The global PET foam market size is expected to reach USD 490.8 million by 2028 according to a new study by Polaris Market Research. The report “PET Foam Market Share, Size, Trends, Industry Analysis Report, By Density Composition (High-density PET Foam, Low-density PET Foam); By End-Use; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of PET foam is expected to rise during the forecast period owing to wide applications in industries such as building and construction, packaging, wind energy, and automotive, among others. Increasing environmental concerns associated with energy conservation coupled with the introduction of stringent regulations regarding carbon emissions would further support the market growth.
Increasing demand for modernized and high-performing vehicles and increasing investment in the construction industry, especially in emerging economies of Asia-Pacific, have resulted in greater demand for the product. However, the outbreak of COVID-19 has hampered the growth. The market has been impacted by operational challenges, disruption of the supply chain, delayed installations, deferred maintenance, and workforce impairment.
The product of different density compositions such as high-density and low-density are available in the market. The low-density segment accounts for a major revenue share. It is widely used in construction and transportation applications. The use of this product results in enhanced energy efficiency reduced weight and cost-efficiency. The rising environmental concerns have increased its adoption across diverse industries.
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The product is used in diverse industries such as building & construction, automotive & transportation, aerospace & defense, marine, wind energy, and packaging. The wind energy segment is expected to increase at a significate pace during the forecast period. Increasing adoption of renewable resources and significant investments by governments to promote the use of wind energy to meet energy requirements are expected to supplement the growth of this segment.
Asia Pacific dominated the global foam industry in 2020 and is expected to maintain its dominance over the forecast period. Increasing application in the automotive and transportation sector coupled with rising awareness regarding the adoption of electric vehicles fuels growth in this region. Urbanization, rising industrial growth, and growth in the wind energy sector support industry development.
Some major industry participants include DIAB Group, Sekisui Plastic, Carbon-Core Corp., Gurit Holding, 3M, Nitto Denko Corporation, Armacell International SA, Changzhou Tiansheng New Materials Co. Ltd, Huntsman International LLC, and Petro Polymer Shargh.
Polaris Market Research has segmented the PET foam market report on the basis of density composition, end-use, and region:
PET Foam, Density Composition Outlook (Revenue, USD Million, 2016 – 2028)
PET Foam, End-Use Outlook (Revenue, USD Million, 2016 – 2028)
- Building & Construction
- Automotive & Transportation
- Aerospace & Defense
- Wind Energy
PET Foam, Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa