PET Foam Market to Reflect Impressive Growth Rate by 2027

PET Foam Market is projected to grow from USD 361 million in 2022 to USD 503 million by 2027, at a CAGR of 6.9% from 2022 to 2027. PET foam can be readily modified based on application requirements and is mainly used in the mid-layers of sandwiched composite structures. The market for PET foam is competitive and mainly dominated by established players. The threat of new entrants in this market is low, as the market is capital-intensive.

Browse 175 market data Tables and 37 Figures spread through 173 Pages and in-depth TOC on "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 Region - Global Forecast to 2027"

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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. These players have adopted strategies such as agreements, partnerships & joint ventures, new product & technology launches, and expansions to enhance their business revenue and market share. Expansion of manufacturing plants and offices globally is the key strategy adopted by these players to cater to the increasing demand for PET foam.

Diab Group (Ratos AB) is one of the major players in the global PET foam market. The company develops, manufactures, and sells core materials for sandwich composite structures. In October  2021, in the Mundra plant, SKAPS - Diab started production of pet foam. SKAPS manufactures Diabs Divinycell pet range of products in response to the rising demand for pet core materials from the wind energy sector in India. The material has been designed to meet blade designs with the goal of lowering wind blade production costs. It provides high shear strain and optimal resin uptake.

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By application, packaging segment is estimated to be the second fasted-growing segment during the forecast period, in terms of volume

PET foam is used in the packaging industry due to its varied properties such as recyclability, low weight, high compressive strength, flexibility, and temperature & chemical resistance. PET foam is used in the manufacture of food packaging trays & containers and packaging for electronic products. There have been advancements in technology in packaging products such as smart labels and thermochromic labels. The growth of the packaging industry is expected to drive the demand for PET foams.

Europe is the second largest growing region in the PET foam, in terms of volume

Countries such as Germany, France, the UK, Italy, and Spain are considered under Europe for market analysis. Low-density and high-density are the most used PET foams in Europe. They are widely used in wind energy, marine, transportation, construction applications. The PET foam market in Germany is expected to grow mainly due to the rising demand for core materials in the wind energy applications.

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