New York, June 28, 2023 (GLOBE NEWSWIRE) -- Market Overview:
According to the latest research report published by DataM Intelligence, the Global Polyolefin Foam Market was valued at US$ 7.4 billion in 2022 and is projected to reach US$ 11.1 billion by 2030. The market is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030). The global polyolefin foam market is segmented based on type, process, application and region.
Asia-Pacific is expected to contribute significantly to the market growth due to rapid industrialization, urbanization and population growth. Major players in the market include Furukawa Electric Co. Ltd, Knauf Industries, Dongshin Industry, Kaneka Corporation, JSP Corporation, BASF SE, SSW Pearl Foam GmbH, Sonoco Products Company, Clark Foam and Bradford Company.
The presence of significant global and regional manufacturers providing various products distinguishes the polyolefin foam market. Manufacturers are constantly creating novel formulas and production procedures to improve the performance and qualities of polyolefin foam in this industry, which is highly competitive and driven by innovation.
Because of its excellent strength-to-weight ratio and longevity, expanded polypropylene (EPP) foam is predicted to account for more than 32% of the global polyolefin foam market. It also has great energy absorption capabilities, perfect for automobile components, protective cases and sporting equipment.
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Market Drivers:
The increased need for lightweight automotive materials has tremendously boosted the global polyolefin foam market. To fulfill regulatory regulations and market expectations, automotive manufacturers increasingly focus on improving fuel economy and lowering vehicle emissions. Manufacturers may decrease total vehicle weight using lightweight materials such as polyolefin foam, increasing fuel economy and fewer emissions.
Additionally, lightweight materials such as polyolefin foam may improve vehicle performance. The lighter weight may enhance acceleration, handling and braking, resulting in a more enjoyable driving experience. Companies are substantially investing in the sector due to increased demand for lightweight vehicle materials.
For example, in 2019, BASF launched a broad selection of foam products on the Foam Expo Europe opening day, which runs from September 10 to September 12 in Stuttgart, Germany.
Visitors to the BASF exhibit at Europe's biggest technical foam trade show learned about materials, experience in polyurethane systems (PU), melamine resin and polypropylene foams and the most current breakthroughs in foam technology. BASF compounds are used in various sectors, including home, sports, automotive, aviation and construction.
Market Restraints:
The price volatility of raw materials required to make polyolefin foam, such as polyethylene (PE) and polypropylene (PP), influences market growth. Sudden spikes in raw material prices may pressure businesses and impact industry profitability.
Due to fluctuating raw material prices, polyolefin foam producers struggle to create consistent pricing strategies. Rapid and unanticipated variations in raw material costs might cause pricing uncertainty in finished goods. It may make sustaining stable margins and competitive pricing in the market challenging, compromising market positioning and profitability.
Covid-19 Impact Analysis:
Many sectors, including automotive, construction and consumer products, had a major drop in demand due to the epidemic. Movement limitations, economic uncertainty and lower consumer spending all impacted the market for polyolefin foam products in various applications. Automotive output, in particular, has declined significantly, affecting the sector's need for foam materials.
Ukraine-Russia War Impact:
The war between Ukraine and Russia interrupted the raw material supply chain utilized to manufacture polyolefin foam. Ukraine is a large producer of polyethylene and polypropylene, which are important raw ingredients in producing polyolefin foam. Any interruptions in the supply of these raw materials from Ukraine cause supply constraints and have a worldwide impact on the manufacture of polyolefin foam.
Ukraine and Russia are major participants in the global polyolefin foam industry and any interruptions in their manufacturing capacities or supply networks might result in regional imbalances. Changes in trade patterns and market dynamics may follow, changing regional supply and demand circumstances.
Recent Industry Developments:
- On January 10, 2018, Armacell, a US-based producer and supplier of industrial foams and flexible insulation materials, announced the acquisition of Nomaco's Insulation Business, a rising US maker of extruded polyethylene (PE) insulation foams.
- Borealis, an Austrian chemical business and Sulzer Chemtech, a Swiss engineering company, completed the development of an innovative technique for the low-cost extrusion of expanded polypropylene (EPP) beads on April 19, 2021.
- SABIC, a materials specialist, announced the release of innovative polypropylene (PP) compounds for foam injection molding (FIM) on July 8, 2022, with lightweight and aesthetically attractive qualities for automotive interior applications.
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Segmentation Analysis:
As per the research analysis, the global polyolefin foam market is segmented by type into polyethylene, polypropylene, ethylene-vinyl acetate and others; by process into cross-linked, extrusion, blowing and others; and by application into automotive, industrial Packaging, building and construction, healthcare, electronics and others.
Rising Demand for Lightweight Material in the Automotive Industry
EPP foam accounts for one-third of the global polyolefin foam market. The automobile industry is a significant driver of EPP foam demand. EPP foam is used in various automotive applications, including bumpers, interior components, seat constructions, door panels and headrests. EPP foam has high energy absorption and impact resistance, which improves passenger safety. Its lightweight qualities help to reduce total vehicle weight and increase fuel economy.
Furthermore, advances in manufacturing technology have increased the efficiency and capacity of EPP foam production. Complex forms and exact customization of EPP foam products are possible for advanced molding processes such as steam and gas-assisted molding. These advances have increased the application possibilities and diversity of EPP foam, boosting its growth even further.
Geographical Analysis:
The global polyolefin foam market is segmented into North America, Europe, South America, Asia Pacific and Middle East & Africa.
Asia-Pacific Polyolefin Foam Market:
Asia-Pacific will account for more than half of the global share of polyolefin foam sales in 2022. The Asia-Pacific region has the biggest and fastest-growing polyolefin foam market. Rapid industrialization, urbanization, population growth and increasing consumer spending have all led to the rise of businesses that use polyolefin foam, such as automotive, packaging, construction and consumer goods.
Furthermore, the area is home to major automobile manufacturing centers and rising output and demand for lightweight cars have driven polyolefin foam growth. Because of its lightweight nature, energy absorption qualities and safety features, expanded polypropylene (EPP) foam is widely used in automobile components.
Market Key players
The major companies contributing to the global polyolefin foam market growth include Furukawa Electric Co. Ltd, Knauf Industries, Dongshin Industry, Kaneka Corporation, JSP Corporation, BASF SE, SSW Pearl Foam GmbH, Sonoco Products Company, Clark Foam and Bradford Company.
Related Reports:
- Global Polyethylene (PE) Foam Market
- Global Expanded Polypropylene (EPF) Foam Market
- Global Extruded Polypropylene (XPP) Foam Market
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1) Unlimited Analyst support for a period of 1 year.
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global polyolefin foam market segmentation type, process, application and region, highlighting the key commercial assets and players.
- By Type: Polyethylene, polypropylene, ethylene-vinyl acetate and others
- By Process: Cross-linked, extrusion, blowing and others
- By Application: Automotive, industrial Packaging, building and construction, healthcare, electronics and others.
- By Region: North America, Europe, South America, Asia-Pacific and Middle East and Africa.
- Identify commercial opportunities in the global polyolefin foam market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global polyolefin foam market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players.
- The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.
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