Selbyville, Delaware , Feb. 06, 2024 (GLOBE NEWSWIRE) -- Expanded Polypropylene (EPP) Foam Market is poised to be worth more than USD 809 million by the end of 2032, as per a recent study by Global Market Insights Inc.
The rising trend of sustainable packaging is the major factor driving the market growth. EPP foam has emerged as a preferred packaging solution for replacing traditional packaging materials due to its recyclable and lightweight nature. Of late, numerous businesses and consumers are prioritizing environmentally responsible choices, resulting in the surging demand for various sustainable packaging options. Additionally, insulation properties and versatility are enhancing the appeal of expanded polypropylene foams in packaging applications across multiple industries. Furthermore, the growing awareness and commitment to green practices is likely to support the industry expansion.
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Fabricated foam to gain significant traction
Expanded polypropylene foam market from the fabricated foam segment recorded notable growth in 2023 and is anticipated to witness considerable demand between 2024 and 2032. This is owing to the extensive use of fabricated EPP foam products in various industries due to their versatility, lightweight structure, and excellent impact resistance. Additionally, benefits, such as moldability and customization capabilities are making fabricated foams an attractive choice for manufacturers seeking efficient and tailored solutions across multiple applications.
High demand from packaging applications
Expanded polypropylene foam market is set to generate substantial revenue from the packaging application segment between 2024 and2032. The lightweight nature, exceptional impact resistance, and thermal insulation properties offered by EPP foam make it an ideal material for protective packaging solutions. The escalating e-commerce and sustainable packaging trends have increased the adoption of multiple foams for safeguarding fragile goods during transit. Additionally, the ability to absorb and disperse impact energy for enhancing product protection as well as reducing damage and waste is also expected to boost the segment growth.
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Asia Pacific to emerge as a lucrative market destination
Asia Pacific Expanded polypropylene foam market held a sizable revenue share in 2023 and is set to exhibit robust growth through 2032. The strong presence of the flourishing automotive and packaging industries is propelling the demand for EPP foam in the region. With increasing automotive production and the growing focus on sustainable packaging solutions, EPP foam helps meet the need for versatile and eco-friendly materials. Moreover, the rising consumer awareness regarding the benefits of EPP foam in consumer goods and industrial applications will further accelerate the regional industry expansion.
EPP Foam Industry Participants
Some of the major companies engaged in the expanded polypropylene foam market are DS Smith PLC, BASF SE, Sonoco Products Company, JSP Corporation, Furukawa Electric Co., Ltd., Kaneka Corporation, The Woodbridge Group, and Hanwha Corporation. Strategic initiatives led by these industry players, including acquisitions and partnerships, to enhance technological capabilities, broaden market reach, and foster innovations will augment the industry outlook. For instance, in October 2023, Knauf Industries GmbH, a European molded component expert, acquired the Neopolen expanded polypropylene business from BASF.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
