PET Foam Market Outlook 2031:
The global PET foam market size was valued at USD 34.58 Billion in 2022 and is projected to reach USD 60.44 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the wide adoption of PET foam in the marine and wind energy development sectors as well as the increasing construction activities, especially in developing countries.
PET or Polyethylene Terephthalate is a thermoplastic that has sandwiched composite structures and offers superior mechanical and chemical properties such as comprehensive strength, high weather and heat resistance, and low water absorption.
Since it offers advanced properties as compared to styrene-acrylonitrile and polyvinyl chloride, PET foam is extensively used in various applications across sectors including building construction, automotive, marine, and wind power. It increasingly replaces materials such as balsa and other alternative materials in the renewable energy sector due to its low-cost implementation and effective insulation quality.
Being anti-fatigue proof, the foam is widely used in various interior and exterior parts of a building such as window frames, roofs, and doors. In the marine industry, PET foam constitutes a key component for various applications as it provides anti-corrosion properties that help in protecting metals and woods from corrosion. The material is also widely used in the automotive industry as it offers an ideal solution to reduce the overall vehicle weight by replacing the use of metal parts in vehicles.
The COVID-19 crisis had adversely affected the movement and manufacturing of non-essential items, resulting in the complete halt of various production units across industries including chemical, transportation, and marine. However, the market is projected to recover soon as the coronavirus cases are rapidly subsiding and massive construction projects by governments, especially in developing countries, which are impacted by urbanization and industrialization.
PET Foam Market Trends, Drivers, Restraints, and Opportunities
- Rising use of PET foams in various applications across industries including manufacturing, building & construction, and automotive present a key driver of the PET foam market growth.
- High availability of raw materials such as PET resin and the rapid introduction of advanced techniques for effective processing methods of the foams are expected to further boost the PET foam market in the coming years.
- Wide availability of low-cost alternative materials such as polyurethane, polyvinyl chloride, styrene-acrylonitrile, balsa, and polystyrene act as a key restraining factor. This is a key factor that can hamper the PET foam market.
- Recyclability and reparability issues to PET foams and the relatively high cost of the material as compared to other foams are anticipated to hinder the PET foam market during the forecast period.
- R&D programs funding from private investors and technological advancement for the development of high-performance PET foam are offering immense growth opportunities for the market.
Scope of the PET Foam Market Report
The report on the global PET foam market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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PET Foam Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023-2031
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Segmentation
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Grades (Low-density and High-density), Raw Materials (Virgin PET and Recycled PET), and Applications (Building & Construction, Automotive, Packaging, Marine, Wind Energy, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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3A Composites; Armacell International SA; DIAB Group; Gurit Holding; Carbon-Core Corp.; Sekisui Plastics; Changzhou Tiansheng New Materials Co. Ltd; and Petro Polymer Shargh
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PET Foam Market Segment Insights
High-density segment to expand at a rapid growth rate
Based on grades, the global PET foam market is bifurcated into low-density and high-density. The high-density segment held a key market share in 2021 and is expected to expand at a rapid growth rate during the forecast period owing to the wide applications of the grades across industries, especially in the packaging industry.
High-density PET foam offers various superior mechanical and physical properties such as structure stability, durability, and anti-corrosion as compared to other grades including high-density polyurethane foam.
Recycled PET segment to register a considerable CAGR
On the basis of raw materials, the global PET foam market is divided into virgin PET and recycled PET. The recycled PET segment represented a large market share in 2021 and is projected to register a considerable CAGR during the forecast period.
The segment growth is attributed to the rising awareness regarding energy conservation as well as strict government regulations toward a sustainable environment. With favorable governments’ policies towards the use of recycled items or materials, recycled PET is widely adopted as an insulation material in roofing or external part of offices and residential buildings.
Rapid expansion of the manufacturing industry drives the packaging segment
Based on applications, the global PET foam market is segmented into building & construction, automotive, packaging, marine, wind energy, and others. The packaging segment is projected to constitute a major share of the market in the coming years owing to the wide adoption of PET foams in the manufacturing of packaging for electronic products as well as food packaging containers and trays.
The PET foams offer flexibility to use, compact strength, and thermal or chemical resistance, which are most suitable for packing purposes. On the other hand, the automotive segment is expected to exhibit a healthy growth rate due to the rising use of PET foams and plastics in vehicle parts and other accessories. Increasing usage of several electronic devices in vehicles requires the extensive adoption of the foams, which further propel the segment.
Europe to dominate the market
In terms of regions, the global PET foam market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe accounted for a prominent market share and is projected to register a CAGR of 6.8% during the forecast period owing to massive funding for the development of wind energy and the rapid expansion of the automotive industry in the region.
Moreover, increasing investment in the technology for effective plastic recycling and technological reforms is anticipated to fuel the regional market.
Asia Pacific held a major market share in 2021 and the market in the region is expected to exhibit a steady growth rate during the projected period owing to rising construction and building activities, impacted by industrialization as well as increasing investment in renewable energy in the region.
Moreover, the rapid expansion of the manufacturing industry that requires the use of PET foam in the production of automotive parts and the increasing development of the packaging industry is further boosting the regional market.
Segments
The global PET foam market has been segmented on the basis of
Grades
Raw Materials
Applications
- Building & Construction
- Automotive
- Packaging
- Marine
- Wind Energy
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- 3A Composites
- Armacell International SA
- DIAB Group
- Gurit Holding
- Carbon-Core Corp.
- Sekisui Plastics
- Changzhou Tiansheng New Materials Co. Ltd
- Petro Polymer Shargh
Competitive Landscape
Key players competing in the global PET foam market are 3A Composites; Armacell International SA; DIAB Group; Gurit Holding; Carbon-Core Corp.; Sekisui Plastics; Changzhou Tiansheng New Materials Co. Ltd; and Petro Polymer Shargh.
Major players are currently dominating the PET foam market and the rate of new entrants to the market is very low. Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
For instance,
- On April 13, 2021, a Luxembourg-based major manufacturer of industrial and flexible foam, Armacell International SA entered into a joint venture with a Turkey-based company, METYX Composites. The venture was aimed at strengthening Armacell’s position in the composite industry in Turkey and enhancing its PET foam operation for wind turbine manufacturing in the country.
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