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

Due to growing customer demand for fuel-efficient and lightweight vehicles, there has been a growth in demand for lightweight polymers and composite materials in recent years. PET Foam provides a number of advantages, including superior surface characteristics, strong electrical properties, and thermal stability. PET Foams are used to manufacture external body parts as well as the housing and casing for many other car components, such as wiper arms and gear housings, engine covers, interior trim, connector housings, headlight retainers, and many more. Foam replaces heavier components, resulting in a total weight reduction of 10% and a gain in fuel efficiency of 3% to 7%.

Car production fell in 2019 as a result of the US-China trade dispute and other political concerns. The low sales performance in the second half of 2019 is expected to continue in the first half of 2020. The car industry is predicted to recover by the end of 2020. Furthermore, as a result of multiple government programs supporting a shift away from fossil fuels due to various environmental challenges, the development of electric cars may gather up pace in the next years, notably in Europe, China, and the United States. As a result of all of these reasons, the PET Foams market is expected to grow globally throughout the projected period.

PET is a low-cost, lightweight material with superior mechanical and thermal insulating properties, a better temperature tolerance, lower toxicity, ease of recycling, and a lower carbon footprint. However, it can be difficult to generate stable, homogenous PET Foams on a constant basis, which discourages some manufacturers from adopting them. To begin, adding additives to the polymer, such as chain extenders, is required for PET Foaming. Because PET has a melting point of around 250°C, the equipment must also be designed for high temperatures. Thus, core foams such as Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), Polymethacrylimide (PMI), and Polyetherimide (PEI) are accessible on 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.

As a result, significant corporations have begun to make recyclable plastics in reaction to increased greenhouse gas emissions from plastic manufacturing and pollution caused by plastic garbage. This plastic is also more easily recycled than other polymers, which encourages market growth. Polyethylene terephthalate is the most recycled plastic in the world, according to the PET Resin Association. Every year, the United States recycles more than 680 tonnes of PET bottles and containers. Because of the product’s disposable nature, there is a global surge in demand for it as single-use plastic. As a result, items such as silverware, straws, bottles, cups, and food packaging are in 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

Based on the End-user Industry, the market is segmented into Building and Construction, Marine, Packaging, Transportation, Wind Energy, and Other End-user Industries. The wind energy category commands the most market share. Because of the global desire for cleaner and more efficient energy methods, the demand for wind energy has been expanding at an unprecedented rate. In general, worldwide power demand is expected to rise by 75% by 2030. More than 2,457 gigatonnes (GW) of electricity capacity will likely be constructed globally during the next 25 years, according to the World Energy Outlook – International Energy Agency prediction. The percentage of renewables such as wind energy is increasing at an exponential rate, which is boosting demand for PET Foams.

PET Foam Market, By Geography

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

Based on Regional Analysis, the PET Foam Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The market is likely to be dominated by the Asia-Pacific region. In terms of GDP, China has the largest economy in the area. China is one of the world’s fastest-growing economies and one of the largest manufacturing powerhouses. The manufacturing industry is a significant contribution to the country’s economy. China is the world’s largest vehicle producer. The country’s automobile sector has been preparing for product evolution, with the country focused on developing cars that are fuel efficient and emit less pollution.

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.

Report Scope

Top Trending Reports

Research Methodology of Market Research