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Polypropylene Foam Market: Information by Type (Expanded Polypropylene (EPP) Foam, Extruded Polypropylene (XPP) Foam), Application (Automotive, Packaging), and Region — Forecast till 2029

10-13-2021 06:33 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: StraitsResearch

Polypropylene Foam Market

Polypropylene Foam Market

Polypropylene foam — a lightweight thermoplastic made from polypropylene resin — exhibits superior properties, such as a high coefficient of friction, low density, stability across a wide temperature range, outstanding breathability, flexibility, and a buoyant nature. These favorable characteristics drive its adoption in the automotive, packaging, consumer durables, and construction industries, over counterparts such as polyethylene and polystyrene foams in applications.

The rising demand for lightweight automobiles, the development and growth of the packaging industry, and the increasing demand for consumer durables against a backdrop of rising disposable income are a few of the key factors expected to drive the polypropylene foam market during the forecast period. Prominent market participants are focusing on product innovation and development through continuous and extensive technological modifications to meet the ever-growing demand. For instance, in 2018, Borealis AG, an Austrian chemical company, formed a strategic alliance with Bockatech, a Greentech packaging company, to develop foam injection molding solutions for recyclable and reusable packaging.

As consumers are becoming more conscious about sustainability, they are shifting to companies with green practices, on account of which manufacturers plan to increase R&D investment. This trend of sustainability across the chemical industry is expected to fuel the growth of the polypropylene foam market during the forecast period. On the other hand, volatile raw material prices and increasing awareness regarding the negative impact of these materials on the environment are anticipated to hamper the market growth to some extent during the forecast period.

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Segmentation Overview

By Type

The expanded polypropylene foam segment spearheaded the global polypropylene foam market in 2019 and is anticipated to dominate the market throughout the forecast period. The increasing penetration of the product can be accredited to the advantages offered, such as ultra-low density, higher strength to weight ratio, thermal insulation, excellent impact resistance, and chemical and water resistance.

Expanded polypropylene foam is used in various applications, ranging from automobiles, consumer goods, and packaging to construction products, and remains the material of choice for the production of three-dimensional polymer foam products. Across the automotive sector, expanded polypropylene foams are significantly used in the floor, door panels, seats, and bumpers for noise, vibration, and harshness (NVH) reduction, thermal insulation, and impact absorption.

Sales-of-Commercial-Vehicles-2005-2019-1

Since the demand for both commercial and passenger vehicles is increasing in tandem with the rising disposable income, the demand for expanded polypropylene foam is expected to further grow during the forecast period.

By Application

The packaging segment held the largest value share in the global polypropylene market in 2019 and is expected to remain the largest shareholder throughout the forecast period. Polypropylene foams are used in packaging applications as they provide excellent cushioning properties at lower densities and lower costs compared to other packaging materials.

International trade has been growing at a phenomenal pace over the past few decades on account of stronger open trade policies across developing and developed economies. This increase in global trade has also increased the demand for protective and flexible packaging solutions across end-use verticals, such as FMCG, electronics, and industrial equipment. Additionally, as the pharmaceutical, FMCG, food processing, manufacturing, and healthcare industries are growing at a significant rate, it can be foreseen that the demand for packaging solutions across these industries will also grow.

Regional Outlook

Asia-Pacific

Asia-Pacific is pegged to be the fastest-growing market for polypropylene foam during the forecast period, with the rapidly growing packaging and consumer durables industries as the key growth engines. Asia-Pacific is one of the primary consumers and producers of packaging solutions, which can be attributed to the region’s low labor costs, infrastructure development, and favorable government policies. Additionally, the region is a global leader in terms of raw material production for green packaging solutions. As per the European Bioplastics Association, Asia holds over 50% of the global production capacity for green packaging, which is further expected to rise during the forecast period. The region’s packaging industry is led by India and China. As per the Packaging Industry Association of India, India’s packaging industry is growing at a rate of 22–25% per annum.

Polypropylene foam is used in the packaging of consumer durables as the utility and life-span of these appliances are long and even minor dents in appliances can lead to order cancellation. Thus, packaging is crucial aspect for consumer durable goods’ manufacturers. And since polypropylene foams provide excellent cushioning properties and are available at lower costs compared to other packaging materials, they have become the material of choice among manufacturers in the packaging industry. Improving disposable income and easy financing schemes, rising demand for electronic appliances across the rural and semi-urban markets, and the expanding working population are propelling the consumer durables market and, in turn, driving the demand for polypropylene foam.

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Europe

Across Europe, polypropylene foams are extensively used across the packaging and automotive industries. The polypropylene foam market in the region is led by the U.K., France, and Germany. In the U.K., polypropylene foams are significantly consumed in inject molding applications. Germany, being an automotive manufacturing hub, uses the product in the NVH reduction, thermal insulation, and impact absorption applications in automobiles.

As the automotive industry in Europe is growing and individuals are becoming more concerned about safety, consumers are shifting towards automobiles with better safety options. This has led automakers in the industry to accelerate the rollout of technologies and materials that only enhance safety but also provide comfort in their vehicles. This change in consumer sentiments and growth in the automotive sector is expected to add to the growth of the polypropylene foam market in the upcoming years. Additionally, as the region has a well-established food and beverage industry and also one of the key exporters of alcoholic beverages and agriculture products, the demand for durable packaging solutions in the region has always been high.

On the flip side, the region is observing a decline in the production of crude oil, primarily driven by the decreasing dependency on fossil fuels and increasing inclination toward alternative resources for energy production. This change has made the price of crude oil highly inconsistent in nature, leading to volatility in the price of propylene and creating turbulence in the Europe polypropylene foam market.

Polypropylene Foam Market: Key Players

BASF SE
KANEKA CORPORATION
NMC GROUP
Zotefoams Plc
Hanwha Advanced Materials America
Mitsui Chemicals, Inc.
JSP Corporation
Borealis AG
FURUKAWA ELECTRIC CO., LTD.
Sonoco Products Company
K. Nag Ltd.
Pregis LLC
Synbra Technology bv
DS Smith Plc
Sekisui Alveo GmbH
Woodbridge Foam Corporation
Polypropylene Foam Market: Segmentation

By Type

Expanded Polypropylene (EPP) Foam
Extruded Polypropylene (XPP) Foam
By Application

Automotive
Packaging
Consumer Products
Construction
Others
By Region

North America

The U.S.
Canada
Mexico
Europe

Germany
France
The U.K.
Italy
The Rest of Europe
Asia-Pacific

China
Japan
India
South Korea
Australia
The Rest of Asia-Pacific
Central and South America and the Caribbean

Brazil
Argentina
Colombia
The Rest of Central and South America and the Caribbean
The Middle East

Saudi Arabia
The UAE
Oman
Turkey
The Rest of the Middle East
Africa

Nigeria
South Africa
The Rest of Africa

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Website: https://straitsresearch.com/

About Us :
StraitsResearch.com is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports.

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