Global PET Foam Market Size, Trends, and Analysis- Forecasts To 2026 By Raw Material (Virgin PET, and Recycled PET), By Grade (Low-Density, and High-Density), By Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging, Others [Industrial, Healthcare, and Sporting Goods]), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
PET Foam Market: Insights
Polyethylene terephthalate (PET) foam is a type of thermoplastic that is recyclable, temperature resistant, corrosion-resistant, and chemical resistant while offering great flexibility and strength. PET plastics are widely used in food and beverage packaging. PET foam is used in thermosetting manufacturing to create core machine parts, automobile castings, machine casings, interiors of vehicles, and roof panels among other applications. PET foam has a wide range of applications, its lightweight and durable nature combined with its recyclability makes it an ideal modern-day plastic. Materials made from PET are recyclable and can be reused to create other objects. In 2010, Armacell released the first core foam made from 100% recycled PET, this has continued and their patented rPET technology allows them to convert waste material into usable resources and use it for production. PET foam is used extensively in the automobile, wind energy, packaging, and marine industries to name a few. As the world increases its demand for cleaner fuels, the demand for wind energy is rising and with it, the demand for PET foam has also increased. From the energy demand perspective, automobile industries are enhancing the fuel efficiency of automobiles and one of the key factors to it is to make vehicles lightweight while maintaining their strength and integrity. PET foam is used to create various parts of automobiles like the interior, external casings, engine covers, etc. Using PET foam reduces the weight of the vehicle while maintaining the necessary strength and integrity. Although the automotive industry took a hit from the US-China trade war, the market is set to recover and thrive during the forecast period. The major drivers of the PET foam market are the increasing demand for wind energy, growth in automotive industries, demand for recyclable material-based products that are lightweight and durable, and government regulations that aim to reduce GHG emissions and promote clean fuels. The market is been hampered by the increasing number of PET foam substitutes like polyvinyl chloride (PVC), styrene-acrylonitrile (SAN), polymethacrylimide (PMC), and polyetherimide (PMC). The COVID-19 restrictions and lockdowns have hampered the growth of the market but it is expected to recover and grow during the forecast period.
PET Foam Market: By Raw Material
Based on the raw materials used to create PET foam, the market is segmented into recycled and virgin PET. The Virgin PET is a PET foam created from materials that haven’t been sourced from recycled materials. Recycled PET is sourced from recycled materials. The recycled PET foam segment is the fastest-growing segment. Rising demand for recycling and reducing waste has led the governments to introduce laws and regulations to promote recycling. The recyclable nature of PET is expected to increase the demand for recycled PET foam in the market. PET foam vendors are also investing heavily in creating recyclable PET foams and manufacturing processes that can utilize as much waste as possible.
PET Foam Market: By Grade
Based on the grade of the end product, the PET foam market is segmented into low-density and high-density PET foam. The low-density PET foam holds the largest share of the market as it has a wide range of applications, is available at a lower cost, and is highly recyclable. They are also lightweight, heat, and electricity resistant in nature which has increased their usage in various industries like wind energy, automobile, construction, packaging, and transportation.
PET Foam Market: By Application
According to the application analysis, the PET foam market is segmented as transportation, wind energy, marine, packaging, building & construction, and others (which includes industrial, healthcare, and sporting goods). The wind energy market is expected to be the fastest-growing segment during the forecast period. The rising demand for clean fuels has been witnessed due to an increase in the demand for wind energy. PET foam is used in wind energy industries extensively to create the blades of the turbines that convert wind energy into electrical energy. Along with turbine blades, PET foam is used in the wind energy industry to make spinners, nacelles, casings, and rotor blades. PET foam is used as it is lightweight, compressive, and shear strength, durability, and high strength to weight ratio.
PET Foam Market: By Region
The APAC region is the dominant market region and is also expected to grow at the fastest rate. China is the largest manufacturer of automobiles in the world, hence, the heavy usage of PET foam in the automotive industry has driven the PET foam market in China. Moreover, this country is the manufacturing powerhouse in the world, they manufacture a wide range of products many of whom are mad using PET foam. Along with China, industrialization and investment in various projects in countries like India, Indonesia, and Thailand have all contributed to the growth of the PET foam market in the region. India, China, Australia, and Japan are turning to wind energy to generate clean energy which has also increased the demand for PET foam in the region as PET foam is used extensively in the wind energy industry to create lightweight products. As investments and industrialization followed by development projects are expected to grow in this region, this region is expected to show the fastest growth rate in the forecast period.
PET Foam Market: Share & Competitor Analysis
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), among others, are the major vendors competing in the PET foam market.
Please note: This is not an exhaustive list of companies profiled in the report.
In 2020, Armacell International announced its joint venture project with Swiss CMT to enhance its product portfolio of PET foam that is made from 100% recycled foam called ArmaShape.
Check the Press Release on Global PET Foam Market Report
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The Global PET Foam Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the PET Foam Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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