Mar 02, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Polypropylene Foams Market.
It was estimated prior to this unanticipated outbreak that the Polypropylene Foams Market is likely to witness an impressive CAGR of 7.2% during the forecast period. The rising demand for lightweight automobiles is the prime factor that is bolstering the growth of the global polypropylene foams market. Further, the growing claim from various end-use industries in the industrialized and emerging economies has prompted the evolution of the polypropylene foams market.
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Polypropylene Foams are lightweight, resilient, and tough foam that is resistant to chemicals and moisture. These foams are manufactured with properties such as sustaining a wide temperature range. It is often brought to use in different applications such as cushioning, automotive components, packaging, and many others.
Polypropylene Foams are manufactured through different processes and are available in different variants such as expanded polypropylene, extruded polypropylene, and others. Apart from the automotive and packaging industries, they are also used in other industries such as consumer products.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as expanded polypropylene (EPP) foams, extruded polypropylene (XPP) foams, and type (Density Basis). Expanded polypropylene (EPP) foam is presently governing the market. However, extruded polypropylene (XPP) foam is estimated to be the fastest-growing segment during the forecast period, and is chosen by several key end-use industries for various applications, owing to its premium performance properties, such as lightweight, elevated impact resistance, water & moisture confrontation, and shape withholding property.
Based on the end-use industry type, the market is segmented as automotive, packaging, consumer products, and others. The automotive application segment held the largest share in 2018, which was followed by consumer products, packaging, and other applications. The increasing claim for innovative products, along with the necessity for exploration and growth in polypropylene foams, has invigorated companies to adopt organic and inorganic stratagems and to augment their market shares in the corresponding regions.
In terms of regions, Asia-Pacific is estimated to depict the maximum growth in the polypropylene foams market, in terms of value and volume, during the forecast period. In current years, the claim from packaging applications and automotive sectors has grown in the region, owing to rising population and increasing disposable income, which in turn, is driving the polypropylene foams market in the region. Polypropylene foams are dominating the market as they are absolutely recyclable. With their remarkable characteristics, polypropylene foams qualify for CO2 emissions reduction. Driven by their superior mechanical properties, polypropylene foams can be employed time and again for many years, even under severe environmental circumstances. The robust call for high-end polypropylene foams in automotive industries from developing countries and convalescing developed nations is anticipated to bolster the growth of this market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities in the coming five years.
Key players operating in the global Polypropylene Foams market are-
- 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
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Polypropylene Foams analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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