Expanded Polypropylene Foam Market Worth $1.5 Billion By 2027
The global expanded polypropylene foam market size is expected to reach USD 1.5 billion by 2027, according to a new report by Grand View Research, Inc., registering a revenue-based CAGR of 6.1% over the forecast period. The rapid growth of the automotive industry in recent years has been a major factor driving the market for EPP foam. Further, the increasing application scope of the product in the consumer goods, construction, and packaging industries is expected to have a significant impact on the overall market over the coming years.
The product witnessed wide application in the automotive industry for the manufacture of the floor, door, and hood panels, primarily for noise and thermal insulation in passenger and commercial cars. The considerable growth of the automotive industry in Germany, China, and India is expected to drive product demand over the projected period.
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The increasing use of molded EPP foam products in protective and flexible packaging applications for numerous verticals, including medical, consumer electronics, food and beverages, household appliances, and industrial equipment, is expected to drive the market for EPP foam over the forecast period.
The consumer goods vertical is expected to witness growth over the coming years, projected at a CAGR of 6.0% during the forecast period, in terms of revenue. The rapidly growing consumer goods industry across major economies of Asia Pacific, Europe, and North America is expected to drive product demand over the forecast years.
Expanded Polypropylene Foam Market Report Highlights
- The market for expanded polypropylene (EPP) foam was estimated at USD 921.5 million in 2019 and is expected to grow at a significant rate during the forecast period on account of the increasing application scope of the product in consumer goods and protective packaging industry verticals
- The medium density segment accounted for a considerable share in 2019 and is expected to witness the highest growth rate of 6.1%, in terms of revenue, over the forecast period owing to increasing application scope in consumer goods and furniture applications
- The consumer goods segment is expected to witness the highest revenue-based CAGR of 6.0% during the forecast period, primarily on account of increasing application scope in the rapidly growing consumer goods industry worldwide
- The Asia Pacific region dominated the overall market for expanded polypropylene (EPP) foam, in terms of revenue in 2019 and is expected to witness the highest growth rate of 6.7% during the forecast period. This is attributed to high product application scope in the growing automotive, consumer goods, and packaging verticals
- The key strategies adopted by the industry players include capacity expansions, mergers and acquisitions, technical collaborations, and distribution agreements
- Key players include JSP Corporation; BASF SE; Kaneka Corporation; DS Smith plc; Furukawa Electric Co., Ltd.; Hanwha Corporation; Sonoco Products Company; Knauf Industries; IZOBLOK; Dongshin Industry, Inc.; Clark Foam Products Corporation; Paracoat Products Ltd.; Molan Pino South Africa (PTY) Ltd; PDM Foam; and Armacell International S.A.
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Grand View Research has segmented the global expanded polypropylene foam market on the basis of product, end-use, and region.