Dublin, March 10, 2021 (GLOBE NEWSWIRE) -- 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 Others ), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The PET foam market is projected to grow from USD 316 million in 2020 to USD 448 million by 2025, at a CAGR of 7.2% from 2020 to 2025.
The PET foam market growth is estimated to be majorly driven by growing economies of Asia Pacific region. Increasing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the Asia Pacific region.
PET foam can be readily modified based on application requirements and is mainly used in the mid-layers of sandwiched composite structures. Research institutions, PET foam manufacturers, and end-product manufacturers are taking initiatives and making huge investments in R&D to enhance PET foams and their materials in terms of cost, durability, and stiffness.
Low-density PET foam to lead the PET foam market, by grade in terms of value and volume, during the forecast period
Low-density PET foam is considered an ideal solution for various end-use industries including transportation, wind energy, building & construction, and packaging, owing to its lightweight and excellent chemical and electrical resistance. 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 is estimated to be the fastest-growing segment of the PET foam market
The wind energy application segment dominated the PET foam market, in terms of volume and value, in 2020. PET foam is extensively used in wind blades owing to its advantageous properties. For instance, PET foam offers excellent stiffness, fatigue, and strength-to-weight ratio. This lightweight structure plays an important role in the manufacturing of wind blades, helping in the manufacture of larger and more efficient rotor blades.
The compressive and shear strength of the foam must hold up the mechanical structure of the wind blade. PET foam is used in the manufacturing of wind turbine blades and their parts such as rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance.
Asia Pacific is the largest and the fastest-growing region in the PET foam market
Asia Pacific is the largest region in the PET foam market owing to the increasing investments and infrastructural projects undertaken by the region's emerging economies, such as China and India. Further, the growing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the region.
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.
These players have adopted strategies such as agreements, partnerships & joint ventures, new product & technology launches, and expansions to enhance their business revenue and market share. Expansion of manufacturing plants and offices globally is the key strategy adopted by these players to cater to the increasing demand for PET foam.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
Pet Foam Market Snapshot (2020 Vs. 2025)
Wind Energy Segment Expected to Dominate Pet Foam Market from 2020 to 2025
High-Density Pet Foam Segment Projected to Grow at Higher CAGR During Forecast Period
Asia-Pacific Expected to be Fastest-Growing Market for Pet Foam During Forecast Period
4 Premium Insights
4.1 Attractive Opportunities in Pet Foam Market
4.2 Pet Foam Market, by Region
4.3 Asia-Pacific Pet Foam Market, by Country & Application
4.4 Pet Foam Market, by Grade
4.5 Pet Foam Market, by Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth of the Wind Energy Sector
5.2.1.2 Growing Demand for Lightweight Vehicles Worldwide
5.2.2 Restraints
5.2.2.1 Increasing Competition from Substitutes
5.2.3 Opportunities
5.2.3.1 Rising Trend of Using Recycled Materials
5.2.4 Challenges
5.2.4.1 Impact of COVID-19 on Various End-Use Industries
6 Industry Trends
6.1 Introduction
6.2 Porter's Five Forces Analysis
7 Macroeconomic Overview and Key Trends
7.1 Introduction
7.2 Trends and Forecast of GDP
7.3 Trends in the Wind Energy Industry
7.4 Trends in the Automotive Industry
7.5 Trends in the Construction Industry
7.6 Price Analysis
7.7 Value Chain Analysis
7.8 Patent Analysis
7.9 Tariff and Regulatory Landscape
7.10 Case Study
7.10.1 Use Cases
7.10.2 Case Study 1: Improved Mechanical Properties and Cost-Effective Product
7.11 Trade Flow
7.12 Ycc Shift in Pet Foam Market
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
For more information about this report visit https://www.researchandmarkets.com/r/xm5nu0