PET Foam Market: Key Highlights
· Theglobal 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 ofthe wind energy sector, led by the rise in the demand for renewable energy, isprojected to drive the global PET foam market during the forecast period. PETfoam has been able to establish a place among core materials for sandwichstructures. It is steadily substituting traditional materials such as balsa,styrene acrylonitrile, and polyvinyl chloride.
· PET foamproducts are widely used in the marine industry for hulls, superstructure,decks, bulkheads, stringers, and interiors. They are used as ideal materials inrecreational boats and racing boats, as they provide greater strength andrigidity at low weight. Thus, advancements in technology and growth in themarine industry are expected to fuel the demand for polyethylene terephthalatefoams during the forecast period.
PET Foam Market: Key Highlights
· Theglobal 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 ofthe wind energy sector, led by the rise in the demand for renewable energy, isprojected to drive the global PET foam market during the forecast period. PETfoam has been able to establish a place among core materials for sandwichstructures. It is steadily substituting traditional materials such as balsa,styrene acrylonitrile, and polyvinyl chloride.
· PET foamproducts are widely used in the marine industry for hulls, superstructure,decks, bulkheads, stringers, and interiors. They are used as ideal materials inrecreational boats and racing boats, as they provide greater strength andrigidity at low weight. Thus, advancements in technology and growth in themarine industry are expected to fuel the demand for polyethylene terephthalatefoams during the forecast period.
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Key Drivers of the PET Foam Market
· Theglobal PET foam market is driven by factors such as rise in the demand forthese foams in various applications; increase in usage of PET foams asalternatives for polystyrene, polyurethane, polymethacrylamide, andpolyetherimide foams; and the environment-friendliness and reliability of thesefoams.
· PET foamis used in various food trays, since it is nontoxic and harmless to humans. Itis microwave-safe and hormone-free. It also offers excellent heat-resistant andgas-barrier properties.
· In termsof end-use industry, the transportation segment accounted for a major share ofthe global polyethylene terephthalate foam market in 2018. Thesegment is anticipated to continue its dominance during the forecast period,due to the strong demand for structural and semi-structural interior andexterior parts and sidewalls in the automotive industry.
· PET foamis a closed-cell, thermoplastic renewable polymer foam with excellent fireprevention, anti-virus, smoke-proof, and UV-protection performance. It alsooffers excellent mechanical and anti-fatigue properties, stable chemicalproperties, and low water absorption. Therefore, PET foams are widely employedin the automotive sector.
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Low Density Foam to Offer Attractive Opportunities
· Based ongrade, the low density foam segment accounted for a major share of the globalpolyethylene terephthalate foam market in 2018. The segment is projected tomaintain its attractiveness during the forecast period, due to its suitabilityin various application areas.
· Lowdensity foam is employed in a wide range of industries where the combination oflight weight and durability is needed. These include aerospace, wind energy,marine, and sports & leisure. Low density foams offer excellent propertiessuch as good face sheet adhesion and high temperature resistance. They exhibitextremely low specific weight and good fatigue resistance in transportationapplications.
· Lowdensity foam possesses a density range of 65 kg/m3 to 100 kg/m3, and are knownas structural core materials. They possess high mechanical properties such asresistance to fatigue, chemical stability, and UV resistance.
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Availability of Substitutes Likely to Hamper Market
· Polystyrenefoams are extensively employed in building and appliance insulation,surfboards, and lightweight protective packaging. The attributes of polystyrenefoam such as endurance to infiltration of moisture & condensation anddurability make it a key alternative for usage in the production of sheet metalouter casing and inner liners for refrigerators and freezers.
· Polyvinylchloride foam is made up of polyvinyl chloride and polyuria. It offerscharacteristics such as good mechanical strength, fire retardancy, chemicallyresistance, and endurance to bacterial growth. These foams are used in thermalinsulation of non-structural parts, road signs, and sandwich structures ofboats, among others, owing to the various characteristics of polyvinyl chloridefoam.
Asia Pacific a Prominent PET Foam Market
· In termsof volume, Asia Pacific constituted a prominent share of the globalpolyethylene terephthalate foam market in 2018, due to economic growth in theregion and rise in foreign investments in India, China, and Malaysia. This isexpected to boost the automotive and building & construction sectors,thereby driving the PET foam market.
· The PETfoam market in Asia Pacific is estimated to expand at a significant pace in thenear future, due to the increase in per capita income of consumers and growthin the middle class population. Rise in the number of regulations to lowerenergy consumption in buildings is also projected to boost the demand for PETfoams during the forecast period. Additionally, increase in sustainablebuilding initiatives by governments is likely to drive the polyethyleneterephthalate foam market in Asia Pacific.
· Chinaaccounted for a major share of the PET foam market in Asia Pacific in 2018, owingto a significant increase in the demand for automotive equipment in the lastfew years in the country. The Government of China supports advancements intechnological production capabilities. China’s National Development and ReformCommission is in the process of overseeing a multi-trillion-dollar nationwideproject to industrialize the underdeveloped western provinces of the country.This project is expected to boost the PET foam market in China.
· ASEANconstituted a key share of the polyethylene terephthalate foam market in AsiaPacific in 2018. According to the Pew Research Center, ASEAN countrieswere the fourth-largest U.S. export market in 2015. Exportsexceeded US$ 100 Bn in the year, an 81% increasesince 2004.
Top Five Players Accounted for ~ 80% Market Sharein 2018
The global polyethylene terephthalate foam market is consolidated, andis 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% shareof the global market in 2018. The global PET foam market isdominated by Armacell International S.A., which is the largest manufacturer ofPET Foam across the globe.
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Armacell International S.A. is a global leader in manufacture offlexible foam for the equipment insulation market. It is also a leadingprovider of engineered foam across the globe. The company invests in mergers& acquisitions in order to maintain its leading position.
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