The PET foam market is projected to grow from USD 316 million in 2020 to USD 448 million by 2025, at a CAGR of 7.2% from 2020 to 2025, owing to increasing demand from the wind energy and marine industry. Wind energy is expected to be the fastest-growing segment during the forecast period as the use of core materials helps reduce the overall weight of wind turbine blades, thus enhancing their efficiency.
Armacell International SA (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), and Carbon-Core Corp. (US) are some of the key players operating in the PET foam market. These players have adopted strategies such as agreements, partnerships & joint ventures, new product & technology launches, and expansions to enhance their business revenue and market share. Expansion of manufacturing plants and offices globally is the key strategy adopted by these players to cater to the increasing demand for PET foam.
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Armacell International S.A. (Luxembourg), is the leading player in the global PET foam market. In February 2020, Armacell International S.A. entered into a joint venture with Swiss CMT, an engineering company with expertise in composite materials and technologies. The joint venture is expected to lead to the development and industrialization of ArmaShape, a particle foam made from 100% recycled PET.
Another important player in the global PET foam market is Diab Group (Sweden), In November 2019, The Diab Group and SKAPS India entered into a partnership to establish a manufacturing facility in India. This facility is expected to manufacture PET foam to meet the increasing demand for core materials from the wind energy and other industries.
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