Hyderabad, July 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Expanded Polypropylene (EPP) Foam Market Report (2023-2028)," the market is estimated at USD 438.23 million in 2023. It is expected to register a CAGR of 7.21% during the forecast period.
Expanded polypropylene (EPP) is a versatile foam that offers energy absorption, impact resistance, thermal insulation, buoyancy, and other unique properties. It is completely recyclable and non-toxic. EPP is in high demand in the packaging industry. The growing adoption of electric vehicles also presents opportunities to the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 438.23 million |
| Market Size (2028) | USD 620.70 million |
| CAGR (2023-2028) | 7.21% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Non-toxic and recyclable nature of the material. |
| The rising demand from packaging industries. |
Who are the Top Companies in the Global Expanded Polypropylene (EPP) Foam Market?
The global expanded polypropylene foam market is consolidated.
The significant players in the market in 2023 with the majority of the market share are:
- BASF SE
- BEWi (IZOBLOK)
- Clark Foam Products Corporation
- Hanwha Solutions
- JSP
- KK Nag Pvt. Ltd
- Kaneka Corporation
- Knauf Industries
- Polyfoam Australia Pty Ltd
- Signode Industrial Group LLC
- Sonoco Products Company
- Woodbridge
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Key Highlights from the Global Expanded Polypropylene (EPP) Foam Market Report:
High Demand Created by the Automotive Industry
- The automotive sector is the largest consumer of EPP foams. They are used in bumpers to absorb impact energy during accidents. It also helps in reducing the weight of the vehicle.
- EPP foams play a significant role in making electric vehicles lightweight and thermally insulated. It ensures ideal operating conditions for batteries.
Highest Demand from Asia-Pacific
- China, the largest economy in Asia-Pacific, is the largest consumer and manufacturer of EPP foams.
- In India, the country's expanding packaging industry acts as a catalyst for the EPP market.
What are the Latest Developments in the Global Expanded Polypropylene (EPP) Foam Market?
- In March 2022, Hanwha Solutions decided to split off its advanced materials business and sell a stake in the unit to raise USD 491 million for investments at home and abroad. Private equity firm Glenwood PE announced plans to buy a 49% stake in the division for USD 491.4 million, becoming its second-largest shareholder after Hanwha.
- In February 2022, BEWI acquired 121,870 shares of Izoblok, which equals 9.62% of the capital share in the country. With this acquisition, BEWI owns a controlling stake of 63.83% in Izoblok.
Mordor Intelligence has Segmented the Global Expanded Polypropylene (EPP) Foam Market Based on Raw Material, Foam, Application, and Geography.
- By Raw Material (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Synthetic Polypropylene
- Bio-based Polypropylene
- By Foam (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Fabricated EPP
- Molded EPP
- Other Foams
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Automotive
- Dunnage
- Furniture
- Food Packaging
- HVAC
- Sports and Leisure
- Other Applications
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Expanded Polypropylene (EPP) Foam Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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