(MENAFN- PR Newswire) CHICAGO, Feb. 18, 2021 /PRNewswire/ -- According to the new market research report "PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging and Others ), Region - Global Forecast to 2025", published by MarketsandMarkets™, the PET Foam Market is projected to grow from USD 316 million in 2020 to USD 448 million by 2025, at a CAGR of 7.2% from 2020 to 2025.
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The market is witnessing growth due to factors such as, rising wind energy, transportation and building & construction industries in emerging economies around the world. Increasing use of renewable sources for energy production and growing demand for the light-weight vehicles is anticipated to drive the PET foam market in wind energy and transportation sector worldwide.
By grade, low-density PET foam is estimated to be the leading segment of PET foam market from 2020 to 2025, in terms of value and volume.
Low-density PET foam is considered an ideal solution for various end-use industries including transportation, wind energy, building & construction, and packaging, owing to its lightweight and excellent chemical and electrical resistance. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.
By application, wind energy application is estimated to be the fastest-growing segment of PET foam
PET foam is extensively used in wind blades owing to its advantageous properties. For instance, PET foam offers excellent stiffness, fatigue, and strength-to-weight ratio. This lightweight structure plays an important role in the manufacturing of wind blades, helping in the manufacture of larger and more efficient rotor blades. The compressive and shear strength of the foam must hold up the mechanical structure of the wind blade. PET foam is used in the manufacturing of wind turbine blades and their parts such as rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance.
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Asia Pacific is the largest and the fastest-growing region in the PET foam
Asia Pacific is the largest region in the PET foam market owing to the increasing investments and infrastructural projects undertaken by the region's emerging economies, such as China and India. Further, the growing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the region.
Armacell International SA (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), and Carbon-Core Corp. (US) are some of the key players operating in the PET foam market.
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