PET Foam Market : Global Industry Analysis and Forecast 2023-2029

PET Foam Market was valued at USD 388.59 Million in 2022, and it is expected to reach USD 645.11 Million by 2029, exhibiting a CAGR of 7.51 % during the forecast period (2022-2029) PET (Polyethylene Terephthalate) is a thermoplastic that yields a low-cost but structurally robust core product. PET cores, which is heated and moulded to precise forms, are becoming increasingly popular as more manufacturers recognise their consistent qualities and benefits. Wind and other renewable energy sources are quickly becoming a greater part of the overall power supply, and Composites One offers the materials and technical assistance to help businesses succeed. Wind turbine blade designs have grown in size and efficiency in order to maximise energy generation capacity. Another problem is to increase the functional lifespan of wind turbines in order to recoup their initial cost. PET foam and other thermoplastic materials provide strength, stiffness, durability, and design freedom, which can assist extend blade life. Hence, the demand from wind energy industry has been driving the PET Foam Market. Diab Group (Diab), a major player in sandwich composite solutions, has chosen SABIC's new LNP COLORCOMP compound, which employs nanotechnology to reduce weight and improve mechanical properties of sandwich structures made of polyethylene terephthalate (PET) foams and will be used as the core material of wind turbine blades. The PET Foam Market report has covered the detailed analysis of each country and each market segment with the drivers and restraints in the market. Microanalysis of industry and external as well internal factors affecting the PET Foam Market will give deep insight in the industry.PET Foam MarketTo know about the Research Methodology:- Request Free Sample Report

PET Foam Market Dynamics

Increasing Construction Activities in the Asia-Pacific Region to drive the PET Foam Market Thanks to fast growing middle class population, particularly in developing economies such as China and India, and ASEAN countries, need for housing is clearly increasing at a rapid pace. This is causing an increase in residential building all through the region, which is likely to boost the market for PET foam used in architectural applications and other application sectors. PET foam-based constructions are well recognised for their simplicity of installation, improved energy efficiency, lower maintenance and repair costs, and so give more efficient solutions to the building industry. Furthermore, the particular features of PET foam and its unique eco-balance enable building industry directions for ecologically responsible and resource-friendly building design, construction, operation, and maintenance throughout its full life cycle. The Asia-Pacific construction industry is expected to become the world's largest and fastest-growing industry, both in the residential and commercial sectors, with the region accounting for around 45% of global construction spending. The Indian government is focusing on infrastructure development in order to stimulate economic growth. China is in the midst of a massive development boom. The country is the world's largest construction market, accounting for 20% of total worldwide construction investment. By 2030, the country is estimated to spend over USD 13 trillion on construction. In 2020, the Chinese government set an annual maximum of CNY 3 trillion for a new infrastructure bond. Therefore, from the factors mentioned above, the demand for PET foam from the building and construction industry is expected to increase during the forecast period. Increasing Usage in the Automotive Industry to drive the PET Foam Market The need for light weight polymers and composite materials has increased in recent years as a result of rising customer demand for fuel-efficient and lightweight cars. PET foam has several advantages, including superior thermal stability, minimal water absorption, good electrical characteristics, and great surface qualities. PET foams are utilised in the production of external body components, as well as the casing and housing of numerous automobile parts such as wiper arms and gear housings, engine covers, interior trim, connector housings, headlight retainers, and many more. Substituting foam for heavier materials results in an overall weight reduction of roughly 10%, resulting in a 3% to 7% gain in fuel economy. Automobile manufacturing fell in 2022 as a result of the US-China trade dispute and other political factors. Due to the dismal sales in the second half of 2022, this is expected to continue in the first half of 2022. The car sector, on the other hand, is expected to revive by the end of 2023. Furthermore, the development of electric cars may gain traction in the next years, particularly in Europe, China, and the United States, where several government initiatives are supporting a shift away from fossil fuels due to different environmental concerns. Because of all of these factors, the global market for PET Foams is expected to grow over the forecast period. Availability of Substitutes for Pet Foam: A restraint to overcome for PET Foam Manufacturers PET is inexpensive and lightweight, has strong mechanical and thermal insulating qualities, is more resistant to heat, is safer and less poisonous, is more easily recycled, and has a reduced carbon footprint. However, the reproducible creation of stable, homogenous PET foams can be difficult and discouraging to producers. To begin, foaming PET necessitates the insertion of additives into the polymer, such as chain extenders. Furthermore, because the melting point of PET is roughly 250°C, the equipment utilised must be prepared for high temperatures. As a result, there are several core foams on the market, including Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), Polymethacrylimide (PMI), and Polyetherimide (PEI). These foams are simple to produce and shape, and they have a high strength-to-weight ratio. As a result, they are employed in the wind energy, aerospace and defence, maritime, and transportation industries. These foams might be used as a replacement for PET foam. As a result, the presence of a high number of replacements is seen as a major impediment to market expansion. In compared to general-purpose polystyrene resin, Styrene Acrylonitrile (SAN) has greater mechanical qualities, chemical resistance, and heat resistance. SAN outperforms conventional foams in terms of surface gloss, dimensional stability, mechanical strength, and electrical characteristics. It can be treated more readily than acrylic resins. Furthermore, as compared to other foams of comparable density, PVC foams are closed-cell, moisture resistant, and have superior physical qualities. It burns itself out and will not decay. Other inherent properties are excellent fatigue life and good bond strength with common adhesives and resins. However, the presence of substitutes is likely to restrain the PET foam market during the forecast period.

