The 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 is majorly used in the wind energy, marine, transportation, building & construction, and packaging end-use industry. Hence, the continuous growth of these industry would drive the PET foam market during the forecast period. Increasing use of renewable sources for energy production and growing demand for the light-weight vehicles is anticipated to drive the PET foam market in wind energy and transportation sector worldwide.
Based on grade, low-density PET foam segment is estimated to account for the largest market share in 2022, in terms of volume and value. Low-density PET foam is lightweight in nature and offers excellent chemical and electrical resistance which is suitable as a packaging material.
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The wind energy application segment is estimated to account for the largest market share, in terms of volume and value, in 2022. PET foam is extensively used in wind blades owing to its advantageous properties. For instance, PET foam offers excellent stiffness, fatigue, and strength-to-weight ratio. PET foam is used in the manufacturing of wind turbine blades and their parts such as rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance. Moreover, companies are focusing on R&D activities for innovative use of PET foam in wind energy applications.
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Asia Pacific is estimated to account for the largest market share in the PET foam market, in 2022, by value owing to the increasing investments and infrastructural projects undertaken by the region’s emerging economies, such as China and India. Further, the growing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the region.
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