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.