Polyethylene Terephthalate Foam Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.53 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polyethylene Terephthalate Foam Market Analysis
The Polyethylene Terephthalate (PET) Foam Market size is expected to grow from USD 491.09 million in 2023 to USD 706.01 million by 2028, at a CAGR of 7.53% during the forecast period (2023-2028).
The market was negatively impacted due to COVID-19. Owing to the pandemic, several countries worldwide went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. The PET Foam market currently recovered from the COVID-19 pandemic and is increasing significantly.
- The major factors driving the studied market's growth are the growing demand for lightweight vehicles, increasing construction activities in Asia-Pacific, and growing demand from the packaging industry.
- The substitutes' availability of PET foam will likely hinder the market's growth.
- Potential growth in the wind energy market and the growing trend of using recycled PET materials will likely create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Polyethylene Terephthalate Foam Market Trends
Increasing Usage in the Automotive Industry
- Due to the increasing consumer demand for fuel-efficient and lightweight vehicles, the demand for lightweight plastics and composite materials increased in recent years. PET foam offers good thermal stability, low water absorption, good electrical properties, and excellent surface properties.
- PET foams are used in various automotive parts such as wipers, arms and gear housings, engine covers, interior trim, connector housings, headlamp retainers, and many more. Substituting heavier materials with foam leads to an overall weight reduction of around 10%, which results in a 3% to 7% improvement in fuel efficiency.
- In 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA), global automobile production increased by 6% compared to the previous year due to increasing global demand for private mobility and other factors. In 2022, the global motor vehicle production was 8,50,16,728.
- In addition, the development of electric vehicles may continue to gain momentum in the upcoming years, especially in Europe, China, and the United States. Many government programs are promoting a move from fossil fuels due to various environmental concerns.
- Due to all these factors, the PET Foams market will likely grow worldwide during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. China is one of the fastest emerging economies and became one of the biggest production houses in the world.
- China is the largest manufacturer of automobiles in the world. The country's automotive sector is shaping up for product evolution, focusing on manufacturing products to ensure fuel economy and minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country). According to OICA, in 2022, China's motor vehicle production was 2,70,20,615.
- According to World Resources Institute (WRI), China is in the middle of a construction mega-boom. The country includes the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- In India, the production of vehicles stood at 43,99,112 in 2021 and increased to 54,56,857 in 2022, which increased by 24% compared to the previous year.
- Due to all such factors, the region's market for polyethylene terephthalate foam is expected to grow steadily during the forecast period.
Polyethylene Terephthalate Foam Industry Overview
The polyethylene terephthalate (PET) foam market is partially consolidated in nature. Some of the major players in the market include Carbon-Core Corp., Armacell, CoreLite, Diab Group, and Gurit Services AG, among others.
Polyethylene Terephthalate Foam Market Leaders
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Carbon-Core Corp.
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Armacell
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Gurit Services AG
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Diab Group
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CoreLite
*Disclaimer: Major Players sorted in no particular order
Polyethylene Terephthalate Foam Market News
- Recent developments in the market studied will be covered in the complete report.
Polyethylene Terephthalate Foam Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand of Lightweight Vehicles
4.1.2 Increasing Construction Activities in Asia-Pacific
4.1.3 Increasing Demand from the Packaging Industry
4.2 Restraints
4.2.1 Availability of Substitutes for PET Foam
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Low-Density PET Foam
5.1.2 High-Density PET Foam
5.2 End-user Industry
5.2.1 Building and Construction
5.2.2 Marine
5.2.3 Packaging
5.2.4 Transportation
5.2.5 Wind Energy
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share *%) Analysis**/Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Airex AG
6.4.2 Armacell
6.4.3 Composites One
6.4.4 Carbon-Core Corp.
6.4.5 CoreLite
6.4.6 Diab Group
6.4.7 Gneuss Kunststofftechnik GmbH
6.4.8 Gurit Services AG
6.4.9 Liner
6.4.10 Nanjing Chuangbo Machinery Co., Ltd.
6.4.11 Sekisui Kasei Co., Ltd.
6.4.12 TOPOLO
6.4.13 USEON Technology Limited
- *List Not Exhaustive
7. Market Opportunities And Future Trends
7.1 Potential Growth in Wind Energy Market
7.2 Growing Trend of Using Recycled PET Materials
Polyethylene Terephthalate Foam Industry Segmentation
Polyethylene Terephthalate (PET) Foams manufacture exterior body parts and casing, housing various automotive parts and other applications. The PET Foam market is segmented by product type, end-user industry, and geography. The market is segmented by product type into low-density PET foam and high-density PET foam. By end-user industry, the market is segmented into building and construction, marine, packaging, transportation, wind energy, and other end-user industries. The report also covers the market size and forecasts for PET foam in 15 countries across major regions. Each segment's market sizing and forecasts are based on revenue (USD million).
| Type | |
| Low-Density PET Foam | |
| High-Density PET Foam |
| End-user Industry | |
| Building and Construction | |
| Marine | |
| Packaging | |
| Transportation | |
| Wind Energy | |
| Other End-user Industries |
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Polyethylene Terephthalate Foam Market Research FAQs
What is the current Polyethylene Terephthalate (PET) Foam Market size?
The Polyethylene Terephthalate (PET) Foam Market is projected to register a CAGR of 7.53% during the forecast period (2024-2029)
Who are the key players in Polyethylene Terephthalate (PET) Foam Market?
Carbon-Core Corp., Armacell, Gurit Services AG, Diab Group and CoreLite are the major companies operating in the Polyethylene Terephthalate (PET) Foam Market.
Which is the fastest growing region in Polyethylene Terephthalate (PET) Foam Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyethylene Terephthalate (PET) Foam Market?
In 2024, the Asia Pacific accounts for the largest market share in Polyethylene Terephthalate (PET) Foam Market.
What years does this Polyethylene Terephthalate (PET) Foam Market cover?
The report covers the Polyethylene Terephthalate (PET) Foam Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyethylene Terephthalate (PET) Foam Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyethylene Terephthalate (PET) Foam Industry Report
Statistics for the 2024 Polyethylene Terephthalate (PET) Foam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyethylene Terephthalate (PET) Foam analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
