Transparency Market Research Report Added "PET Foam Market" to its database.
Albany, NY -- (SBWIRE) -- 08/17/2015 -- Polyethylene Terephthalate (PET) is a recyclable thermoplastic polymer that is used in synthetic fibers, containers for beverages, and food. It is also employed in other liquids and engineering plastics for industrial uses. PET foam is emerging as a widely accepted foam core material owing to its lightweight and weather resistant properties. PET foam is resistant to water, temperature, corrosion, and chemicals. It is flexible, stable, lightweight, and offers superior compressive strength. PET foam offers good fire smoke and toxicity properties along with versatile mechanical properties. PET foam provides various benefits for applications in construction, automotive, furniture, and other structural applications.
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Rising demand for PET foam in end-user industries including renewable wind energy, construction, aerospace, automotive, furniture, and footwear is driving the PET foam market. Additionally, waste reduction due to recyclability of PET foam is anticipated to boost the market for PET foam in the long term. Preference for higher resource efficient products with better mechanical properties is anticipated to lead to a shift away from conventional foam core materials, thus alleviating the PET foam market. Furthermore, lower cost, superior product properties including thermal resistance, weather resistance, lightweight, structural integrity, and mechanical strength coupled with versatility of applications is projected to increase the adoption of PET foam vis-à-vis conventional foam core materials.
Rising demand for PET foam in the market and continual push for eco-friendly products has led to an increase in the number of strategic initiatives by industry players in the recent past. Key players are probing novel markets and applications through agreements, joint ventures, partnerships, and global collaborations to take lead in the unexploited markets in emerging countries. Efforts are being made to find novel application areas for PET foams for further market growth.
Fluctuation in the prices of feed stock (petrochemicals)is a major restraining factor for the PET foam market. PET foams are downstream specialty derivatives of petroleum-based feedstock (ethylene and phthalic anhydride), the prices of which vary with the commodity marketplace. This adds pressure on the margins of market players, especially the small and medium sized players. Such industry participants are already offering aggressively lower prices to expand their market share in the highly competitive market.
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Geographically, Asia Pacific is estimated to be the leading market for PET foam due to the rapid growth in the industrial usage of PET foam as a structural foam core material. Key growth has been observed in China, South Korea, Japan, and India owing to swift technological advancements. North America is another rapidly expanding market for PET foam, especially in wind energy, marine, and transport industries. Latin America is also estimated to witness rapid growth. Countries such as Brazil, Argentina, and Chile in Latin America are expected to experience higher market growth than the global average owing to rising demand from wind energy, construction, and furniture industries. Brazil is set to host the Summer Olympics, another global event, in 2016, after successfully hosting the FIFA World Cup in 2014. These events are projected to fuel the demand for PET foam in several end-user industries including construction, footwear, and furniture. The PET foam market in the Middle East and Africa and Europe is anticipated to grow comparatively slower than that in other regions. However, demand for PET foam is expected to increase at a higher rate towards the end of this decade in the Middle East and Africa. This rise can be ascribed to the potential increase in construction activities in the GCC region and investments in wind energy projects in South Africa.
Global players operating in the PET foam market include Armacell International S.A., 3A Composites, Gurit Holding, DIAB Group, BASF SE, and Sekisui Plastics.
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