REPORT HIGHLIGHT
PET Felt Panels Market size was valued at USD 190.6 Million in 2022, expanding at a CAGR of 7.9% from 2023 to 2030.
A heated and compacted PET blanket is used to create a PET Felt panel. A PET blanket is made up of hundreds of thousands of microfibers that have been woven together and needle-bonded to form a porous, fibrous structure. Each PET fiber is made up of a thin wire of recycled plastic that has been extruded.
PET Felt Panels Market - Market Dynamics:
- Increasing product launch drives the market growth
- The growing product launch in the market is expected to drive market growth during the forecast period. For instance, in August 2023, the Polygon Cloud has been introduced by Kirei, a company that sells eco-friendly acoustic design materials. The item is a part of Kirei's Tessellate Collection and provides several sound management and ceiling design options. The EchoStar+ design from the corporation is reorganized by the Polygon Cloud, which may be set up singly or in groups. It is constructed with 12mm PET felt panels with a Class A Fire Rating that is 60% post-consumer recycled PET and has received environmental certifications. For projects to receive LEED and WELL credits, certifications like Declare Label, HPD, EPD, and Low-VOC are used. Therefore, driving the market growth.
PET Felt Panels Market - Key Insights:
- As per the analysis shared by our research analyst, the global PET Felt Panels market is estimated to grow annually at a CAGR of around 7.9% over the forecast period (2023-2030).
- The PET Felt Panels industry is projected to grow at a significant rate owing to its properties including versatility, aesthetic appeal and acoustic characteristics.
- Based on the type, the 10-15 mm segment is expected to hold the largest market share over the forecast period.
- Based on the application, the entertainment application segment is expected to dominate the market over the forecast period.
- Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.
PET Felt Panels Market- Segmentation Analysis:
- The Global PET Felt Panels Market is segmented based on type, application, and Region.
- Based on the type, the global PET Felt Panels market is segmented into Below 7 mm, 7-10 mm, 10-15 mm, 15-25 mm and Above 25 mm. The 10-15 mm segment is expected to hold the largest market share over the forecast period. The segment growth is attributed to the increasing application of 10-15 mm in commercial spaces such as offices, conference rooms and others. Their nature to absorb excess noise in workspaces drives the segment's growth.
- Based on the application, the global market is segmented into home applications, entertainment applications, workplace applications, industrial applications and others. The entertainment application segment is expected to dominate the market over the forecast period. To reduce undesired noise reflections and improve overall sound quality in entertainment spaces, PET felt panels efficiently absorb and disperse sound waves. Moreover, the improved acoustics PET felt panels provide in theaters and auditoriums improve audience participation and performance pleasure. Thus, this is expected to drive segment growth during the projected period.
PET Felt Panels Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to hold the largest market share over the forecast period. The market growth in the region is attributed to rapid urbanization, especially in the countries like India, China and Southeast Asia. This has led to the construction of commercial spaces, residential buildings, educational institutions and entertainment venues. For instance, according to the UN reports, the Indian urban population is expected to reach around 675 million by 2035, the second highest after China. Therefore, the aforementioned stats fuel the market expansion in the region.
PET Felt Panels Market- Competitive Landscape:
To remain competitive in the market the key players adopted various strategies including product launches, acquisitions, partnerships, agreements and others. The key players are Ideal Felt, De Vorm, Soften Oy, Woven Image, Suzhou Greenish New Material Technology, Silent PET, 3 Form LLC, Unika VAEV, Echo Jazz, Shenzhen Vinco Soundproofing Materials, Intermedius, Avenue Interior Systems, Feltkutur, Kingkus and Nantong Ofisolution New Material.
Recent Developments:
In April 2023, SPIGOLINE PET, a wood slat cladding and PET felt insulation product, was introduced by Spigogroup. The product is 100% recyclable and comprised of 80% recycled polyester fibers.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL PET FELT PANELS MARKET KEY PLAYERS
- Ideal Felt
- De Vorm
- Soften Oy
- Woven Image
- Suzhou Greenish New Material Technology
- Silent PET
- 3 Form LLC
- Unika VAEV
- Echo Jazz
- Shenzhen Vinco Soundproofing Materials
- Intermedius
- Avenue Interior Systems
- Feltkutur
- Kingkus
- Nantong Ofisolution New Material
GLOBAL PET FELT PANELS MARKET, BY TYPE
- Below 7 mm
- 7-10 mm
- 10-15 mm
- 15-25 mm
- Above 25 mm
GLOBAL PET FELT PANELS MARKET, BY APPLICATION
- Home Application
- Entertainment Application
- Workplace Application
- Industrial Application
- Others
GLOBAL PET FELT PANELS MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA