PET Foam Market
PET Foam Market for Structural Composites (Type: Low Density Foams and High Density Foams; and Application: Transportation, Wind Energy, Marine, Building & Construction, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
PET Foam for Structural Composites to Replace PS Foams in Near Future
The various facets of modern day engineering have evolved at a rapid pace over the past couple of decades due to advancements in technology and research activities. In current engineering applications, due to increasing pressure from regulatory bodies to safeguard the environment, solutions, and products that play a key role in minimizing the environmental impact have gained considerable popularity, due to which the demand for polyethylene terephthalate (PET) foams across various industries has witnessed a consistent growth. This trend is expected to continue during the course of the forecast period.
The favorable functional and physical properties of PET foam for structural composites, including lightweight, low thermal conductivity, and optimum mechanical performance are some of the top factors that have increased the demand. Due to these favorable properties, PET foams for structural composites are increasingly being used in various industries, including packaging, transportation, and construction. In addition, PET foam for structural composites are being used for foam extrusion in applications wherein high output rates are required. In addition, PET offers optimum solvent resistance, thermal stability, impact resistance, and service temperature– a factor that is projected to generate substantial demand for PET foam, thus driving the PET foam market for structural composites during the assessment period.
At present, market participants are increasingly focusing on streamlining the production techniques and addressing the challenges associated with PET foam for structural composites production by optimizing the processing equipment. In addition, due to environmental factors, recycling of PET foam for structural composites has gained considerable attention. At the back of these factors, the global PET foam market for structural composites is expected to attain a market value of US$ 425 Mn by the end of 2030.
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Market Participants to Focus on Addressing Production Challenges to Gain Advantages
Over the past few decades, the adoption of PET foam for structural composites witnessed considerable growth due to its added benefits over polystyrene (PS) foams. However, the looming barriers at the production front could potentially dent the demand for PET foam for structural composites over the course of the forecast period. As a result, players operating in the current PET foam market for structural composites landscape are increasingly focusing on addressing these challenges by upgrading conventional foaming equipment and simultaneously increasing the process efficiency.
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Research and development activities across the PET foam market for structural composites are on the rise as investments continue to pour in at a steady pace. Stakeholders across the PET foam market for structural composites are of the opinion that over the next few years, PET foam for structural composites could replace PS foams and emerge as one of the most common packaging materials. PET foams for structural composites have gained considerable demand for an array of applications, including food packaging, pipe insulation, and wind turbines. In addition, PET foam for structural composites have low toxicity levels, are recyclable, and have a lower carbon footprint than PS foams due to which, the demand is set to outpace that of PS foams. Market players are expected to improve their extrusion equipment to gain a considerable edge over their competitors in the current market landscape. In addition, market participants are also expected to curate a technique that enables continual production of homogeneous PET foam for structural composites.
Restrictions on Cross-border Trade amid COVID-19 Pandemic to Hinder Market Growth
The ongoing COVID-19 pandemic is expected to have a strong impact on the global PET foam for structural composites market, particularly in 2020. As governments across the world are focusing on containing the novel coronavirus by imposing restrictions on trade, transportation, and lockdowns, the demand for PET foam for structural composites has declined by a substantial margin. As the automotive sector in China is showing minor signs of recovery in the second quarter of 2020, the demand for PET foam for structural composites could witness growth. However, the demand is expected to remain considerably lower in comparison with 2019. In addition, restrictions on cross-border trade, ongoing geopolitical tension between India and China coupled with trade war between the U.S. and China is expected to negatively impact the PET foam market for structural composites in the first half of the assessment period.
In the current situation, market players should focus on product diversification and tap into potential opportunities in the healthcare sector.
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The global PET foam market for structural composites is expected to grow at a CAGR of ~7% during the forecast period. The market growth can be largely attributed to the high demand for PET foams for structural composites from the food packaging, construction, and the automotive sector. The favorable functional and physical properties of PET foam for structural composites over PS foams will remain a major factor, due to which the demand is projected to witness consistent growth over the course of the forecast period. Participants in the PET foam market for structural composites should focus on addressing production barriers and formulate novel production processes to enhance operational efficiency and advanced extrusion equipment.
PET Foam Market for Structural Composites: Overview
- Polyethylene Terephthalate (PET) foam possesses excellent fire prevention, anti-virus, smoke-proof, and UV protection performance properties. It also possesses strong mechanical and anti-fatigue properties, stable chemical properties, and has low water absorption.
- The chemical property of PET foam remains stable with no expansion in high temperature conditions and curing process. It is an ideal core material for the manufacture of fireproof sandwich structures.
- Based on application, the global PET foam market for structural composites has been divided into transportation, wind energy, marine, building & construction, and others. The transportation segment held major share of the global PET foam market for structural composites in 2019. The segment is anticipated to expand at a rapid pace during the forecast period, led by rise in demand for PET foams in the production of various automotive parts.
- PET foams are primarily used in the production of supporting structures, interior parts, floors, and dividing walls. PET foams for structural composites are employed in the manufacture of structural base plates, roof panels, and front & rear end cap of rails in the locomotive or rail sector. Furthermore, PET foams are used in the formulation of interior parts of aircraft cabins, cockpit doors, interior panels, sport aircraft fuselage & wings, rotor blades, etc.