PET Foam Market Segment Analysis

Based on Grade Type, the density of the foam has a considerable impact on its performance. While low density foams are softer and more flexible than high density foams, they cannot tolerate extreme pressure or weight. Because of its greater appropriate performance in many applications, low-density PET foams have a bigger market share than high-density PET foams. PET foam is favoured at low density, particularly for applications such as commercial container applications, since low-density foam performs better at low temperatures and provides the essential rigidity for deeply formed containers.PET Foam Market Because of its lightweight and good chemical and electrical resistance, low-density PET foam is regarded a perfect choice for a variety of end-use sectors, including transportation, building and construction, and packaging. Low-density PET foams are being driven by the rapid growth of the packaging, building, and construction sectors, as well as the widespread use of low-density PET foam and its better attributes compared to alternative core materials in these industries. Overall, demand for low-density PET foam is predicted to expand moderately to slowly during the forecast period. PET Foam Market Based on End-Use Industry, one of the largest and fastest growing applications of the PET foam industry is wind energy. Polyethylene terephthalate (PET) foam is utilised in wind energy applications such as wind turbine blades and nacelles. Wind energy consumption has been growing at an unprecedented rate in recent times due to the rapid desire for cleaner and more efficient energy methods. In general, global electricity demand is expected to rise by 75% by 2030. Globally, the total installed capacity of all wind turbines grew by roughly 60 GW in 2019; in 2018, only 50 GW were built. China and the United States continued to be the major onshore wind markets, accounting for more than 60% of new installed capacity in 2022.PET Foam MarketChina contributed for around 40% of the total 6.1 GW capacity added in 2022 in terms of offshore wind plants. Between 2006 and 2022, the total increase in the number of turbine installations was mostly driven by favourable government policies for wind power in key wind power countries such as China, the United States, Germany, the United Kingdom, and India. The wind industry's continued growth, especially in the face of COVID-19, is likely to have a beneficial impact on the PET Foam Market under consideration. Overall, the high growth anticipated for wind installations, together with the rising technological use of recycled PET foam in wind turbines, will result in strong growth for PET foam in the wind industry.

