Global PET Foam Market Size By Type (Low-Density, High-Density), By End-User Industry (Building and Construction, Marine, Packaging, Transportation, Wind Energy), By Geographic Scope And Forecast

PET Foam Market Size And Forecast

PET Foam Market size was valued at USD 350.17 Million in 2022 and is projected to reach USD 563.40 Million by 2030, growing at a CAGR of 5.9% from 2023 to 2030.

PET Foam is used in the manufacturing of windows, frames, interior architecture, facades, roofs and domes, doors, gates, bathtubs, and other products, which is driving the global PET Foam Market. Furthermore, the usage of PET Foam in the automobile sector for the fabrication of external body components, casing, and housing of different automotive elements has expanded. PET is also accessible in recycled form, which has an increasing demand for PET Foam, which gives an opportunity due to increased environmental concerns and sustainability.

Global PET Foam Market Definition

PET Foam, commonly known as polyethylene terephthalate foam, is a form of thermoplastic polymer foam manufactured from PET. PET is widely utilised in the manufacture of plastic bottles for beverages and other packaging purposes. PET Foam is made by dissolving a physical or chemical blowing agent in molten PET resin and then expanding the material to produce a foam structure. The blowing agent causes gas bubbles to form within the material, resulting in a cellular structure that is lightweight and insulating. PET Foam is a lightweight substance due to its low density.

This feature is very useful in areas where weight reduction is crucial for enhanced fuel efficiency and performance, such as aerospace, automotive, and marine.  Despite its small weight, PET Foam has exceptional mechanical strength and a strong strength-to-weight ratio. This makes it appropriate for structurally demanding applications such as sandwich composites and core materials. PET Foam has exceptional thermal insulation qualities. It functions as a heat transfer barrier, assisting in the maintenance of stable temperatures and lowering energy usage in a variety of applications.

Many substances, including solvents and oils, are resistant to PET Foam. Because of its resilience, it is appropriate for applications where severe chemicals are present. PET Foam is used in a variety of sectors due to its advantageous qualities, including transportation (automotive, aircraft, railroads), marine, construction, sports and leisure, packaging, and others. Sandwich constructions, insulation panels, buoyancy modules, wind turbine blades, and other composite applications often employ it as a core material.

Global PET Foam Market Overview

Lately, we've seen a big jump in folks wanting cars that are lighter and sip fuel, and that's made lightweight polymers and composite materials super popular. Take PET Foam, for example – it's got a lot going for it! Not only does it have great surface appeal, but it's also got awesome electrical properties and stays stable even when things get hot. You'll find PET Foams in all sorts of car parts, from the outside body panels to the insides of things like wiper arms, gear housings, engine covers, interior trim, connector housings, and even headlight retainers. Swapping out heavier parts for this foam can shave off around 10% of the total weight and boost your gas mileage by a sweet 3% to 7%.

Car production took a hit in 2019, thanks to the US-China trade dispute and some other political headaches. And, unfortunately, those weak sales we saw in the latter half of 2019? Yeah, we're probably going to see more of the same in the first half of 2020. But fingers crossed, things should start to bounce back by the end of the year. What's also interesting is that with governments pushing to get away from fossil fuels (because, you know, the environment), we might see electric car development really take off, especially in Europe, China, and the United States. So, all things considered, it looks like the PET Foams market is set to grow globally over the next few years.

Think of PET as a real winner – it's cheap, super light, and insulates like a champ, both with heat and keeping things structurally sound. Plus, it's got a better temperature tolerance, less toxic, easier to recycle, and leaves a smaller carbon footprint! But here's the thinggetting consistently good, even PET Foams can be a real pain, which kinda scares some manufacturers off. First off, you gotta throw in some extra goodies like chain extenders just to get it to foam right. And since PET melts around 250°C, your equipment needs to be seriously heavy-duty. That's why you see other core foams like Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), Polymethacrylimide (PMI), and Polyetherimide (PEI) already out there in the market.

These foams are simple to produce and shape, and they have a high strength-to-weight ratio. As a result, they are widely employed in the wind energy, aerospace and defense, maritime, and transportation industries. These foams might be used as a replacement for PET Foam. As a result, many replacements are seen as a significant impediment to market expansion. The increased demand for recycled PET from different industries, including food and beverage, packaging, and automotive, would provide significant potential in the market.

