Expanded Polypropylene Foam Market To Forsee Commendable Growth, Due To Rising Investments In Manufacturing Activities

 

Expanded Polypropylene Foam Industry Overview

The global expanded polypropylene foam market size is expected to reach USD 1.56 billion by 2028, registering a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. Rapid expansion of the global automotive industry in recent years has been the major growth-driving factor for the market. The product is widely used in the automotive industry; for instance, in the production of floor, door, and hood panels, primarily for noise and thermal insulation in passenger and commercial cars. The considerable growth of the automotive industry in Germany, China, and India is expected to drive product demand over the projected period.

 

Expanded Polypropylene Foam Market Segmentation

Grand View Research has segmented the global expanded polypropylene foam market report on the basis of product, end-use, and region:

 

Based on the Product Insights, the market is segmented into low-density, medium-density and high-density

• The high-density product segment accounted for the highest revenue share of more than 50% in 2020 and is expected to grow at the fastest CAGR during the forecast period.
• The low-density product segment accounted for the second-highest revenue share in 2020 and is expected to grow at a steady CAGR over the forecast period.
• The considerable growth of this segment can be attributed to the growing product demand in the packaging industry, owing to its superior characteristics compared to other common plastic.
• The medium-density product segment is expected to register the second-fastest growth rate during the forecast period owing to the increasing use of the product in consumer goods, such as electronics, toys, and appliances.

 

Based on the End-use Insights, the market is segmented into automotive, packaging, consumer goods, appliances and others

• The automotive end-use segment accounted for the largest revenue share of over 43% in 2020. The segment is expected to grow steadily retaining the leading position throughout the forecast period, mainly on account of the increasing product usage in passenger safety and NVH reduction applications.
• The automotive industry uses a significant amount of EPP foam in the floor, door panels, seats, and bumpers for acoustic management, thermal insulation, and impact absorption.
• The consumer goods industry is expected to witness significant growth over the coming years. This is mainly due to the growing product usage in the production of electronics, furniture, toys, and household appliances on account of its improved chemical and mechanical properties.
• EPP foam offers a high strength-to-weight ratio, impact, chemical, & water resistance, and ease of fabrication, which enables custom designing and printing.
• The increasing use of foam beads and molded products in the packaging industry is also a key driver for market growth.
• The growing importance of protective packagingand flexible packaging solutions respectively across various end-use verticals, such as electronics, FMCG, and industrial equipment, is expected to have a positive impact on the overall product demand over the coming years.

 

Expanded Polypropylene Foam Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market faces moderate to high competition on account of the presence of a large number of manufacturers, fabricators, and distributors in the industry. The presence of relatively lower-priced substitutes, such as Expanded Polyethylene (EPE) and Expanded Polycarbonate (EPC) in the market further intensifies the competition. A majority of the companies follow an integrated approach, from the production of raw materials to the manufacturing of EPP foam beads, to the distribution of molded sheets and other molded products to various end-use verticals.

 

Some of the prominent companies in the global Expanded Polypropylene (EPP) foam market include:

• JSP Corp.
• BASF SE
• Kaneka Corp.
• DS Smiths plc
• Hanwha Corp.
• Furukawa Electric Co., Ltd.
• Sonoco Products Company
• Knauf Industries
• IZOBLOK
• Clark Foam Products Corp.
• Armacell International S.A.

 

Order a free sample PDF of the Expanded Polypropylene Foam Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.