PET Foam Market Scope
PET or polyethylene terephthalate foam refers to the structural core materials in the composite industry. It is mainly used as core material for sandwich structures, also it is continuously substituting traditional materials such as Balsa, SAN or PVC. Along with this, it has application across wind energy, transportation, marine, packaging, building & construction, and others. Increasing consumer demand for fuel-efficient and lightweight vehicles is again fuelling the demand.However, strong competition with substitutes is likely to hamper the market growth. Whereas, the high potential across different industry verticals is expected to create potential opportunity over the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Armacell International S.A. (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), BASF SE (Germany), Changzhou Tiansheng New Materials Co. Ltd. (China) and Sekisui Plastics (Japan) |
CAGR | 6.0% |
Despite the presence of competition and brand effect problems, due to the awareness of end-users and their demand for high end products, investors are still optimistic about this area. There will be more new investors entering into this industry in the future. The manufacturers who want to occupy the market must depend on market mechanism reform, manufacturing equipment innovation, core technology improvement and brand establishment. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global PET Foam market throughout the predicted period.
Armacell International S.A. (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), BASF SE (Germany), Changzhou Tiansheng New Materials Co. Ltd. (China) and Sekisui Plastics (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Petro Polymer Shargh (Iran) and Carbon-Core Corp. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global PET Foam market by Type , by Application (Wind Energy, Transportation, Marine, Packaging, Building & Construction and Others) and Region with country level break-up.
On the basis of geography, the market of PET Foam has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In 2021, Armacell has partnered with METYX, a high-performance technical textile company based in Turkey, to jointly serve the Turkish composite manufacturing market. The partnership provides PET-based foam products locally produced by Armacell for METYX's core kitting and distribution operations.
In 2021, Diab Group has selected the innovative LNPTM COLORCOMP nanotechnology compound from SABIC, one of the leading manufacturers of petrochemicals. This compound enables weight reduction and improved mechanical quality of sandwich structures using PET foam, which is utilized as a key material for wind turbine blades.
Influencing Trend:
Technological Advancement Related to Wind Energy
Market Growth Drivers:
Growing Penetration in End-User Industries, Potential Growth in Wind Energy Market and Recovery of Marine Market in the U.S.
Challenges:
Uncertain Wind Market in the U.S. and Increasing Competition From the Chinese Market
Restraints:
Uncertainty in Timely Renewal of PTC
Opportunities:
High Potential Across Different Industry Verticals
Key Target Audience
Industry Investors, Manufacturers, End User Industries, Traders, Distributors, and Suppliers, Government and Research Organizations and Associations and Industry Bodies