- The functional and physical properties of PET foam for structural composites present tremendous growth opportunities for the market to grow rapidly
- Benefits such as optimum mechanical performance, lightweight, and decreased thermal conductivity may bring immense growth prospects for the PET foam market for structural composites during the assessment period of 2020-2030
ALBANY, N.Y., Jan. 11, 2021 /PRNewswire/ -- The escalating use of PET foam for structural composites across a wide range of applications across the transportation, packaging, and construction industries may bring tremendous growth prospects for the global PET foam market for structural composites across the forecast period of 2020-2030.
PET foam for structural composites is 100 percent recyclable and has a lower carbon footprint as compared to PS foams. This aspect helps in accelerating the growth of the PET foam market for structural composites.
The researchers at Transparency Market Research (TMR) have conducted an extensive study on the PET foam market for structural composites. After a scrutinized analysis of each factor, TMR researchers estimate the global PET foam market for structural composites to expand at a CAGR of ~7 percent between 2020 and 2030. The PET foam market for structural composites was valued at US$ 180 mn in 2019. The PET foam market for structural composites is anticipated to reach a market value of US$ 425 mn by the end of the forecast period, that is, 2030.
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The increase in the popularity of PET foam for structural composites over other substitutes will invite profitable growth opportunities for the market. The ongoing research and development activities by the players in the PET foam market for structural composites will invite phenomenal growth. Research activities will strengthen the influence of the PET foam market for structural composites in the packaging sector in the near future.
PET Foam Market for Structural Composites: Transparency Expert Diagnosis
The analysts at Transparency Market Research consider the benefits of PET foam for structural composites over PS foams as a prominent growth-generating factor. The analysts further add that the increasing demand from the automotive sector for PET foam for structural composites will further add extra stars of growth. The analysts advise the players in the PET foam market for structural composites to focus on reducing production barriers for enhancing efficiency in operations.
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Wind Energy Segment to Expand Swiftly between 2020 and 2030
The wind energy segment is expected to gain considerable growth at a rapid rate during the forecast period of 2020-2030. The properties of PET foam for structural composites such as anti-corrosiveness, smoke-resistant, great strength-to-weight ratio, fire resistance, and others bode well for the manufacturing of diverse wind turbine parts.
PET Foam Market for Structural Composites: Key Findings
- On the basis of application, the transportation segment held a large share of the PET foam market for structural composites in 2019
- Asia Pacific acquired a massive share of the PET foam market for structural composites in terms of regional contribution
- Asia Pacific's PET foam market for structural composites is expected to expand at a CAGR of ~8 percent across the assessment period
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PET Foam Market for Structural Composites: COVID-19 Impact
The novel coronavirus pandemic has affected the PET foam market for structural composites to a certain extent. The demand for the PET foam for structural composites declined substantially as many countries imposed strict stay-at-home orders. The lockdown measures completely crippled the growth projections for the PET foam market for structural composites. In addition, the ongoing trade wars between various countries further worsened the situation. However, the relaxation in lockdown restrictions will provide an opportunity to the players for regaining lost growth.
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