Extruded Polypropylene (XPP) Foam Market to experience an impressive growth of 8.2% during 2020-2025
January 28, 2020
Extruded Polypropylene (XPP) Foam Market is likely to witness an impressive CAGR of 8.2% during the forecast period. The mounting demand for XPP foam from the automotive end-use industry is expected to propel the growth of the global XPP foam market during the forecast period.
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Extruded Polypropylene (XPP) Foam Market Segment Insights:
By Type:
Based on the type, the market is segmented as low-density XPP foam (40-200 Kg/M3) and high-density XPP foam (200-600 Kg/M3). The low-density type segment held the larger share of the market in 2018. The low-density XPP foam segment leads the market driven by the growing demand from protective packaging, automotive, and insulation applications. The automotive industry commands the consumption of low-density XPP foam. The use of low-density XPP foam in automotive applications aids in weight reduction of vehicles and impact protection.
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as automotive, packaging, building & construction, and others. The automotive segment accounted for the largest share of the XPP foam market in 2018, and is expected to continue its dominance during the forecast period as well. There is a high demand for XPP foam in automotive and packaging end-use industries. The automotive end-use industry governs the complete XPP foam market.
By Region:
In terms of regions, Asia-Pacific occupied a major chunk of the overall XPP foam market in 2018, and is estimated to maintain this trend during the forecast period. The dominance of the region is corroborated by the rapid economic growth and growth of packaging, automotive, building & construction, and other end-use industries in the region. Rapid industrialization blended with the enhanced standard of living also positively impacts the growth of the market in the region. Furthermore, the increasing disposable income in Asia-Pacific along with the high growth of the emerging economies makes it an attractive market for various end-use industries, and subsequently the XPP foam market. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major players in the extruded polypropylene (XPP) foam market are BASF SE, Braskem, DS Smith, Furukawa Electric Co., Ltd., JSP Corporation, Mitsui Chemicals, NMC SA, Pregis, and Toray Industries, Inc.
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