The key driving factors of the market are rapidly increasing automotive and packaging industry.
Polypropylene foam (PP), also known as polypropylene, is an engineering plastic material with advanced chemical and physical properties such as energy absorption, structural strength, thermal insulation, and acoustical properties. Polypropylene foam sheets have a unique closed cell structure, with expansion ranging from 2 to 5 times by foam extrusion. The material has a wide range of features, offering a better alternative to plywood, cardboard, corrugated plastic, solid PP or HDPE sheet. Factors such as unique polypropylene features such as absorption, acoustical properties, thermal insulation, structural strength, and chemical inertness are projected to propel the global polypropylene foams market. Furthermore, the growing automotive and packaging industries coupled with a surge in the demand for durable foams and recyclable foams are also some of the factors fueling the market’s growth. However, environmental concerns related to polypropylene usage are one of the major factors hindering the global polypropylene foams market’s growth.
The market for polypropylene foams has grown significantly as a result of increasing demand from the automotive and packaging industries. Accordingly, throughout the forecast period, growing urbanization, as well as the rise in disposable income and quick shift in consumer lifestyle, are also playing a significant role in boosting the growth of the polypropylene foams market. Additionally, the market for polypropylene foams is expanding due to rising demand for durable foams and recyclable foams, growing preference for packaged and frozen foods, and the high demand for these foams. Moreover, increasing investments in manufacturing activities among major economies, increase automobile and consumer goods production. The demand for polypropylene foam is also being driven by improved physical qualities like quality, lightweight nature, high energy absorption property, and durability in expanding end-user sectors like automobiles and food and beverage packaging.
Additionally, high demand for high-end polypropylene foams in the automotive sector from emerging nations, as well as the rising demand for new goods and innovations and the growing need for polypropylene foam research and development, will provide a variety of growth opportunities for the market of polypropylene foams. Companies are supplying high, medium, and low-density foams to fulfill the rising demand for different densities of polypropylene foams based on uses. For various uses, companies like JSP, BASF, and Kaneka offer a variety of materials in various densities. Moreover, market goliaths like BASF and JSP also introduced two new recyclable polypropylene foams in an effort to gain an advantage over their competitors. During the anticipated period, the aforementioned factors are expected to support the expansion of the polypropylene foams market.
The excessive lack of awareness about polypropylene foams has the potential to pose a threat to the growth of the polypropylene foams market in the upcoming forecast period. The high cost of the foams as well as the fluctuating prices of raw materials and growing environmental awareness issues may act as key restraints for the polypropylene foams market growth rate.
The availability of less expensive substitutes, including foam planks made of starch, multilayer corrugated pads, and recycled polyethylene foam, is the biggest risk for suppliers in the polypropylene foam market. Furthermore, the growth of the market is constrained by the high cost of the raw materials used to manufacture polypropylene foams. Due to the overall expense of manufacturing, manufacturers hesitate to enter the market. However, by maximizing the material’s selling price, market participants can profit.
The report provides an in-depth analysis of Global Polypropylene Foams Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Rapid industrialization & urbanization and rising demand for lightweight and low-emission automotives are attributed to the market’s growth.
Based on type, this market is segmented into Expanded Polypropylene (EPP) Foams and Extruded Polypropylene (XPP) Foams. Expanded Polypropylene (EPP) foam has superior performance characteristics such as high impact resistance, lightweight, water & moisture resistance, and shapes retention property. Rising demand for bio-based polypropylene foam and replacement for EPS and EPE products by EPP is likely to act as an opportunity in the future. Furthermore, based on the end-use industry, this market is categorized into Automotive Packaging and Consumer Products. Polypropylene foams are extensively used in the automotive end-use industry. The growing demand for lightweight automobiles is leading to an increase in the demand in the polypropylene foams market. The rising demand for new products and innovations, as well as the need for research and development in polypropylene foams, has encouraged companies to adopt organic and inorganic strategies and to increase their market shares in their respective regions. The global Polypropylene form market is studied for the following region North America, Europe, Asia-Pacific, and the Rest of the world (RoW). Asia-Pacific is likely to dominate the Polypropylene Foams Market due to increased product demand in key end-use verticals, such as consumer goods and packaging. Over the projected period, it is anticipated that the region’s rapidly expanding automotive industry will increase product demand.
Market Sizing for Year: | 2021-2028 |
Base Year: | 2021 |
Forecast Period: | 2022-2028 |
Value: | USD
Million |
Market Segment studied: | Type End Use |
Market Players and its Competitors: | BASF SE Kaneka
Corporation Hanwha
Corporation Mitsui
Chemicals, Inc. Borealis AG Furukawa
Electric Co., Ltd. Sonoco Products Company DS Smith PLC. K. K. NAG Ltd. Pregis
Corporation. Sekisui Alveo AG Ssw Pearlfoam
GmbH Synbra Holding
BV |
FREQUENTLY ASKED QUESTIONS
What are the drivers for Polypropylene Foams Market?
The key driving factors of the market are rapidly increasing automotive and packaging industry.
Which is the leading end-user segment for the Polypropylene Foams market?
Automotive Industries has accounted for the major market share and is expected to witness growth at the highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2021-2028)?
Asia Pacific is expected to dominate the Polypropylene Foams market during the forecast period (2021-2028).