- PET foam market is estimated to garner higher revenues during assessment period 2019–2027. Growing product use in automotive and construction industry will help in boosting market sales
- Increased construction activities in Asia Pacific will lead to increased product demand, and thereby boost regional market expansion during forthcoming years
ALBANY, N.Y., July 14, 2021 /PRNewswire/ -- Polyethylene terephthalate (PET) foams are gaining traction owing to their environment-friendliness and reliability. Apart from this, the ability of these foams to work as alternative for many products such as polyurethane, polystyrene, polyetherimide and polymethacrylamide foams is likely to bring stupendous sales opportunities in the PET foam market in the forthcoming years.
The global PET Foam market is all set to expand at attractive CAGR of ~7% in the analysis period 2019–2027, according to a new research report published by TMR. The total valuation of the market was around ~ US$ 195 Mn during 2018.
Diverse Features of PET Foam Makes it Perfect Fit in Automotive Industry
Over the period of past few years, the companies engaged in the automotive industry are growing the use of PET foam owing to a wide variety of properties it holds. Anti-virus, exceptional fire prevention, UV-protection, and smoke-proof are some of the key properties of PET foam. Apart from this, the product is gaining traction on the back of outstanding anti-fatigue, mechanical, low water absorption, and stable chemical properties. Thus, increased product adoption across the automotive sector may bring fabulous sales avenues for players operating in the global PET foam market in the assessment period 2019 to 2027.
Construction Industry: One of the key End-Users of PET Foam Market
In construction industry, PET foam finds application in a wide range of activities. Some of the key applications of this product are during the manufacturing of interior architecture, window frames, roofs and domes, facades, gates, doors, bathtubs, exterior cladding panels, and shower cabin lines in the building and construction industry. Over the period of past few years, many developing nations are growing investments toward the infrastructure development activities. This is one of the key factors that will magnify sales avenues in the PET foam market in the years to follow.
Owing to the nontoxic nature of the PET foam, it is considered safe for humans. At the same time, the product is hormone-free and microwave-safe. In addition to this, the superior heat-resistant and gas-barrier properties of PET foam make it perfect for use in the manufacturing of food trays.
PET foam is increasingly utilized as one of the core materials for sandwich structures. Moreover, the product is extensively used as a substitute for many conventional materials including styrene acrylonitrile, polyvinyl chloride, and balsa.
The global PET foam market is forecasted to gather promising expansion avenues in the forthcoming years. This growth can be attributed to many factors including sizable growth of the wind energy sector, owing to rising demand for renewable energy.
In the marine industry, PET foam products are employed for various purposes such as superstructure, hulls, bulkheads, decks, interiors, and stringers. Apart from this, the product is extensively incorporated during the production of racing boats and recreational boats owing to their ability to offer superior rigidity and strength at low weight. As a result, the expansion of the marine industry and technological advancements in this industry are some of the key factors that will bring sizable demand opportunities in PET foam market during the forthcoming years.
PVC Foam Sheet Market - The global PVC foam sheet market for structural composites was valued at ~US$ 900 Mn in 2019 and is anticipated to expand at a CAGR of ~4% from 2020 to 2030. PVC foam sheet for structural composites is a closed-hole cross-linked structure, which possesses high rigidity, excellent strength-to-weight ratio, and toughness. PVC foam sheets are used in a wide range of applications, such as transportation, wind energy, marine, and building & construction, due to these properties. In terms of demand, Asia Pacific accounted for a major share of the global PVC foam sheet market for structural composites in 2019. It was followed by Europe and North America. China held dominant share of the PVC foam sheet market for structural composites in the region in 2019. Based on value, the PVC foam sheet market for structural composites in Asia Pacific is expected to expand at a CAGR of more than 4% during the forecast period.
Low Density Polyethylene (LDPE) Foams Market - Low density polyethylene foams play an imperative role in minimizing packaging volumes and weight due to which, adoption across the packing sector is expected to grow. Over the past couple of decades, investments in research and product development activities have increased at a rapid pace due to the tightening market landscape, evolving consumer demands, and regulatory landscape. Environmental concerns around the world have led to the development of recyclable low density polyethylene foams in recent years– a factor that is projected to drive market growth. At the back of these factors, the global low density polyethylene (LDPE) foams market is expected to attain a market value of ~US$ 3 Bn by the end of 2030.
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