PET or polyethylene terephthalate foam refers to the structural core materials in the composite industry. It is mainly used as core material for sandwich structures, also it is continuously substituting traditional materials such as Balsa, SAN or PVC. Along with this, it has application across wind energy, transportation, marine, packaging, building & construction, and others. Increasing consumer demand for fuel-efficient and lightweight vehicles is again fuelling the demand.However, strong competition with substitutes is likely to hamper the market growth. Whereas, the high potential across different industry verticals is expected to create potential opportunity over the forecast period.This growth is primarily driven by Growing Penetration in End-User Industries, Potential Growth in Wind Energy Market and Recovery of Marine Market in the U.S..
Globally, a noticeable market trend is evident Technological Advancement Related to Wind Energy. Major Manufacturers, such as Armacell International S.A. (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), BASF SE (Germany), Changzhou Tiansheng New Materials Co. Ltd. (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran) and Carbon-Core Corp. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Growing Penetration in End-User Industries
- Potential Growth in Wind Energy Market
- Recovery of Marine Market in the U.S.
- Technological Advancement Related to Wind Energy
- Uncertainty in Timely Renewal of PTC
High Potential Across Different Industry Verticals
Uncertain Wind Market in the U.S. and Increasing Competition From the Chinese Market
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