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.
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.
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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.
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Armacell International S.A. is a global leader in manufacture of
flexible foam for the equipment insulation market. It is also a leading
provider of engineered foam across the globe. The company invests in mergers
& acquisitions in order to maintain its leading position.
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