Multi-density Foams: Next Green Thing in the PET Foam Market
Polyethylene Terephthalate (PET) has penetrated across a wide range of applications in the composites industry, owing to its superior mechanical properties such as lightweight, high mechanical strength, and high temperature resistance, over other plastics. PET has witnessed high demand in the foam landscape, with a substantial rise in the applications of PET foam in transportation, wind energy, and packaging industries. However, the growing demand for environmentally-friendly plastics has influenced the trends in the PET foam market in recent years.
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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.
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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:
- Armacell
- Gurit
- 3A Composites
- Diab Group
- CoreLite Inc.
- SAERTEX GmbH & Co.KG
- Airex AG
- DARCO Southern
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