Pune, March 21, 2023 (GLOBE NEWSWIRE) -- Based on SNS Insider research, the PET foam market is expected to witness significant growth in the coming years due to the increasing demand for lightweight, high-performance, and eco-friendly materials in various end-use industries. The Pet Foam Market, as reported by SNS Insider, is estimated to be worth USD 411 million by 2022. It is projected to grow and reach USD 761 million by 2030, with a moderate compound annual growth rate (CAGR) of 8% from 2023 to 2030.
PET foam is a lightweight and versatile material that is gaining popularity in a wide range of applications, from automotive and marine to packaging and construction. PET foam is made from polyethylene terephthalate (PET), a type of thermoplastic polymer that is commonly used in the manufacturing of plastic bottles and containers. PET foam is also recyclable, which is an important factor in today's environmentally conscious world.
PET Foam Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 411 Million |
| Market Size by 2030 | US$ 761 Million |
| CAGR 2023-2030 | CAGR of 8% |
| Key Segments | • By segmentation (Low-Density PET Foam, High-Density PET Foam) • By Application (Wind Energy, Transportation, Marine, Packaging, Building,Construction) • By Raw Material (Virgin PET, Recycled PET) |
| Company Profiles | Huntsman International Llc, Carbon-Core Corp. Armacell, Nitto Denko Corporation, Diab Group, Gurit, Sekisui Plastics Co. Ltd, Changzhou Tiansheng New Materials Co. Ltd., Petro Polymer Shargh, 3A Composites, Corelite Inc., A One Packing Co. Limited, J.H. Ziegler Gmbh, Acrylic Depot, and Others. |
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Market Analysis
The transportation and railway industries are shifting towards PET foam for structural solutions, thanks to its excellent fire resistance, thermal and mechanical stability, and resistance to fatigue. Its popularity has been driven by increasing environmental awareness, coupled with its low toxicity, recyclability, and sustainability, making it a more environmentally friendly option than other materials. The COVID-19 pandemic has disrupted many industries, including the PET foam market. However, with supportive government regulations, favorable environmental policies, and growing environmental concerns, the market is expected to gain traction post-COVID-19. As the world becomes more environmentally conscious, the use of PET foam is likely to increase, thanks to its eco-friendly properties.
Impact of Recession
A recession can have a mixed impact on the PET foam market, with some sectors experiencing a decline in demand while others may experience an increase. The overall impact would depend on the extent and duration of the recession, as well as the nature of the market's end-use industries.
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Key Regional Development
The Asia Pacific region holds a significant share in the PET foam market, owing to various factors contributing to its growth. The increasing urbanization, expanding automotive industry, technological advancements, and the entry of international players have significantly influenced the growth of the market in this region. Furthermore, the rising awareness regarding energy conservation in the construction sector and initiatives to promote the adoption of electric vehicles in developing countries have propelled the market growth.
Recent Developments Related to PET Foam Market
- SABIC is a multinational company that specializes in the production of chemical-based products. One of their latest innovations is the development of advanced nanotechnology resins for PET foam production. This cutting-edge technology has the potential to revolutionize the manufacturing of foam products and packaging materials.
- Armacell, a leading global manufacturer of flexible foam for the equipment insulation market, has recently announced the rebranding of all its PET-based foam products under the name ArmaPET. This move comes as part of the company's strategy to simplify its product portfolio and provide customers with a clear and consistent brand name.
Key Takeaway from PET Foam Market Study
- The market is projected to experience a surge in demand, particularly from the wind energy sector, during the forecast period. PET foam is a type of thermoplastic material that is widely used in various applications due to its lightweight, high strength-to-weight ratio, and excellent thermal insulation properties.
- One of the significant segments of the market is the low-density segment, which contributes significantly to the overall rise in the market share. This segment is preferred for its versatility and finds applications in a wide range of industries.
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