PET Foam Market Net Worth US$ 655 Million Forecasts by 2028 Including Key Players: Nitto Denko Corporation, Diab Group, Gurit, Sekisui Plastics Co. Ltd, Petro Polymer Shargh, 3A Composites, Corelite Inc.
The PET Foam Market Size was valued at US$ 381 Million in 2021 and is anticipated to reach at US$ 655 Million by 2028, with a healthy CAGR of 8%.
Pune, Maharashtra -- (SBWire) -- 10/11/2022 --PET Foam Market Report Scope & Overview:
PET foam, which is primarily employed in the middle layers of sandwiched composite structures, is easily modifiable based on application requirements. Research institutes, PET foam producers, and end-product producers are taking the lead and investing heavily in R&D to improve the price, stiffness, and durability of PET foams and the materials that make them. PET foams are used to make exterior body pieces, as well as the housing and casing for many other automobile components, including wiper arms and housings for their gears, engine covers, interior trim, connector housings, headlamp retainers, and many more. PET foam has a number of advantages, including excellent surface properties, good electrical properties, and good thermal stability.
According to the latest market research report published by the SNS Insider, the PET foam market is anticipated to cross USD 655 Million by 2028, with a lucrative CAGR of 8% during the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
The advantages of PET foam, the expanding wind energy market, the booming maritime sector, and the development of efficient and modern technologies are the main growth drivers of the worldwide PET foam market. Due to different government efforts including Foreign Direct Investments, the building and construction activities are also growing (FDI). Therefore, it is anticipated that an increase in construction activities would increase demand for polyethylene terephthalate foam, which will drive the PET foam market over the forecast period. High demand from the wind energy sector and expanding use of recyclable and sustainable core materials are significant motivators.
The market for PET foam has some challenges, namely slow uptake in new applications. Additionally, it is predicted that problems with these foams' repairability and recyclability will hurt the business.
Impact of the COVID-19 Pandemic
The coronavirus pandemic has caused numerous building and construction project activities to be suspended, which is negatively influencing the market demand for PET foams. Building and construction projects have temporarily been put on hold in several areas. The COVID-19 pandemic epidemic is also having a significant effect on the automotive sector. The abrupt halt in auto production has resulted in a significant loss for the whole automotive industry.
PET Foam Market Segmentation Analysis 2022
The low-density PET foam grade dominated the market for PET foam in terms of volume and price. Due to the low thermal conductivity of the gas phase, low-density foam is frequently employed as a thermal insulator and as a structural material for buildings and furniture.
By raw material, recycled PET foam dominated the PET foam market in terms of both value and volume. Numerous advantages, including cost-effectiveness and a smaller carbon footprint, come with recycled PET foams. In automotive applications, they serve as core materials, and in construction, as structural foams.
In terms of volume and value, the PET foam market was dominated by the wind energy application segment. PET foam can be a great substitute for other fundamental components like PVC, PU foams, SAN, and balsa.
Major Segments and Sub-Segment of PET Foam Market are Listed Below:
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PET Foam Industry Regional Analysis
The PET foam market in the Asia Pacific region is being driven by the rising demand for PET foam in applications related to wind energy, building & construction, and transportation. The demand for creating lightweight composite structures has expanded due to the expansion of the wind energy sector in this area. Due in large part to the pledges made by the governments of China and India to green energy, this region is expected to experience rapid growth for wind energy equipment and materials.
Competitive Landscape Outlook
Some of the prominent companies present in the PET foam market include Diab Group, Huntsman International Llc, 3A Composites, Armacell, Acrylic Depot, Nitto Denko Corporation, Corelite Inc., Carbon-Core Corp. Gurit, and Petro Polymer Shargh.
Frequently asked questions:
- Who are the leading market players active in the pet foam market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- Which Government regulations might challenge the status of key regional markets?
Table of Contents – Major Key Points
1. Executive Summary
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. alue Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. PET Foam Market Segmentation, By Grade
9. PET Foam Market Segmentation, By Application
10. PET Foam Market Segmentation, By Raw Material
11. Regional Coverage
12 Company Profiles
13. Competitive Landscape
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