- The wind energy segment of the PET foam market for structural composites is expected to expand at a fast pace during the forecast period. PET foams for structural composites possess properties such as excellent heat & fire resistance, anti-corrosiveness, fire prevention, resistance to smoke, high rigidity, and excellent strength-to-weight ratio. This is likely to drive the demand for PET foams in the manufacture of various wind turbine parts.
Key Growth Drivers of PET Foam Market for Structural Composites
- Wind energy is one of the major segments of the PET foam market for structural composites. PET foam is used in sandwich constructions for rotor blades, nacelles, and spinners. Currently, the average size of onshore wind turbine stands at around 2.5 MW to 3 MW, with blades about 50 meters long. Nearly 1.725 kg of PET foam is used in an onshore wind turbine.
- Rise in environmental protection regulations across the globe is encouraging the power generation industry to opt for cleaner and environment-friendly energy resources. Major economies around the world are focusing on developing renewable energy to reduce their dependence on conventional power, which requires fossil fuels.
- According to the Global Wind Energy Council (GWEC), new installations in the onshore wind market reached 54.2 GW, while the offshore wind market passed the milestone of 6 GW, making up 10% of the global new installation, in 2019
- Renewable investment records indicate that the global dependence on coal and other fossil fuels has been decreasing due to the rise in investment in wind energy. This is projected to drive the PET foam market for structural composites.
Restraining Factors of PET Foam Market for Structural Composites
- PET foam faces stiff competition from core material substitutes such as styrene acrylonitrile (SAN), polyvinyl chloride (PVC), polystyrene (PS), polyurethane (PU), polymethacrylamide (PMI), polyetherimide (PEI), Ethylene-vinyl acetate (EVA), as well as balsa and honeycombs
- Polyurethane foams are extensively used due to their low density, thermal conductivity, and good mechanical strength. Additionally, the technology employed in the manufacture of polyurethane foams is well established. Therefore, these foams are superior to other foams. This is anticipated to hamper the demand for PET foam in structural composites applications in the near future.
Asia Pacific to Dominate PET Foam Market for Structural Composites
- In terms of volume, Asia Pacific dominated the global PET foam market for structural composites in 2019. The PET foam market for structural composites market in the region is expected to expand at a CAGR of ~8% during the forecast period. Asia Pacific is an attractive region of the global PET foam market for structural composites, led by the rise in the number of regulations regarding plastic recycling and technological reforms in the region.
- China is a key country of the PET foam market for structural composites in Asia Pacific, owing to the expansion of industries such as renewable energy in the country. China is a major hub for automotive products that employ PET foam.
- In terms of application, the wind energy segment accounted for the key share of the PET foam market for structural composites in Asia Pacific in 2019. The segment is anticipated to expand at a rapid pace during the forecast period due to the increase in demand for PET foams in wind turbine blades in the region. Wind energy products manufactured from PET foams include shear web, shells, edge closeouts, covers, platforms, and spinners.
- Increase in the middle class population, especially in emerging economies such as India, is estimated to drive the building & construction industry in the country. The need for energy-efficient and affordable housing is projected to rise in India during the forecast period. This is estimated to augment the demand for PET foams in the country.
Leading Players in PET Foam Market for Structural Composites
- Major players operating in the global PET foam market for structural composites include
- 3A Composites
- Armacell International S.A
- Sekisui Plastics Co. ltd.
- Huntsman International LLC
- BASF SE
- CoreLite, Inc
- Changzhou Tiansheng New Materials CO., LTD.
- Carbon-Core Corporation
- Producers of PET foam for structural composites are engaged in increasing their product offerings and expanding their footprint in the global market. For instance, on May 20, 2020, Diab decided to invest in a new production line for PET foam in China to meet the rising demand from the wind industry in the country. The company plans to invest in its existing facilities in Zhangjiagang, China, by the end of 2021.
PET Foam Market for Structural Composites – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global PET foam market for structural composites in order to accurately gauge its potential future development. The study presents detailed information about key drivers, restraints, and trends that are creating a landscape for the growth of the global PET foam market for structural composites so as to identify opportunities for stakeholders. The report also provides insightful information about how the global PET foam market for structural composites would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global PET foam market for structural composites market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are anticipated to configure growth of the global PET foam market for structural composites during the forecast period. It also includes a key indicator assessment that highlights growth prospects for the global PET foam market for structural composites, and estimates statistics related to the market growth in terms of value (US$ Mn) and volume (thousand square meters).
This study covers a detailed segmentation of the global PET foam market for structural composites, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global PET foam market for structural composites, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on PET Foam Market for Structural Composites
The report provides detailed information on the global PET foam market for structural composites on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global PET foam market for structural composites and are looking for innovative methods to create a unique benchmark in the market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global PET foam market for structural composites would emerge as a revenue generator for the market during the forecast period?
- How are key market players successfully earning revenues out of advantages of PET foam?
- What would be the Y-o-Y growth trend of the global PET foam market for structural composites between 2020 and 2030?
- What are the winning imperatives of leading players in the global PET foam market for structural composites?
Research Methodology – PET Foam Market for Structural Composites
The research methodology adopted by analysts for compiling the report on the global PET foam market for structural composites is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global PET foam market for structural composites.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global PET foam market for structural composites.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global PET foam market for structural composites.
PET Foam Market for Structural Composites – Segmentation
TMR’s research study assesses the global PET foam market for structural composites in terms of type, application, and region. This report presents extensive market dynamics and growth trends associated with different segments of the market and how they are influencing growth prospects for the global PET foam market for structural composites.