PET Foam Market size 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.
Browse 151 market data Tables and 35 Figures spread through 155 Pages and in-depth TOC on "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"
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In the Asia-Pacific and other developing regions such as Middle East & Africa, and RoW the demand for PET foams is increasing due to new projects in wind energy, transportation, and other industries and environmental rules & regulations to increase the use of natural source for the production of energy. The increasing purchasing power in developing countries, economic growth, support by respective governments, and need for high performance products may add to the greater demand in the future.
The wind energy industry offers many opportunities for PET foam and holds a promising market potential in the coming future. The properties of PET foam such as FST (fire, smoke, and toxicity) properties, complete recyclability, resistance to water absorption, resistance to corrosion and temperature & chemical resistance, under various conditions are expected to be the key influencing factors for the PET foam market with an increased emphasis on its different applications.
The wind energy application accounted for the major share of the total PET foam market in 2014. The wind energy, transportation, marine, packaging, and building & construction applications are projected to be growing applications in the market. The drivers of the PET foam industry include recovery in the marine market, promising wind energy market, and growing penetration in the end-user industries due to increase in demand for energy and other products from the increasing population along with their purchasing ability in emerging countries such as China, India, and Brazil. Market data for all the applications of PET foam is given in the study with respect to volume as well as value. The data is based on the demand for all the application. Asia-Pacific accounted for the largest share of the market.
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COVID-19 Impact on the Global PET foam Market
The pandemic is estimated to have an adverse impact on various factors of the value chain of PET foam market, which is expected to reflect during the forecast period, especially in the year 2020. The various impact of COVID-19 are as follows:
• Impact on wind energy industry: Amid the COVID-2019 pandemic, travel bans, disrupted supply chains, and deferred maintenance have wreaked havoc on the global wind energy industry. The global wind energy capacity installations have been affected, reducing the demand for PET foam and other core materials in 2020.
The locked down conditions, safety regulations and mobility restrictions disrupted supply chains and temporarily delayed the construction of renewable energy installations especially onshore wind and solar PV in the global market, according to the data provided by International Energy Agency (IEA) in November 2020. Thereby, affected the growth of the PET foam in wind energy application.
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.
By application, wind energy application is estimated to be the fastest-growing segment of PET foam
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
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.
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