Market Size of Polyethylene Terephthalate (PET) Foam Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.53 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Polyethylene Terephthalate Foam Market Analysis
The Polyethylene Terephthalate (PET) Foam Market size is expected to grow from USD 491.09 million in 2023 to USD 706.01 million by 2028, at a CAGR of 7.53% during the forecast period (2023-2028).
The market was negatively impacted due to COVID-19. Owing to the pandemic, several countries worldwide went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. The PET Foam market currently recovered from the COVID-19 pandemic and is increasing significantly.
- The major factors driving the studied market's growth are the growing demand for lightweight vehicles, increasing construction activities in Asia-Pacific, and growing demand from the packaging industry.
- The substitutes' availability of PET foam will likely hinder the market's growth.
- Potential growth in the wind energy market and the growing trend of using recycled PET materials will likely 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.
