Wilmington, Delaware, United States, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A study by Transparency Market Research (TMR) notes that the global PET foam market is prognosticated to reach a value of US$ 474.1 Mn by the end of 2031. Furthermore, the study highlights that the market is expected to develop at a CAGR of 7.1% during the forecast period, 2022-2031.
The global market study on PET foam by TMR offers thorough assessment on the growth opportunities, drivers, restraints, and challenges in the market. Moreover, it shads light on different important aspects including the volume, share, revenue, and demand of PET Foam Market. This aside, it provides the list of PET foam market manufacturers along with their important statistics.
PET foam is being widely used as a composite material in the construction industry for the development of roofs, window frames, gates, doors, and domes. Hence, a rise in the construction activities across developed and developing nations is boosting the business opportunities in the PET foam market. With a rise in the global population, the government authorities of several nations are focusing on their infrastructure development. This factor, in turn, is propelling the global PET foam market.
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PET Foam Market: Key Findings
- The use PET foam is being increasing in the recent years as a core composite component in different industry verticals owing to its varied properties including the resistance to corrosion, water absorption, chemicals, and temperature. Owing to the ability of PET foam to offer properties of thermal insulation and structural load-bearing, it is gaining popularity as a key building material in the construction industry. This aside, PET foam holds lower density as compared to traditional construction material. Hence, it assists in lowering the structural and installation costs, notes a TMR study on the global PET foam market.
- PET foam board is being utilized as a key composite material in cars, airplanes, buses, trains, and trucks. It is gaining traction owing its ability to help in reducing fuel consumption, automotive weight, and thereby CO2 emissions. This factor is propelling the global PET foam market. PET foam finds application in the production of different automotive parts including floors, interior and exterior structural parts, sidewalls of vehicles, gear housings, and wiper arms. Hence, it assists in minimizing the manufacturing cost. The use of PET foam is increasing as an alternative in order to decrease the metal parts and vehicle weight in the automobile sector owing to ease of molding and mass production, with no compromise on the stability and structural strength of a product.
- Companies operating in the PET foam market are investing in R&Ds in order to develop next-gen manufacturing processes. Moreover, several enterprises are utilizing recycled plastic (rPET) bottles as a raw material in the production of PET foam so as to decrease the carbon footprint. Such initiatives are expected to play key role in the overall growth of the PET foam market during the forecast period.
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PET Foam Market: Growth Boosters
- Increase in the use of PET foam in the building and construction industry is driving the market growth
- Surge in the product use in the automotive and transportation sectors is anticipated to bolster the market during the forecast period
PET Foam Market: Key Players
Some of the key players profiled in the report are:
- 3A Composites
- Armacell International S.A.
- DIAB Group
- Gurit Holding AG
- Sekisui Plastics Co. Ltd.
- BASF SE
- CoreLite Inc.
- Huntsman International LLC
- Carbon-Core Corporation
- Changzhou Tiansheng New Materials Co. Ltd.
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PET Foam Market Segmentation
- Grade
- High Density Foam
- Low Density Foam
- End-user
- Transportation
- Roadways
- Railways
- Wind Energy
- Building & Construction
- Automotive
- Infrastructure
- Marine
- Packaging
- Others
- Transportation
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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