications such as making window frames, interior architecture, facades, roofs & domes, gates, shower cabin lines, etc. in the construction industry. The construction industry is rising at a very rapid rate. The growth is especially significant in developing countries, with expanding investment from the government as well as private establishments. This is estimated to pull significant demand for PET foam in the forecast period, boosting the growth of the global PET foam market.

Flourishing Automotive Industry

Since PET foam is lightweight yet extremely tough and durable, it is increasingly being used for part and body fabrication in the automotive industry. PET foam offers various benefits such as good electrical and surface properties, low water absorption, etc. due to which they are highly preferred in the automotive industry. As the automotive industry is flourishing, the demand and consumption of PET foam are also rising. Many automotive parts like wiper arms, engine covers, interior trims, connector housings, etc. Resulting in the prolific demand for PET foams.

Restraints

Rising Awareness Towards Environment Protection and Sustainability

The polyethylene terephthalate (PET) foam market faces restrictions with the rising awareness towards environmental protection. Plastic is the prime cause of pollution and environmental degradation and is becoming a cause of concern for almost all countries. Necessary steps are being taken to limit the production of plastic to promote sustainable development. For instance, Washington State already passed a bill that bans the use of PET foam. Other parts of the country like Virginia are also following in the same footsteps. This is expected to become a setback for the growth of the global PET foam market. Additionally, PET foam is dealing with a number of drawbacks, especially in new application areas.

Impact of Covid-19 on Global PET Foam Market

The global PET foam market had to go through severe disruption due to the Covid-19-induced pandemic. Because of the Covid-19 outbreak, most countries had to go into lockdown, halting numerous wind energy and building & construction projects and activities, thereby hampering the growth of the PET foam market. The production of all the non-essential goods was either immediately paused or cut down to half. This significantly declined the need and demand for PET foam, directly impacting the market growth. During the post-Covid-19 period, the PET foam market is estimated to grow as the operation of end-user industries like construction, packaging, transportation, etc. resumes.

Global PET Foam Market - By Raw Material

Based on raw materials, the global PET foam market is segmented into virgin PET and recycled PET. The recycled PET segment registered the largest market share and has gained significant traction over the past few years.As a result of increasing discussion around sustainability and environmental production, this is becoming increasingly commonplace. Many countries are working on cutting their plastic production to prevent landfills and are encouraging the recycling of plastic. As a result, recycled PET foam is estimated to gain significant traction in the forecast period, propelling the growth of the overall global PET foam market.

Global PET Foam Market - By Type

Based on types, the global PET foam market is divided into low-density PET foam and high-density PET foam. The low-density PET foam held the largest market share in the year 2020 and is also estimated to grow at a higher CAGR in the forecast period as well. The growth of this segment can be attributed to factors such as its high and improved performance in extreme conditions such as low-temperature environments. Furthermore, low-density PET foam offers chemical and electricity resistance due to which they are preferred over high-density foams.

Global PET Foam Market - By End-User

Based on end-user, the global PET foam market is categorized into building and construction, marine, packaging, transportation, wind energy, and others. The wild energy segment accounted for the largest market share owing to its high usage for the manufacturing of wind blades. PET foam is a lightweight material that offers many benefits such as high compressive strength, smoke, fire & toxicity resistance, ease of processing, etc. Not only blade production but the PET foam is also used in the manufacturing of other parts as well like covers, platforms, spinners, etc.

Global PET Foam Market - Regional Insights

Geographically, the global PET foam market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, Asia-Pacific is the most dominant region due to the rising demand for PET foam in the region for various constructional activities and infrastructural development in emerging economies such as India, China, Brazil, Argentina, etc. Furthermore, the demand for PET foam is very significant in high production countries such as China, India, Japan, etc. with foam used for many purposes such as packaging, transportation, etc.

                            Regional Insights

Competitive Landscape

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.

The global PET foam market is somewhat consolidated. The industry players adopt competitive strategies like partnerships, joint ventures, mergers, acquisitions to expand their business and market dominance. They also invest significantly in R&D for the development of new technologies and products to stay ahead in the competition.

Recent Developments

  1. In February 2021, SEBIC, a Saudi Arabia-based chemical manufacturing company announced to have developed a resin manufacturing technique using nanotechnology for the product of uniform polyethylene terephthalate (PET) foam. This technology will help in the production of high-performance and efficient final products.
  2. In January 2021, SABIC, a Saudi Arabian multinational chemical manufacturing company has developed what it calls a breakthrough composite based on nanotechnology that enables the efficient production of polyethylene terephthalate (PET) foams for use as the core material in sandwich structures.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Raw Materials, By Type, By End-User, By Region

Key Players

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.

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)

 

FAQs:

1. What is the current size of the global PET Foam market?

Answer: The global PET foam market reached USD 252.5 million in 2020.

2. What are the major factors driving the growth of the global PET foam market?

Answer: Among the major factors driving the growth of the global PET foam market are the development of infrastructure, the surge in construction activities, and the flourishing automotive industry.

3. Who are the key players in the global PET foam market?

Answer: The key 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.

4. Which end-user segment accounted for the largest share in the global PET foam market?

Answer: Basedon end-users, the wind energy segment accounted for the largest share in the global PET foam market.

5. Which region is at the highest growth rate in the global PET foam market?

Answer: The Asia-Pacific region has the highest growth rate in the global PET foam market.