The construction industry is growing at an accelerating pace. Along with this, various demands have been made from the market. As a result, related markets tend to grow with the help of growing industries. The global PET foam market is one of the markets with increasing demand in this industry.
WILMINGTON, Del., March 12, 2024 (Globe Newswire) — Transparency Market Research Co., Ltd. – Based on the last recorded global pet foam market valuation, the industry is valued at approximately USD 238.4 million in 2021. However, market valuation is expected to progress at a modest CAGR of 7.1%. Reaching USD 474.1 million This growth is due to various factors including the development of related industries.
Many end-use industries accept PET foam as sandwich or core composite materials for various interior tasks. The main reason behind this increased acceptance is the superior physical properties of PET foam. Resistance to various temperatures, corrosion, and chemicals are the best properties that make it ideal for various industries. This will lead to a sudden increase in demand for the material.
Plastic recycling has become extremely popular over the past few years. It can be used to produce PET foam materials. This development will help in the significant growth of the target market, as the cost of the production process will be significantly reduced.
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The development of the architecture and construction industry is remarkable. Many countries have contributed significantly to this industry. This market requires greater level of he PET foam material and its demand is rapidly increasing and proving to be a strong market driving force for the global PET foam market.
Key findings from the market report
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The global pet foam market is segmented on the basis of factors such as grade of material used, end user industry, etc. High-density foam grades find a variety of applications in the furniture market. The reduction in weight density may facilitate lightweight applications of PET foam.
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On the other hand, low-density foam grades are a segment used in various industries, such as the marine industry and the wind energy sector.
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For the end-user industrial market segment, blades and nacelles used in the wind energy sector are manufactured using low-density PET foam materials.
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Finally, the transportation sector uses PET foam to increase the durability of roads and railways.
Main trends in the PET foam market
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September 2019, Nexam Chemical and Diab The latter worked together to increase the overall strength of the foam they produced. The technology investments made by the first organizations have achieved their objectives.
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Armacel set a record in April 2022 by using 2 billion recycled plastic bottles to produce PET foam.
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expansion of July 2022 Grit Holdings The scale of PET foam production has increased, increasing the scalability of the business.
competitive environment
The highly competitive global PET foam market will create a sense of a cluttered market with different organizations striving to diversify their products. Gurit Holdings operates in multiple areas to achieve the same. Epoxy resins are one such area. We also manufacture our own adhesives.
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Armacell manufactures a variety of HVAC systems, component foams, and insulation materials. Apart from this, the organization manufactures a range of UT tubes which are known for their better insulation properties and superior smoke and fire resistance.
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3A composite materials are well known as cladding materials. Apart from this, the company produces a variety of aluminum panels along with lightweight foam boards.
key player
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Armacel International SA
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3A Composite material
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Grit Holding AG
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DIAB Group
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BASF SE
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Sekisui Plastics Co., Ltd.
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Huntsman International LLC
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Corelight Co., Ltd.
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Changzhou Tiansheng New Materials Co., Ltd.
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Carbon Core Co., Ltd.
Regional overview
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Countries such as Germany, France, and the United Kingdom It dominates the global PET foam market. Europe's infrastructure and structures have accelerated the production of PET foam, making Europe the market-leading continent. It accounts for approximately 36% of the total market share.
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This market share is followed by Asia Pacificaccounting for 31.2% of the total market, followed by North America with 22.7% of the market.
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Growth in other regions will also help the target market achieve significant growth.
market segmentation
School year
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high density foam
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low density foam
End-user
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wind energy
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architecture and construction
region
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North America
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Europe
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Asia Pacific
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middle east and africa
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latin america
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