PET Foam Core: Key to Sustainable Agriculture
- Core materials are lightweight structural layers that are used to produce structures with high strength-to-weight ratio. Core materials are the key components of sandwich panel construction. These materials are insulated between layers of structural composites. Thus, they provide the resultant material greater strength properties than structures manufactured by using only skins.
- Polyethylene Terephthalate (PET) is a thermoplastic resin is available at a lower cost than other core materials with structurally sound core products. PET core materials can be heated and transformed to specific shapes. This makes PET core materials a favorable choice of core materials for a wide variety of applications. PET foam core is one of the widely used core materials across the globe.
- PET foam cores are used to manufacture structural sandwich composites for various applications including wind power, automotive, and building & construction
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Increase in Demand for PET Foam Core Market in Building & Construction Industry
- PET foam is widely used in window frames, interior architecture, facades, roofs & domes, doors, bathtubs, and exterior cladding panel in the building & construction industry
- In terms of volume, the global construction sector is expected to reach US$ 15.5 Trn by 2030. Currently, China, the U.S., and India account for 57% share of the global construction sector.
- The construction sector in the U.S. is estimated to expand at a rapid pace than that in China in the next 15 years. Growth in the construction sector is projected to be prominent in the southern states of the U.S.
- The construction sector in India is anticipated to expand almost twice as fast as that in China. The urban population in the country is expected to increase to 165 million by 2030, with the population of New Delhi rising by 10.4 million.
- Thus, rise in construction activities is estimated to boost the residential and non-residential sectors in the near future. This, in turn, is projected to augment the demand for PET foam products.
Rise in Demand for PET Foam Core in Wind Power to Offer Lucrative Opportunities
- In June 2017, the Netherlands-based tender for Borssele 1 & 2 off shore wind farm closed at a bid of EUR 72/MWh, while a Denmark-based near-shore tender closed at EUR 64/MWh. These low prices are due to the maturity of the industry, increase in investor confidence, and new developments in wind turbine manufacturing technologies.
- Decrease in cost and large unexplored potential in offshore wind power is anticipated to drive the global wind power industry in the near future. PET foam core is used to manufacture wind turbine blades across the world. Increase in demand for wind turbines due to new installation across the globe is estimated to boost the demand for PET core materials in the wind power applications during the forecast period.
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North America to Lead Global PET Foam Core Market
- In terms of region, the global PET foam core market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a leading consumer of PET foam core, followed by Europe and North America. Rise in demand for wind power in China, India, and Germany is expected to generate high requirement for PET foam core market during the forecast period. Additionally, increase in demand for food delivery trucks in developing countries of Asia Pacific such as China, India, Indonesia, and Vietnam is anticipated to offer lucrative opportunities to manufacturers of PET foam cores in the region during the forecast period.
- Increase in FDIs in the aviation industry in developing countries of Asia Pacific is also likely to fuel the PET foam core market in the region during the forecast period
Key Players Operating in PET Foam Core Market
The global PET foam core market is highly fragmented, with the leading manufacturers accounting for approximately 10% to 15% share. Key players operating in the global PET foam core market are:
- 3A Composites
- Diab Group
- CoreLite Inc.
- SAERTEX GmbH & Co.KG
- Airex AG
- DARCO Southern
- DAVLYN Manufacturing Co
Global PET Foam Core Market: Research Scope
Global PET Foam Core Market, by End-use Industry
- Wind Power
- Automotive & Transportation
- Building & Construction
Global PET Foam Core Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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