PET Foam Market Trend Analysis, Competitive Market Share

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PET Foam Market, By Raw Material, Trend
Analysis, Market Share Forecast, 2021-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm, BlueWeave Consulting,
revealed that the global PET foam market was
worth USD 252.5 million in the year 2020. The
data gathered by the study reveals that the
market is estimated to grow at the CAGR of 11.0,
earning revenue of around USD 504.1 million by
the end of 2027. PET Foams or Polyethylene
terephthalate foams are thermoplastic closed-cell
foams that are increasingly used in sandwich
construction. The growth of the PET foam market
can be attributed to a number of factors,
including the development of end-user sectors
such as construction, wind energy,
transportation, and packaging, among others.
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Growth drivers Infrastructural Development and
Surge in Construction Activities PET foam has a
wide variety of applications such as making
window frames, interior architecture, facades,
roofs domes, gates, shower cabin lines, etc. in
the construction industry. The construction
industry is rising at a very rapid rate. The
growth is especially significant in developing
countries, with expanding investment from the
government as well as private establishments.
This is estimated to pull significant demand for
PET foam in the forecast period, boosting the
growth of the global PET foam market.
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Restraints Rising Awareness Towards Environment
Protection and Sustainability The polyethylene
terephthalate (PET) foam market faces
restrictions with the rising awareness towards
environmental protection. Plastic is the prime
cause of pollution and environmental degradation
and is becoming a cause of concern for almost all
countries. Necessary steps are being taken to
limit the production of plastic to promote
sustainable development. For instance, Washington
State already passed a bill that bans the use of
PET foam. Other parts of the country like
Virginia are also following in the same
footsteps. This is expected to become a setback
for the growth of the global PET foam market.
Additionally, PET foam is dealing with a number
of drawbacks, especially in new application
areas.
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Impact of Covid-19 on Global PET Foam Market The
global PET foam market had to go through severe
disruption due to the Covid-19-induced pandemic.
Because of the Covid-19 outbreak, most countries
had to go into lockdown, halting numerous wind
energy and building construction projects and
activities, thereby hampering the growth of the
PET foam market. The production of all the
non-essential goods was either immediately paused
or cut down to half. This significantly declined
the need and demand for PET foam, directly
impacting the market growth. During the
post-Covid-19 period, the PET foam market is
estimated to grow as the operation of end-user
industries like construction, packaging,
transportation, etc. resumes.
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Global PET Foam Market - Regional
Insights Geographically, the global PET foam
market is segmented into North America, Europe,
Asia-Pacific, Latin America, Middle-East
Africa. Among these, Asia-Pacific is the most
dominant region due to the rising demand for PET
foam in the region for various constructional
activities and infrastructural development in
emerging economies such as India, China, Brazil,
Argentina, etc. Furthermore, the demand for PET
foam is very significant in high production
countries such as China, India, Japan, etc. with
foam used for many purposes such as packaging,
transportation, etc.
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Competitive Landscape The leading market players
in the global PET foam market are Nitto Denko
Corporation, 3M, Carbon-Core Corp., Huntsman
International LLC, Gurit, Petro Polymer Shargh,
Changzhou Tiansheng New Materials Co., Ltd., Diab
Group, Armacell, Sekisui Plastics Co., Ltd.,
Corelite, Visight Composite Material Co., Ltd,
Composite Essential Materials LLC, XTX
Composites, Hunan Rifeng Composite Co., Ltd,
Nitto Denko, 3A Composites, and other prominent
players. Sample Copy of the Report
https//www.blueweaveconsulting.com/report/global
-pet-foam-market/report-sample
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