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Expanded Polypropylene (EPP) Foam Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The expanded polypropylene (EPP) foam market is projected to register a CAGR of over 6. 5% during the forecast period (2022-2027). The market was negatively impacted due to the COVID-19 pandemic in 2020.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Expanded Polypropylene (EPP) Foam Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06309351/?utm_source=GNW
However, the condition recovered in 2021, and it is expected to observe a stable growth trajectory over the forecast period.
Over the medium term, the non-toxic and recyclable nature of the material and the rising demand from packaging industries may drive the market’s growth.
On the flip side, higher prices among other structural foams are likely to act as restraints for the market studied during the forecast period (2022-2027).
The rising demand for bio-based polypropylene foam and its emergence as a replacement for other products are likely to act as opportunities in the future.
The Asia-Pacific region dominated the market, and it is expected to witness the highest CAGR over the forecast period.
Key Market Trends
The Automotive Application is Expected to Dominate the Market
The automotive sector is currently the largest consumer of EPP foams. The demand for EPP foams has increased over the years, as the EU regulations pertaining to emissions have become more rigorous and laws on recycling of vehicles withdrawn from use have been introduced.
Increasing usage of EPP foams in seating and other automotive components reduces the overall weight of the vehicle by ~10%. The fuel consumption was reduced by ~7%. The share of recyclable materials in vehicles that can be reused is increasing simultaneously.
In addition, increasing electric cars are promoting the EPP foam market’s growth, as EPP plays a significant role in making electric cars lightweight and thermally insulated and enhancing the energy absorption capabilities.
EPP foams are also used in the manufacturing of door pads, headliners, and mats. They make it possible to maintain a constant air temperature in the cockpit and generate ideal conditions for battery operations.
The automotive industry observed about 10% growth in the first nine months of 2021 when compared to the same period in 2020.
The aforementioned aspects may result in the automotive application dominating the market.
China is Expected to Dominate the Asia-Pacific Market
The Asia-Pacific region dominated the global market share. In Asia-Pacific, China is the largest economy in terms of GDP.
China is the largest consumer and manufacturer of EPP foams in the Asia-Pacific region. The growing manufacturing activities in the country are increasing the consumption of plastics and polymers in the region, which is expected to drive the expanded polypropylene (EPP) foam market.
The country’s automotive sector has been shaping for product evolution, with the country focusing on manufacturing products that ensure fuel economy and minimize emissions, owing to the increasing environmental concerns (due to mounting pollution in the country).
The Chinese automotive manufacturing industry is the largest in the world. The country observed a growth of 53% in the first nine months of 2021 in automobile production in comparison to the same period in 2020.
Additionally, the market competition in China has become increasingly fierce in the food and beverage industry, which has enabled companies to tap into overseas markets with an aim to seek more resources and business opportunities.
Hence, based on the above-mentioned aspects, China is expected to dominate the Asia-Pacific market during the forecast period.
Competitive Landscape
The expanded polypropylene foam market is consolidated, with the top five companies accounting for a major share of the overall market. The major players (in no particular order) include BASF SE, JSP, Hanwha Group, Izoblok, and Kaneka Corporation, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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