The global expanded polypropylene (EPP) foam market is projected to reach a value of US$ 4,962.51 Million in 2032, with the market growing at a prolific CAGR of 11.40% from the forecast period of 2022 to 2032. Predicted to reach an estimated US$ 1,685.9 Million in 2022, the expanded polypropylene (EPP) foam market is driven by heightened demand from sectors like consumer goods, packaging, and furniture.
The increasing scope of expanded polypropylene (EPP) foam application such as the use of expanded polypropylene (EPP) foam sheets in a wide range of industries due to its superior properties will further propel the market growth.
Superior qualities of EPP foam like durability, recyclability, water and chemical resistance, thermal insulation, and others contribute to the extensive usage of EPP foam. With the growing usage of EPP foams in the automotive industry due to its effective tolerance and buoyancy coupled with the expansion of the same industry, the EPP foams market is expected to grow at a rapid growth rate.
Other factors like the development and growth of several economies and the escalating demand for eco-friendly alternatives are also acting as demand drivers for the target market.
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The past few years have witnessed a rise in the production of automobiles and consumer goods which in turn spurs the demand for expanded polypropylene (EPP) foam products. In addition to automobiles and consumer goods, expanded polypropylene (EPP) foam is widely used for protective applications in electronics and other items. This bodes well for the market as it will likely boost the commercial potential in the next few years.
The deep market penetration of EPP foam, growing industrial investment in major economies along with the easy availability of the product further augment the sales of the expanded polypropylene (EPP) foam in the global market during the forecast period.
Key Takeaways:
1. Rising demand for eco-friendly materials in the automobile sector will strengthen the market.
2. High prices, strict regulations, and availability of substitutes may stunt the market growth.
3. By product type, the high-density segment accounts for the highest revenue share.
4. Application in the automotive industry will lead the market growth.
5. The Asia Pacific region is expected to dominate the global market.
6. Europe and North America will together hold about 35% of the total market share.
Competitive Landscape
Furukawa Electric Co., Ltd, Knauf Industries, Dongshin Industry Inc., Kaneka Corporation, JSP Corporation, BASF SE, SSW Pearl Foam GmbH, Sonoco Products Company, Clark Foam, and Bradford Company among others are some of the major players in the expanded polypropylene (EPP) foam market profiled in the full version of the report.
Leading market players are keen on implementing better supply chain solutions. Incorporating an innovative value chain so as to continue their production without disruption is the primary focus of many businesses in the market.
More Insights into Expanded Polypropylene (EPP) Foam Market Report
In its latest report, FMI offers an unbiased analysis of the global expanded polypropylene (EPP) foam market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on grade type (low density, high density, porous PP), application (automotive, industrial packaging, consumer products, building & construction, others), and region.
According to the latest FMI reports, based on region, the expanded polypropylene (EPP) foam market in the Asia Pacific region is expected to grow substantially over the forecast period. Currently accounting for 52% of the revenue share, the target market in this region is mainly fueled by escalating demand in important industry verticals. The market in Japan is predicted to be one of the primary growth drivers in the APAC region. Building and construction sector coupled with the advancing automobile industry push the regional market growth through the assessment period.
Based on segmentation, in terms of the product type, the high-density product segment is predicted to account for the fastest CAGR during 2022-2032. On the basis of application, the automotive industry will likely hold a major share of the market revenue over the projected period.
Key Segments in The Expanded Polypropylene (EPP) Foam Market
By Grade Type:
Low Density
High Density
Porous PP
By Application:
Automotive
Industrial Packaging
Consumer Products
Building & construction
Others
By Region:
North America
Latin America
Asia Pacific
MEA
Europe