Global PET Foam Market - 2023-2030

Global PET Foam Market - 2023-2030

Market Overview

The global PET foam market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

PET Foam is a type-closed-cell thermoplastic structural foam of PET resin known as polyethylene terephthalate. It is typically derived from the polymerization of ethylene glycol and terephthalic acid. Polyethylene terephthalate is used in various industries, including wind energy, packaging, transportation, marine, building and construction. Polyethylene Terephthalate foam is used as a basic thermoplastic material in various applications to improve performance. Mainly PET is used on wind energy sandwich panels and shipbuilding to refrain the problem from damaging the material and thermal insulation to overcome the stability at high temperatures.

PET foam core is employed in composite materials for prefabricated rooms for wind turbines, train carriages and maritime applications. PET foam sheet is mainly used in industries such as wind energy. The foam is used in sandwich constructions for rotor blades, nacelles and spinners.

Market Dynamics

PET is a low-weight material, which gives it material strength of sandwich structure material and can easily recycle. Hence it is used in marine as a filler material for ship wall panels and ceilings. In the Asia-Pacific, developing countries such as China and India have a high demand for PET foam materials because China's packaging industry is the second largest in the world.

PET gives a cost-effective solution for transportation, such as a dry freight van with a sandwich panel core that is easy to handle and resizes as per their requirement. Furthermore, rising government initiatives to boost the region's wind energy infrastructure will likely encourage the demand, thereby driving regional growth.

Growing PET Foam consumers by renewable energy source

In recent years, the increasing demand for thermal insulation packaging in construction and industrial insulation, such as sandwich panels, food and beverage, thermosetting manufacturing to create core machine parts and wind energy. The population globally has given a booster to wind energy due to the drastic increase in energy demand and conventional energy sources are depleting quickly. Hence, the need to expand and utilize renewable energy sources like wind power is growing. The lighter weight affects handling; to overcome the vibration of a product, it improves the material strength used and ported from hazardless. However, many PET foams, like-based improvers containing virgin and recycled PET, were used.

Wind energy is one of the main markets for PET foam. PET foam is growing globally, used to manufacture wind blades due to its high strength-to-weight ratio, durability and multi-skilled. It also improves the flexible design, cost reduction, greater performance and increased energy efficiency.

High Competition from alternative

In the market, several materials are available such as Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN) and Polymethacrylimide, which provide high strength to weight along with easy process and shape. These forms, developed in the market, can be a potential substitute for PET foam. Furthermore, they have their use beyond various applications such as automotive, aerospace and defense. The substituted agents are overcoming the market value.

PET foam may be affected by factors such as flammability and sensitivity to chemical changes are major restraining factors of foam. PET easily catches fire due to the polymer surface, which transmits heat to the polymer in bulk, from which volatile products of thermal decomposition diffuse towards the surface and the gas phase, feeding the flame.

COVID-19 impact analysis

The COVID-19 pandemic extremely impacted the global PET foam market. The industries, such as automotive, a major end-user of PET foam, have been affected by national lockdown in 2020, which tightened the growth prospects for the PET form market. The lockdown situation has temporarily shut down PET manufacturing units, which brought about a decline in sales and disrupted the supply chain. During the pandemic, marine is also negatively affected, resulting in lower PET foam consumption in this industry. In this period, various industries such as cargo transportation, shippers and transport companies faced various global challenges. The loss of shipping services and their providers are majorly affected by purchasing power of new marines.

Segment Analysis

The global PET foam market is segmented into raw material, grade, application and region. The global PET foam market by application is further segmented into wind energy, transportation, marine, building and infrastructure, packaging and others. Building and construction and wind energy turbines are leading in this segmentation. The most widely used PET foam in infrastructure and renewable energy applications is due to the low-density material, including chamber or space wall strength and floor insulation connectivity. Therefore, the growing infrastructure or most devolving sites require PET foams. PET companies are now expanding their product portfolio completely in response to growing consumer demand.

Geographical Analysis

Asia-Pacific is a leading region in the global PET foam market due to China being the second largest market in packaging, followed by India. The many international PET developing companies are based in the Asia-Pacific and are home to some of the largest global luxury products, which are expected to influence PET materials in various markets in the upcoming future.

In India, the Ministry of New and Renewable Energy (MNRE) is growing in the wind energy industry. The Indian government focuses on renewable sources such as solar, wind, etc. Therefore, the large manufacturing base of the PET foam market in Asia-Pacific is expected to see substantial growth in the future. The innovation regarding environmental packaging in the PET packaging market is set to develop in the future.

The packaging industry in China is the largest in the world. The growth of customized packaging in the food sector, including microwave, snack and frozen meals and rising exports. The nation is anticipated to have steady growth during the projection period. Many international Virgin PET foam and Recycle PET foam companies are based in China, India, Japan and South Korea. The world's largest offshore wind farm is built in Japan by the innovative Toshiba, Hitachi, Zocin corp and JFE steel.

China and India are developing countries home to the largest infrastructure hubs, packaging and transportation. In China and India, the developed marine markets are growing due to the significant maritime sector. It is strategically located on the world’s shipping routes and has one of the longest coastlines. The major roots of waters ways are based in the Indian Ocean and the South China Sea, increasing the trade volume and enhancing the trade.

Global PET Foam Market Competitive Landscape

The global PET foam market is competitive due to the availability of a wide range of natural fragrances that cater to different end-use applications. Some major players contributing to growth in the market are Armacell International, Firmenich SA, 3A Composites, Gurit Holding, DIAB Group, BASF SE, Sekisui Plastics Co. Ltd., Huntsman International LLC, CoreLite Inc., Changzhou Tiansheng New Materials CO. Ltd. and Carbon Core Corporation. The major players in the market adopt several growth strategies such as formulating and patenting new molecules, researching new sources, collaborations and joint ventures to contribute to growth in the industry.

Armacell International

Overview: Armacell International is a multinational company specializing in developing and manufacturing engineered foam. The company primarily develops formulations for thermal insulation, technical foams, acoustic insulation, mechanical insulation, component foam and PET foam. Most of the company’s formulations are custom-made according to client requirements and are sold under strict confidentiality agreements. Armacell International was founded in 2000 by Thomas Armstrong. Armacell International's headquarters are in Luxembourg.

Product Portfolio
• ArmaPET is the company's proprietary process for manufacturing natural PET foam. The company manufactures thermal insulators or foam customarily as per client requirements. ArmaPET products are delivered as foam boards, thin, flexible sheets or particle foams. Armacell's patented technology makes the manufacture of PET foams, mostly recycled PET, more precisely from recycled beverage bottles. The process allows Armacell International to ensure the choicest raw materials and maintain quality standards throughout production. It also allows traceability of sources, ensuring that the company obtains its raw material from responsible and ethical sources.

Key Developments:
• On February 12th, 2022, Armacell International unveiled its new brand identity, ‘Smoke reduction.’ The new brand identity was conceived by considering the company’s growing emphasis on producing PET foam and Shiites. It also represents a major shift in corporate strategy that emphasizes environmentally sustainable production methods.

Why Purchase the Report?
• Visualize the composition of the natural fragrance market segmentation by the raw material, grade, application and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the PET foam market by analyzing trends and co-development deals.
• Excel data sheet with thousands of Global PET Foam Market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the critical product of all major market players

The global PET foam market report would provide approximately 66 market data tables, 58 figures and 230 pages.

Target Audience 2022
• Wind Energy turbine manufacturers
• TransportationManufacturers
• MarineProduct Manufacturers
• Food and Beverage CompaniesPackaging
• Building and Construction
• Education & Research Institutes
• Research Professionals