Expanded Polypropylene Foam Market
Expanded Polypropylene Foam Market By Type (Low Density, Medium Density, High Density), By End-Use (Automotive, Packaging, Consumer goods, Appliances, Oil & Gas), By Region - Global Market Insights 2019 to 2029
Expanded Polypropylene Foam to Hurtle Toward US$ 1.6 Bn on Back of High Sustainability
Increasing penetration in multiple end-use industries such as packaging, consumer goods, and furniture will propel the global Expanded Polypropylene (EPP) foam market to grow 1.7x between 2019 and 2029. The rapid surge in production of automobiles and consumer goods warrants an increase in demand for expanded polypropylene foam products.
The eco-friendly and high-performance nature of expanded polypropylene (EPP) foam makes it an ideal material for a variety of applications such as elements of seats, bumpers, outdoor & indoor furniture, and FMCG products.
The demand of EPP foam is expected to gain additional traction, amidst increasing investments in manufacturing sectors across major economies. EPP foam plays a supplementary role in the manufacturing processes of many end-use industries. An increase in the manufacturing of these products will directly impact the demand for expanded polypropylene foam on a global level.
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High Density EPP Foam to Augment Growth
High-density EPP foam acts as an efficient thermal insulator and energy absorber. It is employed in energy management situations such as automotive bumpers and passenger safety measures. High-density EPP foam will gain 1.6X growth through the forecast period with current market share of more than 53%.
However, medium density EPP foam presents remunerative growth opportunities as organizations find increasing EPP foam applications in consumer goods such as packaging, furniture, and gym accessories. Medium density EPP foam will grow at a dexterous growth rate of more than 6.5% throughout the forecast period.
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East-Asia to Account for Two-fifth Market Share, Opportunities Abound in South Asia & Oceania
East Asia will maintain a significant lead in the global expanded polypropylene foam market with a meteoric two-fifth market share. This can be attributed to economies such as China and Japan which account for majority of global EPP foam consumption and production.
Europe and North America collectively account for 35% of the expanded polypropylene foam market. Developed economies in these regions are extensively searching eco-friendly alternatives which drives the demand for recyclable EPP foam. South Asia & Oceania offer the most lucrative growth opportunities with a robust CAGR of 7% between 2019 and 2029.
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Market Players Focus on Self-Sufficiency
The EPP foam market is characterized by presence of small, medium, and large companies. Some of the major players in expanded polypropylene foam market are BASF SE, JSP Corporation, DS Smith Plc, Kaneka Corporation, Hanwha Corporation, Sonoco Products Company, Knauf Industries, Dongshin Industry, Inc., Clark Foam Products Corporation, Paracoat Products Ltd, and PDM Foam. Among these, enterprise firms such as JSP Corporation and BASF SE host an integrated production chain which results in entry barriers for raw material suppliers. From raw materials to EPP foam beads, market players are focused on inculcating self-efficiency and eliminating dependencies on suppliers, distributors, and fabricators. The presence of substitutes such as Expanded Polyethylene (EPE) and Expanded Polycarbonate adds fuel to the competitive landscape of EPP foam market.
Global Expanded Polypropylene Foam Market: In-Depth Assessment on Key Segments
The global expanded polypropylene foam market is segmented on the basis of type, end-use and region.
By Type :
- Low Density
- Medium Density
- High Density
By End-Use :
- Consumer goods
- Oil & Gas
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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