Polypropylene Foams Market to experience an impressive growth of 7.2% during 2020-2025
February 03, 2020
Polypropylene foams market is likely to witness an impressive CAGR of 7.2% during the forecast period. The rising demand for lightweight automobiles is the prime factor that is bolstering the growth of the global polypropylene foams market. Further, the growing claim from various end-use industries in the industrialized and emerging economies has prompted the evolution of the polypropylene foams market.
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Polypropylene Foams Market Segment Insights:
By Type:
Based on the type, the market is segmented as expanded polypropylene (EPP) foams, extruded polypropylene (XPP) foams, and type (Density Basis). Expanded polypropylene (EPP) foam is presently governing the market. However, extruded polypropylene (XPP) foam is estimated to be the fastest-growing segment during the forecast period, and is chosen by several key end-use industries for various applications, owing to its premium performance properties, such as lightweight, elevated impact resistance, water & moisture confrontation, and shape withholding property.
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as automotive, packaging, consumer products, and others. The automotive application segment held the largest share in 2018, which was followed by consumer products, packaging, and other applications. The increasing claim for innovative products, along with the necessity for exploration and growth in polypropylene foams, has invigorated companies to adopt organic and inorganic stratagems and to augment their market shares in the corresponding regions.
By Region:
In terms of regions, Asia-Pacific is estimated to depict the maximum growth in the polypropylene foams market, in terms of value and volume, during the forecast period. In current years, the claim from packaging applications and automotive sectors has grown in the region, owing to rising population and increasing disposable income, which in turn, is driving the polypropylene foams market in the region. Polypropylene foams are dominating the market as they are absolutely recyclable. With their remarkable characteristics, polypropylene foams qualify for CO2 emissions reduction. Driven by their superior mechanical properties, polypropylene foams can be employed time and again for many years, even under severe environmental circumstances. The robust call for high-end polypropylene foams in automotive industries from developing countries and convalescing developed nations is anticipated to bolster the growth of this market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities in the coming five years.
Key Players:
Some of the major players in the polypropylene foams market are BASF SE, Kaneka Corporation, Hanwha Corporation, Mitsui Chemicals, Inc., Borealis AG, Furukawa Electric Co., Ltd., Sonoco Products Company, DS Smith PLC., K. K. NAG Ltd., and Pregis Corporation.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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