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.
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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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