Expanded Polypropylene Foam Market Proliferates at 5.5%, with Impetus from Automotive, Opines Fact.MR
Published : 14 Feb 2020 Industry: Chemical & Materials
Versatile applications across industries coupled with eco-friendly nature of polypropylene will bolster the global expanded polypropylene foam market to cross US$ 1.6 Bn between 2019 and 2029. This is attributed to market factors such as manufacturing sector investments in developed economies, preference of sustainable alternatives over traditional plastic derivatives, and raw material availability. Expanded Polypropylene Foam is used in manufacturing automotive components (bumpers, safety feature), food & beverage packaging, furniture products, and other consumer goods. The expanded polypropylene foam (EPP) market is characterized by presence of small, medium, and large companies where major organizations are developing self-sufficient models of manufacturing EPP foam, from raw materials to the finished product.
Key Takeaways of Expanded Polypropylene Market Study
- Automotive segment will drive maximum demand for expanded polypropylene foam owing to increase in manufacturing and introduction of innovative applications. It currently holds more than 40% of the market share.
- Packaging is second in line to generate demand for EPP foam products by registering 1.9x growth during the forecast period.
- High Density expanded polypropylene foam will witness 1.6x growth between 2019 and 2029. This is attributed to applications in automotive industry such as bumpers, and interior safety mechanisms.
- Regionally, East Asia leads and holds more than two-fifth of market share.
- Europe and North America collectively account for more than 35% of market share with steady growth rates.
- The global expanded polypropylene market will grow more than 1.7x during the forecast periods (2019-2029).
“Automakers are evaluating alternatives of steel and aluminum to meet consumer demand towards high-performance vehicles. Accelerating usage of lightweight material on even the most basic car parts to improve overall fuel efficiency escalates the consumption of expanded polypropylene foam in the foreseeable future.” Says the Fact MR Analyst
Industrial Applications Guide Future Demand
Surging demand for light-weight, recyclable, and shock absorbent material will drive the expanded polypropylene market towards sustained growth. Automotive, packaging, and consumer products such as furniture, gym accessories are expected to present continuous revenue prospects. The market stands to gain immensely from an increase in production across complimentary industries. Market players are investing in automation and application of EPP foam in unexplored verticals. There is an emerging trend of developing end-to-end production facilities amidst the presence of suppliers, distributors, and fabricators in the competitive landscape. New entrants might face barriers due to this strategy. The global expanded polypropylene foam market is well poised for an upward growth trajectory between 2019 and 2029.
More Valuable Insights on Expanded Polypropylene Foam Market:
Fact.MR, in its new offering, presents an unbiased analysis of the expanded polypropylene foam market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the EPP foam market on the basis of type (low-density, medium-density, and high-density), end-use industry (automotive, packaging, consumer goods, appliances, and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of entire value chain of Chemical & Materials sector. A team of passionate analysts track the performance of the existing Chemicals & Materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed the Chemicals & Materials lucidly in 50+ countries for over a decade. The Chemicals & Materials team at Fact.MR has been assisting clients in their business expansion as well as their new ventures, through their analysis and recommendations.