Wilmington, Delaware, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In the context of the last recorded global pet foam market valuation, the industry would be valued at about US $ 238.4 million in 2021. However, it has been projected that the market valuation shall advance through a moderate CAGR of 7.1% to reach US $ 474.1 million by 2031. This growth is due to various responsible factors, including the development of the allied industries.
Many end-use industries accept PET foam as a sandwich or core composite material for various internal operations. The main reason behind this increased acceptability is the better physical properties of the PET foam. Resistance to varying temperatures, corrosion, and chemicals are the best attributes suiting various industries. This surges the demand for the said material.
Plastic recycling has gained significant popularity in the last few years. It can be used in the production of the PET foam material. This development helps the subject market to grow substantially, as the cost of the production processes is reduced significantly.
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The development of the building and construction industry is tremendous. Many countries have been significant contributors to the industry. This market needs PET foam material on a larger level, which surges demand for the same, proving to be a strong market driver for the global pet foam market.
Key Findings from the Market Report
- The global pet foam market is segmented based on factors such as the grade of material used, the end-user industry, etc. In the case of the high-density foam grade, various applications could be seen in the furniture market. Due to the weight density reduction, light-weight applications of the PET foam could be fostered.
- On the other hand, low-density foam grade is the segment that is used in various industries, including the marine industry, wind energy sector, etc.
- In the case of the end-user industry market segment, blades, and nacelles used in the wind energy sector are manufactured with the help of low-density PET foam material.
- Lastly, the transportation sector uses PET foam to enhance the endurance of roads and railways.
Key Developments in the PET Foam Market
- In September 2019, Nexam Chemical and Diab collaborated to enhance the overall strength of foams manufactured by the latter. The technological investment made by the first organization fulfilled the aim.
- Armacell set a record of using 2 billion recycled plastic bottles to produce PET foam in April 2022.
- The expansion of Gurit Holdings in July 2022 fueled the production of PET foams on an increased scale, which helped the scalability of the business.
Competitive Landscape
The competitive global PET foam market would create a sense of a cluttered market where various organizations strive to diversify their products. Gurit Holdings operates in multiple verticals to achieve the same. Epoxy resins are one of those verticals. Also, adhesives are manufactured by the company.
- Armacell produces various HVAC systems, component foams, and insulating materials. Apart from this, the organization manufactures different UT tubes, which are famous for better insulation and excellent smoke and fire resistance.
- 3A Composites are well-known for their cladding material. Apart from this, the business produces different aluminum panels along with lightweight foam boards.
Key Players
- Armacell International S.A.
- 3A Composites
- Gurit Holding AG
- DIAB Group
- BASF SE
- Sekisui Plastics Co. Ltd.
- Huntsman International LLC
- CoreLite Inc.
- Changzhou Tiansheng New Materials Co. Ltd.
- Carbon-Core Corporation
Regional Profile
- Countries like Germany, France, and the UK govern the global PET foam market. Due to the infrastructural or structural setup available in Europe, the production of PET foam is accelerated, thereby making Europe the leading continent in the market. It holds about 36% of the entire market share.
- This market share is followed by the Asia-Pacific region, which holds 31.2% of the entire market, followed by North America, which secured 22.7% of the market.
- The growth of other regions also helps the subject market to experience growth at a significant rate.
Market Segmentation
Grade
- High Density Foam
- Low Density Foam
End User
- Transportation
- Roadways
- Railways
- Wind Energy
- Building & Construction
- Automotive
- Infrastructure
- Marine
- Packaging
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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