Pet foam market to reach a value of ~ us$ 360 mn by 2027

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PET Foam Market: Key Highlights

·         The global polyethylene terephthalate (PET) foam market was valued at ~ US$ 195 Mn in 2018, and is anticipated to expand at a CAGR of ~ 7% during the forecast period.

·         Growth of the wind energy sector, led by the rise in the demand for renewable energy, is projected to drive the global PET foam market during the forecast period. PET foam has been able to establish a place among core materials for sandwich structures. It is steadily substituting traditional materials such as balsa, styrene acrylonitrile, and polyvinyl chloride.

·         PET foam products are widely used in the marine industry for hulls, superstructure, decks, bulkheads, stringers, and interiors. They are used as ideal materials in recreational boats and racing boats, as they provide greater strength and rigidity at low weight. Thus, advancements in technology and growth in the marine industry are expected to fuel the demand for polyethylene terephthalate foams during the forecast period.

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PET Foam Market: Key Highlights

·         The global polyethylene terephthalate (PET) foam market was valued at ~ US$ 195 Mn in 2018, and is anticipated to expand at a CAGR of ~ 7% during the forecast period.

·         Growth of the wind energy sector, led by the rise in the demand for renewable energy, is projected to drive the global PET foam market during the forecast period. PET foam has been able to establish a place among core materials for sandwich structures. It is steadily substituting traditional materials such as balsa, styrene acrylonitrile, and polyvinyl chloride.

·         PET foam products are widely used in the marine industry for hulls, superstructure, decks, bulkheads, stringers, and interiors. They are used as ideal materials in recreational boats and racing boats, as they provide greater strength and rigidity at low weight. Thus, advancements in technology and growth in the marine industry are expected to fuel the demand for polyethylene terephthalate foams during the forecast period.

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Key Drivers of the PET Foam Market

·         The global PET foam market is driven by factors such as rise in the demand for these foams in various applications; increase in usage of PET foams as alternatives for polystyrene, polyurethane, polymethacrylamide, and polyetherimide foams; and the environment-friendliness and reliability of these foams.

·         PET foam is used in various food trays, since it is nontoxic and harmless to humans. It is microwave-safe and hormone-free. It also offers excellent heat-resistant and gas-barrier properties.

·         In terms of end-use industry, the transportation segment accounted for a major share of the global polyethylene terephthalate foam market in 2018. The segment is anticipated to continue its dominance during the forecast period, due to the strong demand for structural and semi-structural interior and exterior parts and sidewalls in the automotive industry.

·         PET foam is a closed-cell, thermoplastic renewable polymer foam with excellent fire prevention, anti-virus, smoke-proof, and UV-protection performance. It also offers excellent mechanical and anti-fatigue properties, stable chemical properties, and low water absorption. Therefore, PET foams are widely employed in the automotive sector.

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Low Density Foam to Offer Attractive Opportunities

·         Based on grade, the low density foam segment accounted for a major share of the global polyethylene terephthalate foam market in 2018. The segment is projected to maintain its attractiveness during the forecast period, due to its suitability in various application areas.

·         Low density foam is employed in a wide range of industries where the combination of light weight and durability is needed. These include aerospace, wind energy, marine, and sports & leisure. Low density foams offer excellent properties such as good face sheet adhesion and high temperature resistance. They exhibit extremely low specific weight and good fatigue resistance in transportation applications.

·         Low density foam possesses a density range of 65 kg/m3 to 100 kg/m3, and are known as structural core materials. They possess high mechanical properties such as resistance to fatigue, chemical stability, and UV resistance.

Availability of Substitutes Likely to Hamper Market

·         Polystyrene foams are extensively employed in building and appliance insulation, surfboards, and lightweight protective packaging. The attributes of polystyrene foam such as endurance to infiltration of moisture & condensation and durability make it a key alternative for usage in the production of sheet metal outer casing and inner liners for refrigerators and freezers.

·         Polyvinyl chloride foam is made up of polyvinyl chloride and polyuria. It offers characteristics such as good mechanical strength, fire retardancy, chemically resistance, and endurance to bacterial growth. These foams are used in thermal insulation of non-structural parts, road signs, and sandwich structures of boats, among others, owing to the various characteristics of polyvinyl chloride foam.

Asia Pacific a Prominent PET Foam Market

·         In terms of volume, Asia Pacific constituted a prominent share of the global polyethylene terephthalate foam market in 2018, due to economic growth in the region and rise in foreign investments in India, China, and Malaysia. This is expected to boost the automotive and building & construction sectors, thereby driving the PET foam market.

·         The PET foam market in Asia Pacific is estimated to expand at a significant pace in the near future, due to the increase in per capita income of consumers and growth in the middle class population. Rise in the number of regulations to lower energy consumption in buildings is also projected to boost the demand for PET foams during the forecast period. Additionally, increase in sustainable building initiatives by governments is likely to drive the polyethylene terephthalate foam market in Asia Pacific.

·         China accounted for a major share of the PET foam market in Asia Pacific in 2018, owing to a significant increase in the demand for automotive equipment in the last few years in the country. The Government of China supports advancements in technological production capabilities. China’s National Development and Reform Commission is in the process of overseeing a multi-trillion-dollar nationwide project to industrialize the underdeveloped western provinces of the country. This project is expected to boost the PET foam market in China.

·         ASEAN constituted a key share of the polyethylene terephthalate foam market in Asia Pacific in 2018. According to the Pew Research Center, ASEAN countries were the fourth-largest U.S. export market in 2015. Exports exceeded US$ 100 Bn in the year, an 81% increase since 2004.

Top Five Players Accounted for ~ 80% Market Share in 2018

The global polyethylene terephthalate foam market is consolidated, and is currently expanding. Key players are focusing on research & development. The top five players — Armacell International S.A., 3A Composites, Gurit, Diab, and Sekisui Plastics Co., Ltd. – cumulatively accounted for ~ 80% share of the global market in 2018. The global PET foam market is dominated by Armacell International S.A., which is the largest manufacturer of PET Foam across the globe.