Expanded Polypropylene (EPP) Foam Market - Growth, Trends and Forecast (2020 - 2025)
NEW YORK, March 24, 2020 /PRNewswire/ --
The market for expanded polypropylene (EPP) foam is expected to register a CAGR of less than 6% during the forecast period. Major factors driving the market studied are non-toxic and recyclable nature of the material and rising demand from packaging industries.
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- Higher prices among other structural foams are likely to act as a restraint for the market studied.
- Rising demand for bio-based polypropylene foam and replacement for EPS and EPE products by EPP are likely to act as an opportunity in the future.
- Asia-Pacific region dominated the market studied with about 40% of the total market by revenue and is expected to witness the highest CAGR.
Key Market Trends
Increasing Demand from Automotive Industry
- The automotive sector is currently the largest consumer of EPP foams. The demand for EPP foams have increased over the years, as the EU regulations pertaining to emissions have become more rigorous and the laws on recycling of vehicles withdrawn from use have been introduced.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 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 play a significant role in making the electric cars light weight and thermally insulated and enhancing the energy absorption capabilities.
- EPP foams are also used in 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.
- Excellent recoverability and the ability to absorb impact energy of EPP foams increase the usage of EPP foams in bumpers. In a collision, molded EPP parts built into bumper bar systems reduce the pressure and minimize the amount of impact energy transmitted to the chassis.
- Owing to all the aforementioned factors, the market for EPP foam is projected to grow during the forecast period.
Asia-Pacific to Dominate the 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 foam in the Asia-Pacific region. The growing manufacturing activities in the country is 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, which ensure fuel economy and minimize emissions, owing to the increasing environmental concerns (due to mounting pollution in the country).
- As the standard of living continues to improve in China, people are becoming increasingly willing to invest in home decoration. Consumers' increasing purchasing power has driven the furniture market to develop in leaps and bounds.
- As China's leading policy of stimulating domestic demand in the years to come, urbanization is bound to drive furniture market growth.
- All such positive factors are expected to drive the market for expanded polypropylene (EPP) foam in the region through the forecast period.
Competitive Landscape
The global expanded polypropylene foam market is consolidated, with the top four companies accounting for over ~85% of the overall market. Major players include BASF SE, JSP Corporation, Hanwha Group, and IZOBLOK GmbH, among others.
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