Global Expanded polypropylene (EPP) Foam Market - Segmented by Form, Raw Material, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global expanded polypropylene (EPP) foam market has been estimated at USD 1,002.55 million in 2017 and is projected to reach USD 1,648.8 million by 2023. Expanded polypropylene (EPP) foam is a closed cell foam, which is flexible, lightweight, recyclable, and non-toxic. It is known for its impact absorption and thermal resistance properties, and possesses a high strength to weight ratio. The material, along with water, offers resistance to most of the industrial chemicals.
In the report, we have taken the following major applications into consideration - automotive, industrial packaging, furniture, HVAC applications, and sports and leisure goods. The automotive segment accounts for over 50% share of the global EPP foam market in 2017.
Accelerating Demand for Fuel-efficient and Lightweight Cars
In order to meet the shifting consumer demand toward performance vehicles and increasingly stringent federal fuel economy standards, automakers are looking for alternatives to steel and aluminum. Using advanced lightweight materials on even the most basic car parts can improve overall fuel efficiency. Expanded polypropylene (EPP) foam, owing to its elasticity, thermal resistance, oil resistance, non-toxicity, recyclability, and shock-proof nature, is an integral part of the automotive manufacturing sector. Using advanced lightweight materials on even the most basic car parts can improve overall fuel efficiency as well. Owing to the aforementioned factors, the demand for EPP is increasing in the automotive sector. Moreover, there is an increase in production and consumption of automobiles across the world, which is expected to further boost the global EPP foam market growth.
Growing Concern for the Environment
The market is segmented by form, raw material, and application. By raw material, synthetic polypropylene is used in most of the cases. Growth of the bio-plastics industry is expected to have a positive impact on the growth of bio-based polypropylene. There have been numerous regulatory initiatives envisioned to reduce carbon emissions and promote bio plastics.
The easy availability of propylene, which is the key raw material used for the manufacture of EPP foam in major economies has helped strengthen the raw material supply in the global industry. However, the price volatility associated with this material is expected to impact product prices over the coming years.
Asia-Pacific to Dominate the Market Growth
Region-wise, APAC led the market with more than 35% of the share, followed by Europe and North America. The flourishing automotive and packaging industries in Asia-Pacific have made this region an area of immense potential and opportunities. The rising disposable incomes of consumers in the region is expected to have positive impact on the consumer goods’ demand, thereby impacting the product demand. The fast-emerging consumer goods industry in major countries, like India and China, is expected to further propel the product demand over the forecast years.
Key Developments in the Market
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