Global PET Foam Market size was valued at US$ XX Bn in 2019 and the total revenue is expected to grow at 7.2% through 2020 to 2026, reaching nearly US$ XX Bn.
The global PET Foam market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global PET Foam report also provides trends by market segments, technology, and investment with a competitive landscape.
Global PET Foam Market Overview:
PET foam has wide applications in the composites industry, thanks to its excellent mechanical properties like lightweight, high mechanical strength, and high-temperature resistance, over other plastics. Growing demand for environmentally-friendly plastics has fueled the trends in the PET foam market during the forecast period.
Global PET Foam Market Dynamics:
Increasing Building & Construction Industries
PET foam is extensively employed in window frames, interior architecture, facades, roofs & domes, doors, gates, shower cabin lines, bathtubs, and exterior cladding panels in the building & construction industry. According to the International Trade Administration (ITA), the Chinese construction industry is forecasted to grow at an annual rate of more than 5% in real terms between 2019 and 2026.
Increasing Automotive Industry
PET foam offers various benefits such as good thermal stability, low water absorption, good electrical properties, and excellent surface properties. As a result, it widely used in casing and housing various automotive parts. This factor drive market growth all over the globe. According to the International Trade Administration (ITA), China is the world’s largest vehicle market and the Chinese government is expecting that automobile production to reach 35 million by 2026. With the increasing automotive industry, the demand for PET foam also increases. Hence, the increasing automotive industry acts as a driver for the PET foam market during the forecast period 2020-2026.
Availability of Substitutes
Substitute like Polymethacrylimide (PMI), and Polyetherimide (PEI) are expected to hinder the market growth during the forecast period.
Global PET Foam Market Segment Analysis:
By Grade, the market is segmented into low-density and high-density. Low-density segment account for the largest share of the global PET foam market in 2019 thanks to its high use for various end-use industries including transportation, wind energy, building & construction, and packaging thanks to its light weight and admirable chemical and electric resistance. Hence, many applications of low-density PET foam and its excellent qualities compared to other core materials, this factor expected to drive the market growth during the forecast period.
Global PET Foam Market
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By Application, the market is segmented into wind energy, transportation, marine, building & construction, packaging, and others. The wind energy segment is expected to grow at a rapid pace during the forecast period. PET foam is largely used in wind blades because of its helpful properties and it offers excellent stiffness, fatigue, and strength-to-weight ratio. This ratio plays an important role in the manufacturing of wind blades and their parts like rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance.
Global PET Foam Market Regional Insights:
Automotive sector in Asia Pacific drive the demand for PET Foam Market in the region
The Asia Pacific dominated the major market in 2019. In these region, China is the largest market, in terms of GDP. China’s manufacturing sector is one of the major contributors to the economy. China is the largest manufacturer of automobiles in the world. The country’s automotive sector shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions.
The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
Europe is expected to be the second largest PET Foam Market during the forecast period.
The PET foam market in Europe is likely to expand at a CAGR of more than 7% during the forecast period, thanks to the rise in the demand for these foams in transportation and aerospace industries. Industrial automation, technological reforms, and the presence of some large automotive production companies in Western Europe are factors boosting the market in Europe.
Europe is the striking region of the global PET foam market, propelled by the growth in the stringent rules about plastic recycling and technological reforms in the region. The increase in immigration and the growth of urbanization in Europe has resulted in the expansion of local housing facilities in the region. This is expected to drive the building & construction sector in Europe during the forecast period. This, in turn, is expected to enhance the demand for PET foam in roofs and domes in the region.
The objective of the report is to present a comprehensive analysis of the global PET Foam market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global PET Foam market dynamics, structure by analyzing the market segments and project the global PET Foam market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global PET Foam market make the report investor’s guide.
Global PET Foam Market Scope:
Global PET Foam Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Global PET Foam Market Key Players
• Armacell International S.A.
• 3A Composites
• BASF SE
• Sekisui Plastics Co., Ltd.
• Huntsman International LLC
• CoreLite, Inc.
• DIAB Group
• Changzhou Tiansheng New Materials CO., LTD.
• Carbon-Core Corporation
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