Global Recycled PET Foam Market Size, Share & Trends Analysis Report, Type, By Application, By Region Forecasts, 2023 - 2030

Global Recycled PET Foam Market Size, Share & Trends Analysis Report, Type, By Application, By Region Forecasts, 2023 - 2030

Global Recycled PET Foam Market was valued at US $ 551.6 Million in 2022 and is expected to reach US $ 1013.5 Million by 2030 growing at a CAGR of 7.9% during the forecast period 2023 – 2030.

The market for recycled PET foam is expanding at a significant rate due to the increased demand for environmentally friendly packaging and insulating materials. Environmentally conscious materials are in high demand these days, and both consumers and businesses are actively looking for them. Recycled PET foam is a prime example of a sustainable product because it is made from post-consumer plastic waste. It provides enterprises with an efficient way to comply with strict regulations centred on sustainability, recycling, and trash reduction. Customers' tastes have changed significantly as well, with purchases being influenced by a product's environmental friendliness. Incorporating recycled PET foam into packaging or insulation solutions gives businesses a competitive advantage while also catering to consumer preferences.

Moreover, recycled PET foam is becoming more and more popular in the building and transportation industries as a result of the focus on energy efficiency. Because of its thermal insulation qualities, it uses less energy and saves money on heating and cooling. The material's demand is further fueled by its adaptability, cost-effectiveness, recyclability, lightweight nature, and significance in green construction requirements. Essentially, the growing need for sustainable solutions has made recycled PET foam an essential part of industries trying to meet legal requirements, do their part for the environment, and improve cost- and energy-efficiency. In 2023, a survey performed by Statista revealed that American consumers were prepared to pay an extra four to six percent for packaging that supports sustainability, especially when it came to fresh food products. Only 5% of those surveyed said they would be willing to pay more than 10% for packaging that follows sustainable guidelines. Furthermore, the value of the worldwide market for eco-friendly packaging was projected to be around 178.6 billion dollars in 2019 and is expected to expand significantly to 246.3 billion dollars by 2025.

“Low-density PET Foam segment, by type, to be dominating market from 2023 to 2030.”

Over 60% of the revenue generated by the worldwide recycled PET foam market in 2022 came from low-density PET foam. From 2022 to 2028, the low-density PET foam recycled market is anticipated to expand at a compound annual growth rate (CAGR) of more than 7.3%. Due to a combination of remarkable qualities, low-density PET foam has risen to the top of the recycled PET foam market, distinguished by its leadership and quick growth. Due to its lightweight design, which results in a large weight reduction when compared to typical materials, it is the perfect option for industries like transportation, aerospace, and automotive, where reducing weight is essential to improving fuel economy and lowering emissions. Low-density PET foam also performs exceptionally well in sound absorption and thermal insulation, which makes it ideal for use in building, transportation, and architectural applications.

“Transportation segment, by application, to be dominating market from 2023 to 2030.”

Over 30% of the revenue generated by the worldwide recycled PET foam market in 2022 came from the transportation industry. From 2023 to 2030, the recycled PET foam market in the transportation sector is anticipated to expand at a compound annual growth rate (CAGR) of more than 6.7%. Driven by numerous attractive aspects, the transportation industry leads the recycled PET foam market. One of the main driving forces behind the industry's unwavering lightweighting efforts is the use of recycled PET foam, which provides a sustainable way to reduce weight without sacrificing structural integrity. The transportation industry's embrace of recycled PET foam aligns nicely with sustainability aims in an era of growing environmental concern. Because of its capacity to lower carbon footprints and adhere to strict regulations, especially with regard to emissions and sustainable manufacturing methods, this eco-friendly material is in high demand.

“Asia Pacific to be largest region in Recycled PET Foam market.”

By 2022, more than 40% of the revenue generated by the recycled PET foam market worldwide came from the Asia Pacific area. A compound annual growth rate (CAGR) of more than 8.2% is predicted for the Asia Pacific recycled PET foam market between 2023 and 2030. The recycled PET foam market is leading the way in the Asia-Pacific (APAC) region, which is also seeing strong growth. This prominence can be ascribed to a combination of elements that created the favourable conditions for the region's prosperity. The demand for environmentally friendly materials is driven by APAC's rapid industrial growth and urbanisation, especially in the building and packaging industries. Because of the region's large and expanding population as well as its dedication to sustainability, recycled PET foam is preferred by consumers and the government. Furthermore, the strong industrial capabilities, focus on innovation, and government assistance in APAC establish an optimal environment for the creation and uptake of environmentally friendly products. APAC's varied temperature and geographical terrain need for sophisticated insulation solutions, and recycled PET foam insulation has emerged as the best option thanks to its outstanding thermal efficiency. The need for recycled PET foam is further fuelled by investments in infrastructure, construction, and industrial projects as the region's economy grows, positioning APAC as a key player in the adoption of sustainable materials.

Recycled PET Foam Competitive Landscape

The competitive landscape of the Recycled PET Foam market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Recycled PET Foam technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Recycled PET Foam market is highly competitive, with numerous companies vying for market share. Prominent companies in the Recycled PET Foam Market include:

Major Players:

Amcor, Trexel, AptarGroup, Starlinger, Berry Global, Sonoco, Clariant, Schütz, Coveris, Plastic Omnium, Dow, Pactiv Evergreen, Eastman Chemical, Owens-Illinois, EPE Foam, Milliken, Huhtamaki, JSP, Kurz Kunststoff, Klöckner Pentaplast

Recent Developments:

The well-known packaging manufacturer Amcor revealed a cutting-edge, environmentally friendly PET foam packaging option for food and drink items in 2023. This environmentally friendly packaging is made completely of PET that has been recycled and is totally recyclable.

In 2023, Eastman Chemical, a leading global materials expert, unveiled a novel PET foam insulation solution designed specifically for the building and construction industry. This innovative product outperforms conventional insulating materials in terms of thermal insulation because it is made entirely of recycled PET.

In 2023, the well-known polymer producer Covestro unveiled their innovative PET foam technology, which produces foam with improved thermal insulation and fire resistance qualities. Novel applications such as fire-retardant construction materials and automobile components could be made possible by this innovative technology.