PET Foam Market for Structural Composites: Introduction
The global PET foam market for structural composites was valued at US$ 180 Mn in 2019 and is anticipated to expand at a CAGR of ~7% from 2020 to 2030. PET foam offers various benefits such as good thermal stability, low water absorption, good electrical properties, and excellent surface properties. As a result, PET foams are widely used in the manufacture of exterior body parts and casing, and housing of various automotive parts such as wipers arms and their gear housings, engine covers, interior trims, connector housings, and headlamp retainers. Substituting heavier materials with foam leads to an overall weight reduction of around 10%. This improves fuel efficiency by 3% to 7%.
In terms of volume, Asia Pacific accounted for a major share of the global PET foam market for structural composites in 2019. It was followed by Europe and North America. China held a dominant share of the PET foam market for structural composites in Asia Pacific in 2019. Based on value, the PET foam market for structural composites in Asia Pacific is expected to expand at a CAGR of 8% during the forecast period.
Major Drivers of PET Foam Market for Structural Composites
Increase in need to achieve fuel efficiency and implementation of stringent emission regulations are estimated to boost the trend of production of automotive components by using lightweight materials over the next few years. Global sales of automotive vehicles are likely to be driven by replacement demand in the U.S. and Western Europe, owing to the rise in government initiatives toward electric vehicles. Sales of electric vehicles, plug-in hybrid electric vehicles, and hybrid vehicles are anticipated to increase significantly during the forecast period. The transportation industry expects the current trend toward lightweight components, electrification, and sound attenuation to accelerate in the medium term. Moreover, rise in investments in the automotive sector, typically in Middle East & Africa, is projected to be a key factor driving the PET foam market for structural composites in the region. Morocco, Egypt, and Iran are leading motor vehicle manufacturers in the region while major sales markets include Iran, Saudi Arabia, and the UAE. Increase in demand for PET foams in the automotive sector in Middle East & Africa is augmenting the PET foam market for structural composites in the region.
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Europe Constitutes Substantial Share of PET Foam Market for Structural Composites
Europe holds a significant share of the global PET foam market for structural composites due to the presence of a large number of automotive and aerospace companies in the region. Headquarters and research & development facilities of several companies, including Airbus, Audi, BMW, Daimler, Volvo, and Volkswagen are located in the region. This makes it a lucrative region of the global PET foam market for structural composites. Leading players operating in the PET foam market for structural composites in Europe have adopted strategies such as launching new products to improve their product portfolio. For instance, 3A Composites launched the reformulated AIREX T92 in February 2019. The reformulated AIREX T92 contains recycled PET bottles as raw materials making the product sustainable for use.
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Prominent Players in PET Foam Market for Structural Composites
3A Composites, Diab, Gurit, Sekisui Plastics Co., Ltd., and Armacell International S.A. are the major players that accounted for significant share of the global PET foam market for structural composites in 2019. Other players operating in the global PET foam market for structural composites include Huntsman International LLC, BASF SE, CoreLite, Inc., Changzhou Tiansheng New Materials CO., LTD., and Carbon-Core Corporation. Companies operating in the global PET foam market for structural composites merge, acquire, or enter into strategic partnerships with regional/local companies in order to increase their share.
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