The global PET foam market is estimated to exceed US$ 399.33 million in 2023 to US$ 798.3 million by 2032, growing at a compound annual growth rate (CAGR) of 8% during the forecast period from 2024 to 2032.
PET foam is a type of closed-cell thermoplastic structural foam derived from PET resin, which stands for polyethylene terephthalate. It is typically produced through the polymerization of ethylene glycol and terephthalic acid. This material finds applications in various industries, including wind energy, packaging, transportation, marine, building, and construction. Specifically, it is used in wind energy sandwich panels and shipbuilding to prevent material damage and provide thermal insulation for stability at high temperatures. Polyethylene terephthalate (PET) is a widely used engineering thermoplastic material and polymer, known for its high strength, toughness, high glass transition temperature, superior mechanical properties, chemical resistance, and excellent dimensional stability.
Rising Construction Activity
The global surge in building and construction activities is propelling the PET foam market, given its extensive application in the manufacturing of windows, frames, interior architecture, facades, roofs and domes, doors, gates, bathtubs, and various other construction components.
According to Oxford Economics, the global construction output is projected to increase by over US$4.2 trillion in the next 15 years, soaring from US$9.7 trillion in 2022 to an estimated US$13.9 trillion by 2037. Notably, China, the US, and India are anticipated to contribute to 51% of the total construction work by 2037. This growth is poised to bolster the economic development of these countries, which collectively account for over a third of the world’s population and economic output.
PET foam possesses a unique combination of structural load-bearing and thermal insulation properties, making it an advantageous building material in the construction industry. Additionally, it exhibits lower density compared to traditional construction materials, thereby contributing to reduced installation and structural costs. Consequently, the upsurge in investment in infrastructure development activities in developing nations is forecasted to fuel the demand for PET foam, consequently driving market growth.
Availability of Substitutes
PET foam is both inexpensive and lightweight, with excellent mechanical and thermal insulating capabilities. It also exhibits a higher temperature tolerance, lower toxicity, ease of recycling, and a lower carbon footprint. However, the consistent production of stable, homogeneous PET foams presents challenges, which can deter some producers from using them. The addition of additives, such as chain extenders, is necessary for PET foaming, and specialized equipment designed for high temperatures is required due to PET's melting point of about 250°C.
In the market, there are several core foams available, including Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), Polymethacrylimide (PMI), and Polyetherimide (PEI). These foams are known for their ease of processing and shaping, as well as their excellent strength-to-weight ratio. Consequently, they are widely utilized across industries such as wind energy, aerospace and defense, marine, and transportation, positioning them as potential substitutes for PET foam. As a result, the existence of these substitutes is considered a significant restraint for the market growth of PET foam.
Rising Adoption of Recycled PET Foam
The increasing demand for recycled PET across various industries, including food and beverage, packaging, and automotive sectors, presents significant opportunities in the market. As a result, leading companies have begun producing recyclable plastics in response to the escalating greenhouse gas emissions associated with plastic manufacturing and the environmental impact of plastic waste. Recycled PET is a material that can be easily recycled compared to other polymers, thereby contributing to the expansion of the market.
According to the Ellen MacArthur Foundation, only 14% of the plastic packaging utilized globally is recycled, with 40% ending up in landfills and another third in delicate ecosystems such as the ocean. It's projected that by 2050, there could be more plastic in the ocean than fish, highlighting the urgency of addressing this issue. Fortunately, several pioneering organizations are investing time and resources in developing more circular packaging solutions to improve this concerning trend.
The PET Resin Association states that polyethylene terephthalate is the most recycled plastic globally. In the United States alone, over 680 tons of PET bottles and containers are recycled annually. Additionally, the demand for single-use plastic products, including cutlery, straws, bottles, cups, and food packaging, is on the rise due to the disposable nature of the product, further driving the demand for recycled PET.
By Density Composition
While low-density foams offer greater softness and flexibility compared to high-density foams, they are not able to withstand extreme pressure or weight. Due to its superior performance in numerous applications, low-density PET foams hold a larger market share than high-density PET foams. Particularly in commercial container applications, low-density PET foam is preferred because it performs better at low temperatures and provides the necessary rigidity for deeply formed containers.
