Polypropylene Foams Market Worth 1.27 Billion USD by 2021

Friday 20 January 2017, Amsterdam

The report, now available on ASDReports, "Polypropylene Foams Market by Type (EPP, XPP), Application (Automotive, Packaging, Consumer Products), Region (Asia-Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2021", The global polypropylene foams market is projected to reach USD 1.27 Billion by 2021, at a CAGR of 5.78% from 2016 to 2021.

Growth drivers of the polypropylene foams market are, the optimum performance of foam, as it is light in weight and durable, reusable and recyclable, has a growing demand in emerging regions, and is eco-friendly and sustainable.

Automotive: The leading application segment in the polypropylene foams market

Automotive is the largest application segment in the polypropylene foams market, where polypropylene foams are majorly used in the side impact, under carpet, child seat, console box, tool boxes, shock absorbers, trunk liners, crash protection, head rest, head liners, car interiors, and sun visors. Vehicles need light weight foams to enable reduction in fuel consumption and provide greater mileage. The increasing demand for PP foams in the automotive sector is driven by the growing global vehicle production. PP foams are mainly used in high-end & luxury vehicles. The growing demand for automobiles is expected to enhance the demand for PP foam products, globally. The automobile industry demands highly durable and light weight foams since enhancing fuel efficiency of a vehicle is one of the most important requirements in automotive manufacturing.

Extruded Polypropylene (XPP) Foams: The fastest-growing type in the polypropylene foams market

Extruded polypropylene (XPP) foam is projected to be the fastest-growing type in the polypropylene foams market. Extruded polypropylene foams have superior performance characteristics such as, high impact resistance, light weight, water & moisture resistance, and shape retention property, due to which it is ideal for many performance driven applications. The demand for these foams is also driven by the increasing acceptance of XPP foam in the packaging application segment, globally. Due to high heat stability, superior chemical resistance, the demand for XPP foams has been increasing very rapidly since the last two years in the food packaging sector. Also, in 2015, the growth of the automotive industry in the BRICS countries was 8.0%-9.0%, due to which the consumption of XPP foams across the BRICS countries is expected to grow during the next five years.

Asia-Pacific to register the highest growth rate in the polypropylene foams market

The Asia-Pacific region polypropylene foams industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. The Asia-Pacific region is a global sourcing hub for the key companies owing to the rapidly increasing demand for polypropylene foams. Healthy economic growth, changing consumer preferences, improvements in the standards of living, and increased spending on infrastructure are expected to drive the polypropylene foams market.

Key market players in the polypropylene foams market

The key players in this market are, BASF SE (Germany), Borealis AG (Austria), DS Smith Plc (U.K.), Furukawa Electric Co., Ltd. (Japan), JSP (Japan), Kaneka Corporation (Japan), K. K. Nag Ltd. (India), Mitsui Chemicals, Inc. (Japan), Pregis Corporation (U.S.), Sekisui Alveo AG (Switzerland), Sonoco Products Company (U.S.), SSW PearlFoam GmbH (Germany), Synbra Holding bv (Netherlands), Hanwha Corporation (South Korea), and The Woodbridge Group (Canada).