Versatile applications across industries coupled with eco-friendly nature of polypropylene will bolster the global expanded polypropylene foam market to cross US$ 1.6 Bn between 2019 and 2029. This is attributed to market factors such as manufacturing sector investments in developed economies, preference of sustainable alternatives over traditional plastic derivatives, and raw material availability.
Expanded Polypropylene Foam is used in manufacturing automotive components (bumpers, safety feature), food & beverage packaging, furniture products, and other consumer goods. The expanded polypropylene foam (EPP) market is characterized by presence of small, medium, and large companies where major organizations are developing self-sufficient models of manufacturing EPP foam, from raw materials to the finished product.
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Key Takeaways of Expanded Polypropylene Market Study
Automotive segment will drive maximum demand for expanded polypropylene foam owing to increase in manufacturing and introduction of innovative applications. It currently holds more than 40% of the market share.
Packaging is second in line to generate demand for EPP foam products by registering 1.9x growth during the forecast period.
High Density expanded polypropylene foam will witness 1.6x growth between 2019 and 2029. This is attributed to applications in automotive industry such as bumpers, and interior safety mechanisms.
Regionally, East Asia leads and holds more than two-fifth of market share.
Europe and North America collectively account for more than 35% of market share with steady growth rates.
The global expanded polypropylene market will grow more than 1.7x during the forecast periods (2019-2029).
“Automakers are evaluating alternatives of steel and aluminum to meet consumer demand towards high-performance vehicles. Accelerating usage of lightweight material on even the most basic car parts to improve overall fuel efficiency escalates the consumption of expanded polypropylene foam in the foreseeable future.” Says the Fact MR Analyst
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Industrial Applications Guide Future Demand
Surging demand for light-weight, recyclable, and shock absorbent material will drive the expanded polypropylene market towards sustained growth. Automotive, packaging, and consumer products such as furniture, gym accessories are expected to present continuous revenue prospects. The market stands to gain immensely from an increase in production across complimentary industries. Market players are investing in automation and application of EPP foam in unexplored verticals. There is an emerging trend of developing end-to-end production facilities amidst the presence of suppliers, distributors, and fabricators in the competitive landscape. New entrants might face barriers due to this strategy. The global expanded polypropylene foam market is well poised for an upward growth trajectory between 2019 and 2029.
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Global Expanded Polypropylene Foam Market: In-Depth Assessment on Key Segments
The global expanded polypropylene foam market is segmented on the basis of type, end-use and region.
Type
Low Density
Medium Density
High Density
End-Use
Automotive
Packaging
Consumer goods
Appliances
Oil & Gas
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
Essential Takeaways from the Expanded Polypropylene Foam Market Report
Comparison of prominent players operating in the Expanded Polypropylene Foam Market.
Recent developments and key strategies adopted by market players.
Study of the micro and macro-economic growth indicators.
Impact of the various factors on the value chain of the Expanded Polypropylene Foam Market.
Growth opportunities for emerging market players in various regional markets.
Current trends influencing the scenario of the Expanded Polypropylene Foam Market.
Important queries related to the Expanded Polypropylene Foam Market addressed in the report:
Who are the most prominent players in the Expanded Polypropylene Foam Market?
What are the factors that are likely to hinder the growth of the Expanded Polypropylene Foam Market during the forecast period (2021-2031)?
Why is the concentration of tier-1 companies high in specific region?
How are the soaring prices of raw materials impacting the demand for keyword?
Why are market players eyeing opportunities in particular region?
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