Albany, NY -- (SBWire) -- 09/23/2019 --Market Research Hub (MRH) has recently updated a new research study titled "PET Foam Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027", which diligently focuses on the various projections likely to impact the global PET foam market. This assessment has been compiled systematically so as to educate readers about different market factors such as key developments, market dynamics, value chain analysis, Porter's Five Forces analysis, market value (US$ Mn) and a lot more.

At present, Polyethylene Terephthalate (PET) has been actively used for a wide range of applications specified to the composites industry, primarily due to its superior mechanical properties like high mechanical strength, lightweight and high temperature resistance, as compared to other plastics. The growing demand for PET foam has been majorly driven because of its preferred applications in wind energy, transportation and packaging industries. According to research findings, overall revenues across the PET foam market is anticipated to grow at a CAGR of ~7% during the period between 2019 and 2027. It has been noticed that trends associated to recyclability and green building have dropped a significant influence on the PET foam industry, thereby, contributing winning schemes for the key players.

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Transportation Industry Likely to Deliver Profitable Opportunities

As per report findings, the applications of PET foam across the automotive and rail industries is rising since PET foam is rated as a viable option, primarily favored due to its light weight and greater mechanical strength. Furthermore, it has been observed that automotive and rail industries are inclined towards the involvement of better energy-efficient as well as environment-friendly vehicles; this factor is surely going to generate new sales prospects for PET foam in the transportation industry.

Construction Industry Projected to Exhibit Higher Demand for PET Foam

The need for lightweight materials in construction as well as architecture is acquiring a bigger share in the market, as compared to traditional construction materials. Based on report specifics, demand for PET foam in the construction sector is augmenting primarily due to its durability weight factor together with ease in installation. According to statistics verified in 2018, the construction industry recorded for ~18% of the overall market share; this trend is doubtful to move off track during the forecast period.

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Competitive Outlook

The final section of the report is dedicated to spotlight the prime companies operating in the global PET foam market, together with their contributions towards the development of this sector. Each of the leading players mentioned in the report are examined on the basis of company description, business overview, strategic overview and financial details. Some of the major players mentioned in the report are Armacell International S.A., Gurit, 3A Composites, Sekisui Plastics Co., Ltd., Huntsman International LLC, Changzhou Tiansheng New Materials CO., LTD.