According to the new market research report, "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 Others ), Region - Global Forecast to 2025," published by MarketsandMarkets, the PET foam market is projected to grow from $316 million in 2020 to $448 million by 2025, at a CAGR of 7.2% from 2020 to 2025.
The market is witnessing growth due to factors such as, rising wind energy, transportation, and building and construction industries in emerging economies around the world. Increasing use of renewable sources for energy production and growing demand for the lightweight vehicles is anticipated to drive the PET foam market in wind energy and transportation sector worldwide.
Low-density PET foam is considered an ideal solution for various end-use industries including transportation, wind energy, building and construction, and packaging owing to its lightweight and excellent chemical and electrical resistance. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.
Asia Pacific is the largest region in the PET foam market 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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