Dubai, UAE, March 09, 2020 (GLOBE NEWSWIRE) -- Backed by soaring demand from automotive industry, global expanded polypropylene foam market will exhibit promising growth at approximately 5.5% CAGR over the forecast period (2019-2029). Moreover, the market is receiving tailwinds from heightened demand in packaging industry on account of thermal insulation properties. On that premise, the market is projected to grow 1.7X through 2029.
“On account of highly-favored attributes such as efficient energy absorption, thermal insulation, high performance and sustainability, high-density expanded polypropylene foam has gained widespread adoption in end-use applications such as packaging, automotive, gym accessories, and furniture,” finds Fact.MR report.
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Expanded Polypropylene Foam Market: Key Takeaways
- Demand for expanded polypropylene foam remains concentrated in automotive industry, specifically for manufacturing interior safety mechanisms.
- Packaging industry will register noteworthy CAGR over the forecast period.
- High-density expanded polypropylene foam will remain preferred variant for leading manufacturers through 2029.
- East Asia holds the leading market share in view of burgeoning end-use industries.
- North America and Europe will offer significant growth prospects for prominent manufacturers of expanded polypropylene foam.
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Key Driving Factors
- Multifaceted applications of expanded polypropylene foam for manufacturing consumer goods continue to bolster the demand.
- Consumers have greater predilection for expanded polypropylene foam owing to its eco-friendly characteristics.
- Greater incentive from governments and other organizations towards sustainability is pushing the growth of expanded polypropylene foam market.
- Growth of expanded polypropylene foam market is complemented by escalating investments from industry leaders.
Key Constraints
- Gaining substantial market share is extremely challenging for market players in view of consolidated competitive landscape.
- Novel raw material suppliers are faced with major roadblocks of growth in view of supply chain integration.
Competition Landscape
Key players in highly-competitive expanded polypropylene foam market are profiled in this study. Some of the major players include, but are not limited to, PDM Foam, Paracoat Products Ltd., Hanwha Corporation, Dongshin Industry, Inc., JSP Corporation, Kaneka Corporation, BASF SE, and Clark Foam Products Corporation. Industry leaders continue to integrate their supply chain for eliminating inordinate reliance on fabricators, distributors, and suppliers. Moreover, automakers are unlocking profitable avenues by exploring better alternatives of aluminum and steel for manufacturing lightweight, shock absorbent and recyclable automotive parts.
About the Report
This 170-page study offers readers with comprehensive market forecast on the expanded polypropylene foam market. Global, regional and country level analysis of the latest industry trends impacting the expanded polypropylene foam market are covered in this Fact.MR study. The report offers compelling insights on the expanded polypropylene foam market on the basis of type (low density, medium density, and high density), end-use (automotive, appliances, packaging, consumer goods, oil & gas) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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