Due to its lightweight nature, good chemical resistance, and electrical resistance, low-density PET foam is considered an ideal choice for various end-use sectors, including transportation, building and construction, and packaging. The rapid growth of the packaging, building, and construction sectors, as well as the widespread use of low-density PET foam and its superior attributes compared to alternative core materials in these industries, are driving the demand for low-density PET foams. Overall, the demand for low-density PET foam is expected to experience moderate to slow expansion during the forecast period.
By End-User
The wind energy segment is projected to experience rapid growth during the forecast period. The increasing power consumption globally necessitates a corresponding increase in energy supply. Depletion of fossil fuels and their fluctuating prices contribute to escalating energy costs, further emphasizing the need for substantial investments and advancements in power generation and grid infrastructure.
The demand for wind energy has been escalating due to the growing preference for cleaner and more efficient energy sources. It is anticipated that global electricity demand will surge by 75% by 2030. As of May 2024, the cumulative installed wind power capacity worldwide had reached approximately 1,021 gigawatts (GW) from 2001 to 2023, signifying a substantial increase compared to previous decades.
Consequently, the anticipated high growth in wind installations, coupled with the increasing technological utilization of recycled PET foam in wind turbines, is expected to drive robust growth for PET foam in the wind industry.
Regional Analysis
The Asia-Pacific region is poised to dominate the PET foam market, with China emerging as one of the world's largest production hubs. China's automotive sector, the largest globally, is focusing on product evolution to enhance fuel economy and reduce emissions, aligning with the growing environmental concerns due to increasing pollution in the country.
Additionally, China is in the midst of a construction mega-boom, with the largest building market globally, accounting for 20% of all construction investment worldwide. The country is expected to invest nearly USD 13 trillion in buildings by 2030. In India, the production of vehicles has seen a significant increase, indicating a steady growth in the region's market for PET foam during the forecast period.
The economic rise of China and its influence in the Asia-Pacific region have been met with mixed perceptions. While China's economic growth is welcomed in emerging markets, concerns about its growing military might and influence are prevalent, particularly among its neighbors in the region.
Despite these sentiments, China's economic influence continues to shape the global economy, with its economy being a primary engine of regional and global growth for decades. As a result, the region's market for PET foam is expected to experience steady growth, driven by significant developments in China's automotive and construction sectors.
Key Companies Operating in the Global PET Foam Market
Market Segmentation Outline
By Density Composition
By End-Use
By Region
1 INTRODUCTION OF GLOBAL PET FOAM MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PET FOAM MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PET FOAM MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PET FOAM MARKET, BY DENSITY COMPOSITION
5.1 OVERVIEW
5.2 HIGH-DENSITY
5.3 LOW-DENSITY
6 GLOBAL PET FOAM MARKET, BY END-USER
6.1 OVERVIEW
6.2 BUILDING & CONSTRUCTION
6.3 AUTOMOTIVE & TRANSPORTATION
6.4 AEROSPACE & DEFENSE
6.5 MARINE
6.6 WIND ENERGY
6.7 PACKAGING
6.8 OTHERS
7 GLOBAL PET FOAM MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL PET FOAM MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 3A COMPOSITES
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 ARMACELL INTERNATIONAL S.A.
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 CARBON-CORE CORP.
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 CHANGZHOU TIANSHENG NEW MATERIALS CO., LTD.
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 COMPOSITE ESSENTIAL MATERIALS LLC
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 CORELITE
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 DIAB GROUP
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 GURIT HOLDING AG
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 HUNAN RIFENG COMPOSITE CO., LTD.
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 HUNTSMAN INTERNATIONAL LLC
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 NITTO DENKO CORPORATION
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 PETRO POLYMER SHARGH (PPS)
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 SEKISUI CHEMICAL CO. LTD.
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 VISIGHT COMPOSITE MATERIAL CO., LTD.
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 XTX COMPOSITES
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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