DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The PET foam market 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. The PET foam market growth is estimated to be majorly driven by growing economies of Asia Pacific region.
Recycled PET foam dominated the PET foam market, by raw material in terms of value and volume, in 2021
Recycled PET foams offer several benefits such as cost-effectiveness and reduced carbon footprint. They are used as core materials in automotive applications, and as structural foams in construction applications. Moreover, few companies such as Armacell International S.A. (Luxembourg), Petro Polymer Shargh (Iran), recycle PET found in food and beverage bottles into the foam.
Low-density PET foam dominated the PET foam market, by grade in terms of value and volume, in 2021
The low-density PET foam dominated the PET foam market, in terms of volume and value, in 2021. Low-density foam is widely used as a thermal insulator due to the low thermal conductivity of the gas phase and as a structural material for construction and furniture. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.
Wind energy application dominated the PET foam market, in terms of value and volume, in 2021
The wind energy application segment dominated the PET foam market, in terms of volume and value, in 2021. PET foam can be an ideal replacement for other core materials such as PVC, SAN, PU foams, and balsa. Core materials are used in wind turbine blades as sandwich panels in composite forms. The blades are made by combining core materials and glass-reinforced polyester/epoxy.
Asia Pacific region dominated the PET foam market, in terms of value and volume, in 2021
The increasing demand for PET foam in transportation, wind energy, and building & construction applications is driving the market in this region. The growth of the wind energy industry in this region has increased the demand for producing lightweight composite structures.
Market Dynamics
Drivers
- Growth of the Wind Energy Sector
- Growing Demand for Lightweight Vehicles Worldwide
Restraints
- Increasing Competition from Substitutes
Opportunities
- Rising Trend of Using Recycled Materials
Challenges
- Impact of COVID-19 on Various End-Use Industries
Companies Mentioned
- 3A Composites
- Armacell International S.A.
- Carbon-Core Corp.
- Changzhou Tiansheng New Materials Co. Ltd
- Composite Essential Materials LLC
- Corelite
- Diab Group
- Gurit Holding Ag
- Hunan Rifeng Composite Co., Ltd
- PETro Polymer Shargh (Pps)
- Sekisui Chemical Co Ltd
- Visight Composite Material Co., Ltd
- Xtx Composites
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