Over the past decades, the use of polyethylene terephthalate (PET) has seen significant growth, particularly in the packaging industry. However, its long decomposition time poses serious environmental challenges. The aim of this research was to develop a process for the foaming of large quantities of recycled PET (rPET) using endothermic and exothermic foaming agents. Various formulations with different ratios of endothermic and exothermic foaming agents were prepared, as well as their mixtures. The study found that the endothermic–exothermic hybrid foaming process resulted in a finer cell-size distribution and enhanced mechanical properties, making the foams highly suitable for widespread applications. The results support the potential use of exothermic foaming agents as nucleating agents in a hybrid foaming system. In particular, the ratio of 3% endothermic and 1% exothermic foaming agents proved optimal in terms of achieving a balance between porosity and mechanical strength, thereby enabling broad industrial applicability.