PET Foam Market worth $503 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 1, 2022 /PRNewswire/ -- According to the new market research report "PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global PET foam market size is projected to grow from USD 361 million in 2022 to USD 503 million by 2027, at a CAGR of 6.9% from 2022 to 2027. PET foam can be readily modified based on application requirements and is mainly used in the mid-layers of sandwiched composite structures. The market for PET foam is competitive and mainly dominated by established players. The threat of new entrants in this market is low, as the market is capital-intensive.
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By raw material, recycled PET foam is estimated to be the fasted-growing segment during the forecast period, in terms of volume
With the rising demand for energy conservation and environmental protection, PET foam is extensively used as roofing or external wall insulation material in green buildings. This has created an opportunity for the PET foam manufacturers to incorporate some percentage of recycled PET resin into PET foam production.
By grade, high-density PET foam is estimated to be the fasted-growing segment during the forecast period, in terms of volume
In some industries such as marine, transport, and railways, the use of plywood is prone to decay when exposed to water. High-density foams are appropriate for applications in the new range of PET foam densities up to 320 kg/m3. High-density foam offers stability and peel strength to sandwich constructions.
By application, packaging segment is estimated to be the second fastest-growing segment during the forecast period, in terms of volume
PET foam is used in the packaging industry due to its varied properties such as recyclability, low weight, high compressive strength, flexibility, and temperature & chemical resistance. PET foam is used in the manufacture of food packaging trays & containers and packaging for electronic products. There have been advancements in technology in packaging products such as smart labels and thermochromic labels. The growth of the packaging industry is expected to drive the demand for PET foams.
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Europe is the second largest growing region in the PET foam, in terms of volume
Countries such as Germany, France, the UK, Italy, and Spain are considered under Europe for market analysis. Low-density and high-density are the most used PET foams in Europe. They are widely used in wind energy, marine, transportation, construction applications. The PET foam market in Germany is expected to grow mainly due to the rising demand for core materials in the wind energy applications.
Armacell International SA (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), and Carbon-Core Corp. (US) are some of the key players operating in the PET foam market.
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