PET Foam Market Regional Insights

Asia Pacific region dominated the PET Foam market in 2022 and is expected to grow at a CAGR of 8.12 during the forecast period. One of the most thorough endeavours to join the highest tiers of aerospace development and production is China's aerospace strategy. Over the next 20 years, China is expected to be the world's largest single nation market for civil aircraft sales. According to the 'Made in China 2025' strategy, China is expected to provide more than 10% of domestic commercial aircraft to the domestic market by 2025. During the forecast period, this is likely to drive demand for PET foams in the aerospace industry. China has been primarily driven by abundant developments in the residential and commercial building sectors, which have been aided by the country's economic growth. In China, the Hong Kong housing authorities announced a number of initiatives to jump-start the development of low-cost homes. Officials hope to provide 301,000 public housing units over the next ten years, until 2030. Furthermore, the country's initiatives toward COVID-19 recovery and lucrative investments are projected in the future, which might function as driving factors for the market researched during the forecast period. China has the world's second-largest packaging industry. The country is expected to develop steadily during the forecast period, owing to the emergence of customised packaging in the food segment, such as microwave food, snack foods, and frozen foods, as well as increased exports. PET foams are predicted to be used more in packaging in the future. Furthermore, China serves as a hub for a variety of manufacturing operations. As a result, it is involved in the bulk export of various items, whether little or large, to many foreign locations. As a result, this situation is expected to raise the country's demand for PET foams. The Chinese car manufacturing industry is the world's largest. However, due to COVID-19, car manufacturing fell in 2020. Economic developments and China's trade dispute with the United States impacted the car industry's performance. However, the industrial units have reopened. Manufacturing operations are increasing up, creating demand for the market under consideration. Despite a generally unfavourable trend in the global marine sector, China was the top country in marine-related markets such as coatings and shipbuilding, driving demand in the market analysed.

PET Foam Market Scope: Inquire before buying

Global PET Foam Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 355.59 Mn.
Forecast Period 2023 to 2029 CAGR: 7.51% Market Size in 2029: US $ 645.11 Mn.
Segments Covered: by Raw Material 1. Virgin PET 2. Recycled PET
by Grade Type 1. Low-density 2. High-density
by End-Use Industry 1. Building & Construction 2. Wind Energy 3. Marine 4. Packaging 5. Transportation 6. Others