So, big companies are finally starting to produce recyclable plastics. Why? Because everyone's worried about all the greenhouse gases that come from making regular plastic, and the huge piles of plastic waste. This new stuff is easier to recycle too, which is helping the market for it grow! According to the PET Resin Association, the champion of recycled plastics is polyethylene terephthalate. Here in the United States, we recycle over 680 tonnes of PET bottles and containers every year. But, since so many things are designed to be tossed after one use, there's a massive global need for this type of plastic as single-use items. Think silverware, straws, bottles, cups, and especially food packaging – all in super high demand.

Global PET Foam Market Segmentation Analysis

The Global PET Foam Market is Segmented on the Basis of Type, End-User Industry, And Geography.

PET Foam Market, By Type

• Low-Density PET Foam
• High-Density PET Foam

Based on Type, the market is segmented into Low-Density PET Foam and High-Density PET Foam. The category with the highest market share is low-density PET Foam. PET Foam with a low density is chosen, particularly for commercial container applications, since it performs better at low temperatures and has the requisite rigidity for deeply formed containers. Because of its lightweight and exceptional chemical and electrical resistance, low-density PET Foam is a suitable choice for a variety of end-use sectors, including transportation, building and construction, and packaging.

Low-density PET Foam is being driven by the rapid expansion of the packaging, building, and construction sectors, as well as the widespread application of low-density PET Foam and its distinctive properties compared to other core materials in these industries. High-density foam is often more durable and formable than low-density foam, but it is also more brittle. High-density PET is utilized in wind turbine blades.

PET Foam Market, By End-User Industry

• Building and Construction
• Marine
• Packaging
• Transportation
• Wind Energy
• Other End-user Industries

So, when we look at who's using this stuff (the End-user Industry), we see it broken down into areas like Building and Construction, Marine, Packaging, Transportation, Wind Energy, and a catch-all "Other" category. Right now, wind energy is where most of the action is. And that's because everyone's pushing for cleaner, better energy, so wind energy is just exploding! Honestly, world power needs are predicted to jump by a whopping 75% by 2030. The World Energy Outlook – yep, that's the International Energy Agency – thinks we'll be building over 2,457 gigawatts (GW) of electricity capacity worldwide in the next 25 years. Since renewables, like wind energy, are growing like crazy, that's really driving demand for PET Foams.

PET Foam Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Looking at the PET Foam Market by region, we've got North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. It's looking like the Asia-Pacific region will likely be the leader. And when you consider GDP in that area, China really stands out – it's the biggest economy. China is also one of the fastest-growing economies globally, and a major manufacturing hub. Manufacturing makes a big difference to their economy. Plus, China is the world's biggest vehicle producer, and their automotive sector is gearing up for some changes, really focusing on building cars that are more fuel-efficient and cleaner for the environment.

Key Players

The “Global PET Foam Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Armacell, 3M, Changzhou Tiansheng New Materials Co., Ltd., Huntsman International LLC, Diab Group, Carbon-Core Corp., NITTO DENKO CORPORATION, Gurit, SEKISUI PLASTICS CO., LTD., Petro Polymer Shargh.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In August 2022, Armacell announced plans to purchase Austroflex Rohr-Isoliersysteme GmbH for an unknown sum.
• In June 2022, Armacell acquired the defunct Münster facility of Knauf Ceiling Solutions GmbH & Co. KG.
• In April 2021, Armacell partnered with METYX, a Turkish high-performance technical textiles firm, to jointly service the Turkish composite manufacturing market. The collaboration supplies PET-based foam materials manufactured locally by Armacell for METYX’s core kitting and distribution activities.
• In February 2021, Diab Group selected SABIC’s breakthrough LNPTM COLORCOMP nanotechnology compound; one of the world’s largest petrochemical producers. The combination reduces weight and enhances the mechanical properties of sandwich structures made of PET Foams, which are used as core materials in wind turbine blades.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global PET Foam Market. We cover the major impacting factors driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global PET Foam Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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