PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 378.03 million mark in 2022 and is expected to hit US$ 519.92 million by 2030, recording a CAGR of 7.0% during the forecast period.
Inclination toward environment friendly building materials to drive PET foam market
Shifting construction industries’ preference toward environmentally friendly and high performing foam ingredients is mainly driving the PET foam market growth. PET foam ingredients are extensively used in the manufacturing of parts, casing, and housing of various automobile vehicles. Hence, rising demand for passenger cars is expected to accelerate the PET foam materials’ demand globally. Nowadays, manufacturers prefer producing recycled PET foam ingredients due to its cost-efficiency and ease of usage over virgin PET foam materials. This aspect is likely to accelerate the recycled PET segmental growth.
Within the report, the market is segmented into raw material, grade, application, and geography. By raw material, the market is further segmented into virgin PET and recycled PET. By grade, the market is bifurcated into low density and high density. By application, the market is categorized into wind energy, transportation, marine, building & construction, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Growing commercial infrastructural development to stimulate PET foam market growth
PET foam is a thermoplastic structural foam material having higher shear and compression strength over other foam materials. The material is extensively used as a sandwich material in the field of construction, road transportation, aviation, and others. Therefore, growing infrastructural development related to the road ways and airports is expected to stimulate the demand for the PET foam materials. Emergence of state-of-art polyethylene terephthalate (PET) process technology for the production of PET foam-based bottles is likely to accelerate the PET foam market growth.
Rising adoption in various industries is one of the major factors accelerating the market growth
The industrial applications of the PET foam materials include transportation, wind energy, marine, building & construction, and others. In comparison to the PVC-based foam boards, usage of PET foam boards in the buses, railways, and airplanes significantly reduce fuel consumption and carbon dioxide emission. This aspect is mainly driving the PET foam materials demand in the transportation industries. Increasing windmill plants reliance on using PET foam-based blades for improving the performance and energy efficiency of the windmill plant is likely to favor the wind energy segmental growth. Other industries such as marine, building & construction, etc. are also encouraging the use of PET foam materials.
Recent strategic developments in PET foam market
The PET foam market has undergone several significant developments, and a few of these have been mentioned below:
- In March 2022, Armacell, a global manufacturer of industrial foams and flexible insulation materials launched ArmaPET Eco50, a low density, recycled PET foaming solution for the structural insulation of building envelops, roofs, and floors.
- In October 2021, Diab Group started manufacturing of the PET foam material at its Mundra plant to meet the PET foam materials demand in the Indian wind energy sector.
- In July 2019, 3A Composites, a Switzerland-based composite material manufacturer expanded its AIREX PET foam production capacities by launching AIREX GEN2, a new product platform globally.
The PET foam market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Armacell, Diab Group, 3A Composites, Changzhou Tiansheng New Materials Co. Ltd., CoreLite, Inc. are among the prominent players operating in the market.
Target audience for the report:
- Composite materials manufacturers and suppliers
- Chemical and materials industry-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- End users of PET foam materials
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Raw Material:
- Virgin PET
- Recycled PET
- Grade:
- Low Density
- High Density
- Application:
- Wind Energy
- Transportation
- Marine
- Building & Construction
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Armacell
- 3A Composites
- Diab Group
- Changzhou Tiansheng New Materials Co. Ltd.
- CoreLite, Inc.
Companies profiled
- Armacell
- 3A Composites
- Diab Group
- Changzhou Tiansheng New Materials Co. Ltd.
- CoreLite, Inc.