This study intends to unfurl the multiple facets of global PET foam market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
PET Foam Market to Remain Largely Influenced by an Expanding Building and Construction Industry
Increasing demand for PET foam in the building and construction sectors prevails as a critical factor in driving the growth of the market. PET foam is largely used as composite material in this sector to manufacture roofs, gates, window frames and doors. Moreover, thermal insulation and structural load bearing characteristics of PET foam make it an apt beneficial solution in the construction industry. In addition, its density is less compared to other materials used in construction and it helps in reducing the structural and installation costs. In this backdrop, growing building and construction sector backed by rising investments is expected to fuel the use of PET foam. This factor continues to influence the PET foam market growth by offering new avenues on the global front.
Growing Dependency on Wind Energy to Prevail as an Opportunity for PET Foam Market
Furthermore, use of PET foam in the wind energy space is also likely to contribute towards its market growth. PET foam is applied in sandwich constructions for nacelles, spinners and rotor blades. It is a widely considered option in the manufacturing of wind blades along with other structural components. This is mainly owing to its superior strength to weight ratio, versatility and durability that has fuelled its adoption in the wind energy sector. These functional properties of PET foam facilitate improved performance, flexible design, enhanced energy efficiency and cost reductions.
Moreover, increased inclination towards adoption of clean and renewable energy sources has driven the demand for wind energy. Growing focus towards making economies carbon-neutral has been encouraging development of large capacity wind turbines. Also, as an effort to reduce carbon emissions, increasing dependency on wind energy to generate electric power has fuelled the development of wind farms. For instance, according to the Global Wind Energy Council (GWEC), in 2020, inclusion of approximately 7 GW in this existing wind capacity in the US was carried out. Similarly, according to WindEurope around 27% of the total electric supply in Germany is through adoption of wind energy and by end of 2030, a target of reaching 65% has been slated by the country. This is expected to trigger investments in wind energy, in turn providing new opportunities for the use of PET foam in the manufacturing of wind blades. In this backdrop, growing wind farms and manufacturing of required components is expected to bode well for the PET foam market.
Automotive Industry’s Growth to Largely Contribute Toward PET Foam Market Progress
The automotive sector has witnessed rising inclination towards lightweight and fuel efficient vehicles since the past few years. This has resulted in an increase in the demand for lightweight composite materials and automotive plastics, in turn influencing sales of PET foam in this sector. PET foam brings a good value addition as it provides superior thermal stability, good electrical properties, low water absorption and exceptional surface properties. This has pushed its use in the manufacturing of vehicle’s external body parts and housing of several automotive components such as engine cover, wiper arms, connector housings, interior trim, and headlamp retainer among others. By replacing heavy material with PET foam can lead to significant weight reductions which in turn contribute towards improvement in the vehicle’s fuel efficiency. In addition, use of PET foam can facilitate cost effective mass production of vehicles without compromising stability and structural strength. That said, manufacturers and providers of PET foam can expect a plethora of opportunities for growth from the automotive and transportation industry in the forthcoming years.
Low Density PET Foam to Reign Supreme in Global PET Foam Market
PET foam with low density is expected to witness increased adoption across several end use industries in the years to follow. Low density PET foam, being light in weight, is widely used as a composite material in industries such as automotive, construction, wind energy and transportation among others. PET foam with low density also serves as a replacement for balsa wood or polystyrene in structural sandwich constructions. Also, its functional properties such as durability, high structural strength and thermal insulation make it a viable option for end user applications. In this background, growing sales of low density foams is expected to largely contribute towards revenue growth of the PET foam market.
Asia Pacific Stands Tall in Global PET Foam Market
The developing nations in Asia Pacific are expected to hold a significant value and volume share in the PET foam market. This is mainly owing to rising applications of PET foam in end user industries such as construction, automotive and wind that are gaining steam in Asia Pacific. Countries such as China and India among others are focusing on making their economies carbon-neutral. This has paved potential pathways for the use of renewable and sustainable natural energy sources, such as wind energy. Thus, use of PET foam in wind sector for manufacturing of wind turbine blades makes a remarkable contribution in enhancing the value growth of its market. Also, stable economic ascend, rise in construction activities and the automotive industry remains instrumental in driving the growth of the PET foam market in Asia Pacific.
PET Foam Market: Competition Scenario
Key players in the PET foam market are adopting strategies such as partnerships, collaborations, and new launches by leveraging novel technologies to strengthen their position. For instance, in 2021, Diab Group adopted Sabic’s LNP Colorcomp nanotechnology compound. This compound facilitates reduction in weight and enhances sandwich constructions’ mechanical qualities by using PET foam which is used as a core material in wind turbine blades. Same year in April, Armacell and METYX collaborated to serve composite manufacturing market in Turkey. Through this partnership, PET foam products could be provided using distribution expertise of METYX and manufacturing expertise of Armacell.
A few of the major players in PET foam market include Armacell International SA, Carbon-Core Corp, DIAB Group, 3A Composites, Huntsman International LLC, Sekisui Plastics, and Gurit Holdings.
Regional Classification of the Global PET Foam Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global PET Foam Market
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