LOS ANGELES, April 03, 2019 (GLOBE NEWSWIRE) -- The global expanded polyethylene market is expected to surge at a steady pace, observes QY Research in its latest research report. The growing significant of expanded polyethylene in a wide range of industries is projected to bode well for the market. The report states that the market for expanded polyethylene will jump to US$3,393.9 mn by the end of 2025 from US$2,456.7 mn in 2018. The overall market is projected to exhibit a CAGR of 5.53% during the forecast period as the market grows 1.4 times in terms revenue.
Global Expanded Polyethylene Market: Market Drivers and Restraints
Expanded polyethylene or EPE offers remarkable resistance to moisture and excellent thermal insulation. It is also known for its durability and flexibility. All of these properties make it a suitable material for packaging of electronics. In addition, it also finds usage in the automotive industry for improved acoustics, thermal insulation, and impact absorption amongst others. Thus, emerging economies that are automobile manufacturing hubs are expected to create many lucrative opportunities for the expanded polyethylene.
On the flip side, the increasing concerns about the environment are expected to restrain the growth of the global expanded polyethylene market. Increasing worries about mounting landfills and questions about disposability of expanded polyethylene have been identified as the key restraints for the overall market.
Global Expanded Polyethylene Market: Forecast by Application
On the basis of application, the global market for expanded polyethylene is segmented into protective packaging, industrial thermal insulation, automotive, building and construction, and others. Out of these, the protective packaging segment is expected to surge at a steady rate as the consumption reached 28.58% in 2018. Meanwhile, the industrial thermal insulation segment is expected to increase at a CAGR of 4.5% over the forecast period.
Global Expanded Polyethylene Market: Forecast by Type
In terms of type, the global expanded polyethylene market is segmented into EPE foam coil, EPE foam sheet, and shape EPE foam. In terms of volume, the shape EPE foam segment is projected to dominate the global market as it expected to reach a valuation of US$541.88 mn by the end of 2025.
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Global Expanded Polyethylene Market: Forecast by Region
Geographically, the global market for expanded polyethylene is segmented into North America, China, Europe, Northeast Asia, and Asia. Out of these, China holds a lion’s share in the global market as it recorded revenue worth US$702.11 mn in 2018. The country’s expanded polyethylene market is expected to surge at a CAGR of 5.68% during the forecast period. Meanwhile, the North America market is expected to expand at a steady CAGR of 3.82% in terms of revenue.
Global Expanded Polyethylene Market: Key Players
Sealed Air, Kaneka, Armacell, Sekisui Chemical, Sonoco, Pregis, Furukawa, Plymouth Foam, Wisconsin Foam Products, Recticel, Innovo Packaging, Guangdong Speed New Material Technology, Sing Home Polyfoam, Dingjian Pakaging, Wuxi Huitong, Shenzhen Mingvka, and Sansheng are the key vendors included in this report. Given the number of players in the global market for expanded polyethylene, the market has a fragmented competitive landscape. It is witnessing cutthroat competition as each player in vying for the top spot. Innovation in material build will remain essential to each vendor in the market. For instance, amidst growing concerns about recycling, Sealed Air, one of the key players, vowed to design packaging solutions that are 100% recyclable. The company aims to design such solutions by 2025. It announced plans to invest in innovation, reduce plastic waste, and cooperate toward bringing in a green change. The future of all these companies will significantly depend on their ways to accommodate green changes as the world reels under the pressure climate change.
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