NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The expanded polypropylene (EPP) foam market is anticipated to thrive at a steady CAGR of 11.4% between 2023 and 2033. The market is expected to have a share of US$ 5.52 billion by 2033, while it is likely to be valued at US$ 1.87 billion in 2023.
- The advent of smart packaging with insulation, more online shopping activities, and other industrial applications are flourishing market growth. Furthermore, the diverse range of product applications is also increasing the sales of EPP foam.
- The expanding automotive sector, with enhanced cushioning in the seats and other vehicle parts, is also consuming a big chunk of the market. Alongside this, the restoration of the building and construction industry with the absorption of new advancements is likely to transform the market.
- Different grades and pricing increased industrial investment, and easy availability is expected to penetrate the end-user preferences while also dominating as a material in a wide range of sectors.
- New factory operations involve the usage of this foam’s properties like water resistance, thermal insulation, recyclability, and durability. The increased production of automotive components that are assembled later is also gaining traction.
- The higher economic activities in emerging Asian nations like India and China also contribute to alternative, durable, and sustainable materials. Hence, higher consumption of the expanded polypropylene (EPP) foam is expected during the forecast period.
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Key Points
- The United States market leads the North American expanded polypropylene (EPP) foam market in terms of market share in North America. The United States held a market share of 16.7% in 2022. The factors attributed to the growth are industrial expansion and higher penetration of e-commerce platforms. The government promoting alternative materials and their applications are also helping the regional market.
- The German expanded polypropylene (EPP) foam market held a healthy market share of 13.1% in 2022. The advanced automotive sector and extended research and development facilities cause market growth.
- The Indian market thrives at a steady CAGR of 13.1% between 2023 and 2033. The growth is attributed to booming automotive production and rising demand for new grades.
- China thrives at a CAGR of 12.3% between 2023 and 2033.
- Based on grade type, the high-density segment held the leading market share of 50.0% in 2022.
- Based on application type, the automotive industry segment leads as it held a market share of 40.0% in 2022.
Competitive Landscape
The key suppliers focus on effective quality, different grades, and easy availability. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Kaneka Corporation introduced molded foam components with different grades of EPP foam for multiple uses, such as automotive, packaging, industrial insulation, and others. The product has properties like shape molding, multiimpact, energy and water absorption, flexibility, and resilience. Other than this, the foam's structural strength, durability, and lightweight dynamics also promote it as the ideal material for automotive operations.
- Sonoco Products Company, a foam packaging firm launched the expanded polypropylene (EPP) and expanded polyethylene (EPE) foams.
Key Players
- Furukawa Electric Co., Ltd
- Knauf Industries
- Dongshin Industry Inc.
- Kaneka Corporation
- JSP Corporation
- BASF SE
- SSW Pearl Foam GmbH
- Sonoco Products Company
- Clark Foam
- Bradford Company
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Key Segmentation of Expanded Polypropylene (EPP) Foam Market
By Grade Type:
- Low Density
- High Density
- Porous PP
By Application:
- Automotive
- Industrial Packaging
- Consumer Products
- Building & construction
- Others
Key Regions
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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