Newark, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.50 billion in 2023 global expanded polypropylene market will reach USD 3.23 billion in 2033. One type of thermoplastic polymer is polypropylene. Expanded polypropylene is the term used to describe this material. Blowing agents cause it to expand at the cellular structure. The polymer is expanded to any desired size and shape using heat in this procedure. After then, it is left to cool or solidify. It is a foam that is used in many different sectors. Among other desirable qualities, the expansion gives it exceptional energy absorption and chemical resistance. Along with improved impact resistance, thermal insulation, and water resistance, it is also incredibly durable. Because of all these qualities, it is especially well-suited for a wide range of applications in a variety of industries, from consumer items to the automobile.
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EEP's great demand in a society concerned about the environment is partly due to its recyclable nature. Among other things, the automobile sector uses it in headrests and interior panels for cars. Its superior cushioning qualities are reinforced by its exceptional resilience to impact, chemicals, and water, as well as its exceptional durability, which makes it perfect for the packaging sector. In the building and construction industry, EEP's water-resistance and thermal insulation qualities are used to create soundproofing and thermal insulation panels. The fact that EEP has so many properties makes it ideally suited for a broad range of applications, which adds to its rising demand.
Key Insight of the Global Expanded polypropylene Market
Asia Pacific will dominate the market during the forecast period.
The need for homes, automobiles, electronics, personal care and cosmetics, medications, and much more is being driven by the expanding population and rising disposable income. Positive news for the consumer goods, packaging, construction, automotive, and pharmaceutical industries is the growing demand for these products. The quick increase of the packaging industries is partly attributed to the growth of e-commerce. The region's consumer demand is met by a well-established automobile industry with vast manufacturing capacity and robust retail distribution networks in China and India. In a similar vein, China and India's burgeoning pharmaceutical industries are supported by regulatory bodies. Leading technologies led by China, Japan, and South Korea are also driving growth in the electronics and consumer products industries. E-commerce is growing as a result of the digital age's expansion, which is being fuelled by expanding internet usage and the possession of smart, connected devices. EEP is used by all these businesses. The Asia-Pacific region's need for EEP will benefit from the expansion of these industries.
In 2023, the high-density segment dominated the market with the largest market share of 53% and revenue of 0.79 billion.
The product type segment is divided into high-density and low-density. In 2023, the high-density segment dominated the market with the largest market share of 53% and revenue of 0.79 billion.
In 2023, the automotive segment dominated the market with the largest market share of 42% and revenue of 0.63 billion.
The application segment is divided into automotive, packaging, consumer goods, and others. In 2023, the automotive segment dominated the market with the largest market share of 42% and revenue of 0.63 billion.
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Advancement in market
A deal was reached by BASF and Knauf Industries GmbH to sell the Neopolen expanded polypropylene (EPP) business. Neopolen makes it possible to produce lightweight moulded parts for applications like heating and air conditioning and the automobile sector. More than 2,000 people are employed by Knauf Industries, a prominent European producer of complicated moulded parts composed of EPP foams and other materials, in eight countries. The automobile, air conditioning, and sports and leisure sectors make up the majority of its clientele.
Market Dynamics
Driver: The growing uses of expanded polypropylene in a variety of industries.
Excellent impact, water, and chemical resistance are all provided by expanded polypropylene, which is also recyclable. In addition, it is quite strong and lightweight. It is perfect for applications in a variety of industries given these qualities. For example, it's utilised for interior panels and much more in the car business. It is lightweight, impact-resistant, strong, and long-lasting. The lighter weight was more environmentally friendly and increased fuel economy. Its market appeal is further enhanced by the fact that it is recyclable. Because of its ability to provide protection for items by cushioning, it is also utilised in the packaging business. It also finds use in the consumer products, pharmaceutical, and building and construction industries. The population is growing, urbanisation is happening quickly, and industrialisation is accelerating the growth of these businesses. With the expansion of these businesses, there will inevitably be a greater need for EEP. Thus, the market will develop as a result of the increasing applications of EEP across various sectors.
Restraints: increased production expenses.
EEP output is dependent on a number of things. The high production costs of EEP are a result of all these issues. Geopolitical risks are a source of uncertainty for raw material prices. The cost is additionally increased by the requirement for additional raw materials utilised in the production, such as additives and blowing agents. These costs include account for the cost of the machinery needed to produce EEP. Production costs include the energy used during the process of production. Consequently, the market's expansion will be hampered by the high production costs.
Opportunities: developments in technology.
The growing need for EEP in a variety of industries has also prompted more research and development efforts aimed at enhancing EEP. Technological developments in materials, apparatus, devices, processing systems, and production technologies have improved EEP, making it more resilient to impact, recyclable, and chemically inert. These improvements in EEP production processes and the finished product result in lower prices and more uses. These improvements increase its adaptability, affordability, versatility, and flexibility to meet the demands of modern market participants. As a result, increased application of EEP is made possible by technical improvements, which will support market expansion and growth over the forecast period.
Challenges: Processing challenges.
The production of EEP requires controlled temperature and pressure conditions. These conditions need to precisely managed throughout the production process. The disturbances in temperature and pressure conditions can lead to subpar EEP with defects and dismal quality. the moulding and cooling process are also time sensitive. It needs to be monitored continuously to ensure steady and uniform production. The time-sensitive nature reduces production downtime and efficiency. Therefore, processing challenges will challenge the market’s growth.
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Some of the major players operating in the global expanded polypropylene market are:
• BASF SE
• Dongshin Industry Co., Ltd.
• DS Smith Plastics
• Furukawa Electric Co., Ltd.
• Hanwha Solutions
• JSP Corporation
• Kaneka Corporation
• Knauf Industries
• Pregis LLC
• Sonoco Products Company
Key Segments covered in the market:
By Product Type
• High-Density
• Low-Density
By Application
• Automotive
• Packaging
• Consumer Goods
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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