Global PET Foam Market Growth (Status and Outlook) 2021-2026

London, UK -- (SBWire) -- 12/01/2021 --The PET foam market is projected to grow from USD 316 million in 2020 to USD 480 million by 2026, at a CAGR of 7.2% from 2020 to 2026. According to this latest study, the 2021 growth of PET Foam will have significant change from the previous year. The PET foam market growth is estimated to be majorly driven by the growing economies of the Asia Pacific region. The growing demand for 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 Asia Pacific region

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Market Overview
The global polyethylene terephthalate foam market is estimated to witness healthy growth, at an estimated CAGR of over 7%, over the forecast period. The major factors driving the growth of the market studied are the growing demand for lightweight materials from the automotive industry and increasing construction activities in Asia-Pacific.
?The availability of substitutes for PET foam is likely to hinder the growth of the market.
?Potential growth in the wind energy market is likely to create opportunities for the market in the coming years.
?Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

By type
Virgin PET
Recycled PET

By Application
Wind Energy
Transportation
Marine
Building & Construction
Packaging
Others (Industrial, healthcare, and sporting goods)

By Grade
Low-density
High-density

The key players covered in this report:
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)
Carbon-Core Corp. (US)

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Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.
China is the largest manufacturer of automobiles in the world. The country's automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
The production is expected to reach 30 million units by 2020, owing to the "Made in China 2025" initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. "Automobile Mid and Long-Term Development Plan", was released in 2017, with an objective to make China a strong auto power in the next ten years.

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