Global PET Foam Market: Overview
Polyethylene terephthalate, better known as PET, is one of the most widely used materials in the world at present. The global PET market is a key part of the global market for thermoplastic materials and has enjoyed a sustained expansion due to its use in PET bottles. However, the structural and mechanical properties of PET have allowed its use in little else. Hence, the rise of the global PET foam market is vital for the global PET industry and could have a definitive impact on the development of the same in the coming years.
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The two main product segments of the global PET foam market are high-density and low-density foam. The key application segments of the global PET foam market are transportation, packaging, wind energy, building and construction, and marine. Of these, the marine and wind energy sectors are likely to play crucial roles in the development of the global PET foam market in the coming years.
Global PET Foam Market: Drivers and Restraints
The increasing demand from the wind energy sector is likely to be an important driver for the global PET foam market. Wind energy generation is becoming a vital part of the global energy sector due to the rising problems concerning energy scarcity. The environmental viability of wind energy is also aided by the use of PET foam, which provides a stable but light structure.
The growing demand from the pet foam market has come at the expense of conventional core materials such as balsa, PVC, SAN, and PMI. The unique stability to density ratio of PET foam is a prime factor responsible for the strong surge of the global PET foam market, as the lightweight material has found application in several sectors which don’t require the structural rigidity of conventional foams. The reliable structural soundness of PET foam has made it a favorite in several application sectors that value the rigidity provided by PET foam at low costs. The low maintenance requirements of PET foam are another key property benefiting its demand.
The booming construction industry could also play a key role in the development of the global PET foam market in the coming years. The construction industry has been a prime beneficiary of the rising disposable income of consumers in emerging regions and is likely to grow steadily due to the demand for new residential construction.
Global PET Foam Market: Geographical and Competitive Dynamics
Asia Pacific is likely to dominate the global PET foam market in the coming years due to the presence of a booming construction industry. China and India, among others, are witnessing rapid growth in their construction industry, which is certain to have an effect on the PET foam market in the region as well. The increasing disposable income of consumers in Asia Pacific, as well as in Latin American countries such as Brazil, is also likely to benefit the global PET foam market, as this could lead to a rising demand for PET foam in the transportation sector. North America is likely to remain a leading regional market for PET foam due to the high disposable income of consumers in the region and the prominent role of American manufacturers in the production of PET foam in the global market.
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Armacell International S.A. is the leading player in the global PET foam market. Other key companies in the PET foam market include BASF SE, Sekisui Plastics, DIAB Group, Changzhou Tiansheng New Materials Co. Ltd., Gurit Holding, and Carbon-Core Corp.