PET Foam Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

PET Foam Market, Key Players  are

1. Carbon-Core Corp. (US) 2. CoreLite (US) 3. 3M (US) 4. Huntsman International (US) 5. Sealed Air (US) 6. Wisconsin Foam Products (US) 7. Protac Inc. (US) 8. Pregis LLC (US) 9. Acrylic Depot (Canada) 10. Changzhou Tiansheng New Materials Co. Ltd (China) 11. Sekisui Plastics (Japan) 12. Nitto Denko Corporation (Japan) 13. TORAY INDUSTRIES, INC (Japan) 14. INOAC CORPORATION (Japan) 15. Furukawa Electric Co., Ltd. (Japan) 16. Armacell International SA (Germany) 17. 3A Composites (Switzerland) 18. Gurit Holding (Switzerland) 19. Synthos S.A (Poland) 20. DIAB Group (Sweden) 21. J.H. Ziegler Gmbh (Germany) 22. Schweiter Technologies (Switzerland) 23. BASF SE (Germany) 24. Zotefoams Plc (UK) 25. Palziv Inc. (Israel) Frequently Asked Questions: 1] What is the current size of the global PET Foam market? Ans. The current size of the global PET Foam market USD 388.59 Mn. in 2022. 2] What are the major players currently dominating the global PET Foam market? Ans. Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), Carbon-Core Corp. (U.S.), CoreLite (U.S.), 3M (U.S.), Armacell International SA (Germany), 3A Composites (Switzerland), and Gurit Holding (Switzerland) are among the major players currently dominating the global PET Foam market. 3] Which PET Foam Market End-Use Industry segment has the potential to register the highest market share during the forecast period? Ans. The Wind Energy end-user segment has the potential to generate highest revenue share of the PET Foam market, in terms of volume and value, during the forecast period. 4] Which is the dominating region in the global PET Foam market? Ans. Asia Pacific region is the dominating region in the global PET Foam market. Countries like China, India, Taiwan, Japan, Malaysia, Thailand, South Korea are emerging economies with fastest-growing market share of the region. 5] Which PET Foam Market Grade Type segment has the potential to register the highest market share during the forecast period? Ans. The low density grade type segment has the potential to generate highest revenue share of the PET Foam market during the forecast period.
1. Global PET Foam Market Size: Research Methodology 2. Global PET Foam Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global PET Foam Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global PET Foam Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global PET Foam Market Size Segmentation 4.1. Global PET Foam Market Size, by Raw Material (2023-2029) • Virgin PET • Recycled PET 4.2. Global PET Foam Market Size, by Grade Type (2023-2029) • Low-density • High-density 4.3. Global PET Foam Market Size, by End-Use Industry (2023-2029) • Building & Construction • Wind Energy • Marine • Packaging • Transportation • Others 5. North America PET Foam Market (2023-2029) 5.1. North America PET Foam Market Size, by Raw Material (2023-2029) • Virgin PET • Recycled PET 5.2. North America PET Foam Market Size, by Grade Type (2023-2029) • Low-density • High-density 5.3. North America PET Foam Market Size, by End-Use Industry (2023-2029) • Building & Construction • Wind Energy • Marine • Packaging • Transportation • Others 5.4. North America PET Foam Market, by Country (2023-2029) • United States • Canada • Mexico 6. Europe PET Foam Market (2023-2029) 6.1. Europe PET Foam Market, by Raw Material (2023-2029) 6.2. Europe PET Foam Market, by Grade Type (2023-2029) 6.3. Europe PET Foam Market, by End-Use Industry (2023-2029) 6.4. Europe PET Foam Market, by Country (2023-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific PET Foam Market (2023-2029) 7.1. Asia Pacific PET Foam Market, by Raw Material (2023-2029) 7.2. Asia Pacific PET Foam Market, by Grade Type (2023-2029) 7.3. Asia Pacific PET Foam Market, by End-Use Industry (2023-2029) 7.4. Asia Pacific PET Foam Market, by Country (2023-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa PET Foam Market (2023-2029) 8.1. Middle East and Africa PET Foam Market, by Raw Material (2023-2029) 8.2. Middle East and Africa PET Foam Market, by Grade Type (2023-2029) 8.3. Middle East and Africa PET Foam Market, by End-Use Industry (2023-2029) 8.4. Middle East and Africa PET Foam Market, by Country (2023-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. South America PET Foam Market (2023-2029) 9.1. South America PET Foam Market, by Raw Material (2023-2029) 9.2. South America PET Foam Market, by Grade Type (2023-2029) 9.3. South America PET Foam Market, by End-Use Industry (2023-2029) 9.4. South America PET Foam Market, by Country (2023-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. Carbon-Core Corp. (US) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. CoreLite (US) 10.3. 3M (US) 10.4. Huntsman International (US) 10.5. Sealed Air (US) 10.6. Wisconsin Foam Products (US) 10.7. Protac Inc. (US) 10.8. Pregis LLC (US) 10.9. Acrylic Depot (Canada) 10.10. Changzhou Tiansheng New Materials Co. Ltd (China) 10.11. Sekisui Plastics (Japan) 10.12. Nitto Denko Corporation (Japan) 10.13. TORAY INDUSTRIES, INC (Japan) 10.14. INOAC CORPORATION (Japan) 10.15. Furukawa Electric Co., Ltd. (Japan) 10.16. Armacell International SA (Germany) 10.17. 3A Composites (Switzerland) 10.18. Gurit Holding (Switzerland) 10.19. Synthos S.A (Poland) 10.20. DIAB Group (Sweden) 10.21. J.H. Ziegler Gmbh (Germany) 10.22. Schweiter Technologies (Switzerland) 10.23. BASF SE (Germany) 10.24. Zotefoams Plc (UK) 10.25. Palziv Inc. (Israel)