PET Foam Market – Global Forecast to 2025

CITY, Country, 2021-Aug-19 — /EPR Network/ —

The PET foam market is projected to grow from USD 316 million in 2020 to USD 448 million by 2025, at a CAGR of 7.2% from 2020 to 2025. PET foam is majorly used in the wind energy, marine, transportation, building & construction, and packaging end-use industry. Hence, the continuous growth of these industry would drive the PET foam market during the forecast period.  Increasing use of renewable sources for energy production and growing demand for the light-weight vehicles is anticipated to drive the PET foam market in wind energy and transportation sector worldwide.

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However, availability of a number of substitutes to PET foam is a restraint to the market growth. There are various core foams available in the market, such as Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), Polymethacrylimide (PMI), and Polyetherimide (PEI). These foams are easy to process and shape and provide an excellent strength-to-weight ratio. Therefore, they are used across the wind energy, aerospace & defense marine, and transportation end-use industries. These foams can be considered a potential substitute for PET foam. Thus, the presence of a large number of substitutes is considered a key restraint for market growth.

Based on grade, low-density PET foam segment is estimated to account for the largest market share in 2020, in terms of volume and value. Low-density PET foam is considered an ideal solution for various end-use industries including transportation, wind energy, building & construction, and packaging, owing to its lightweight and excellent chemical and electrical resistance. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.

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The wind energy application segment dominated the PET foam market, in terms of volume and value, in 2020. PET foam is extensively used in wind blades owing to its advantageous properties. For instance, PET foam offers excellent stiffness, fatigue, and strength-to-weight ratio. This lightweight structure plays an important role in the manufacturing of wind blades, helping in the manufacture of larger and more efficient rotor blades. The compressive and shear strength of the foam must hold up the mechanical structure of the wind blade. PET foam is used in the manufacturing of wind turbine blades and their parts such as rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance.

Asia Pacific is the largest region in the PET foam market owing to the increasing investments and infrastructural projects undertaken by the region’s emerging economies, such as China and India. Further, the growing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the region.

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