PET Foam Market worth $503 million by 2027 | Key players 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Sekisui Plastics (Japan).

According to recent market research the "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", 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.

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With the rising demand for energy conservation and environmental protection, PET foam is extensively used as roofing or external wall insulation material in green buildings. This has created an opportunity for the PET foam manufacturers to incorporate some percentage of recycled PET resin into PET foam production.

In some industries such as marine, transport, and railways, the use of plywood is prone to decay when exposed to water. High-density foams are appropriate for applications in the new range of PET foam densities up to 320 kg/m3. High-density foam offers stability and peel strength to sandwich constructions.

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.

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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.

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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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.

Another important player in the global PET foam market is Armacell International S.A. In February 2021, Armacell International S.A. launched the ArmaPET brand family. The company's innovative and environment-friendly PET-based foam products are expected to be now offered under the ArmaPET family name. The new brand has four sub-brands, namely, ArmaPET Struct, ArmaPET Eco, ArmaPET Curve, and ArmaPET Shape.

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