The XPP foam market is projected to grow at a CAGR of 6.9% from 2018 to 2023
LONDON, Sept. 19, 2018 /PRNewswire/ -- The XPP foam market is projected to grow at a CAGR of 6.9% from 2018 to 2023.
The XPP foam market is projected to grow from USD 751.0 million in 2018 to USD 1048.8 million by 2023, at a CAGR of 6.9%, in terms of value, between 2018 and 2023. The demand for XPP foam is mainly driven by its properties such as recyclability and eco-friendliness in comparison to other competitive foams, such as PU and PE, and high functional characteristics such as high stiffness, chemical resistance, heat stability, impact resistance, lightweight, and good sound insulation. The unique properties of XPP foam make it suitable for use in industries such as automotive, packaging, and building & construction. The market is driven by the increasing demand from the automotive industry. However, the rising prices of polypropylene resin, the major raw material, are expected to restrain the growth of the market.
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Based on type, the low-density segment is expected to lead the XPP foam market during the forecast period.
Based on type, the low-density segment is expected to be the fastest-growing segment of the XPP foam market during the forecast period.Low-density polypropylene foam is widely preferred in automotive, protective packaging, and insulation applications due to its properties such as recyclability, light weight, energy efficiency, and sustainability.
In automotive end-use industry, low-density XPP foam is used in door liners, engine shields, and roof/trunk liners. The use of low-density XPP foam in these applications helps in impact protection and weight reduction of vehicles.
Based on end-use industry, the automotive segment is projected to lead the XPP foam market during the forecast period.
Based on end-use industry, the automotive segment is expected to lead the XPP foam market.OEMs use XPP foam to produce vehicles that are lightweight, energy efficient, and sustainable.
It is also used in combination with metals to improve energy absorption and distribution. The low density and recyclability properties are expected to drive the use of XPP foam in the automotive end-use industry during the forecast period.
APAC is expected to be the fastest-growing market for XPP foam.
The APAC region is expected to witness the fastest growth during the forecast period; this growth can be mainly attributed to the growing automobile production in countries such as China, India, and other Southeast Asian nations.The growth of the market in APAC is primarily attributed to rapid economic development, followed by massive investments across industries such as automotive, packaging, building & construction, and marine.
Automotive is projected to be the fastest-growing end-use industry of XPP foam in APAC.India and China are the two major economies driving the market in APAC.
The demand for XPP foam has also increased in the other APAC countries such as South Korea, Indonesia, Malaysia, Thailand, Vietnam, and the Philippines with the positive outlook of the automotive industry in these countries.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. The break-up of the primary interviews is given below:
• By Company Type: Tier 1—53%, Tier 2—27%, and Tier 3—20%
• By Designation: C-level—40%, Director-level—27%, and Others—33%
• By Region: APAC—33%, North America—47%, Europe—13%, RoW—7%
Note: 1. Other designations include sales managers, marketing managers, and product managers. 2. Tiers of companies are defined based on their total revenues in 2017. Tier 1 = >USD 1 billion, Tier 2 = USD 100 million to USD 1 billion, and Tier 3 =
Note: 2. RoW includes South America and Middle East & Africa
Key global players of the XPP foam market are Borealis (Austria), Mitsui Chemicals (Japan), BASF (Germany), Sekisui Voltek (US), Sonoco Products (US), DS Smith Plc (UK), NMC SA (Belgium), Pregis LLC (US), and Zotefoams Plc (UK).
Research Coverage
This report covers the market for XPP foam and its types and end-use industries across different verticals and regions.It aims at estimating the market size and the potential of the XPP foam market based on type, end-use industry, and region.
The report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key strategies.
Reasons to Buy the Report
The report will help market leaders/new entrants by providing them the closest approximations of revenues in the XPP foam market.This report will also help stakeholders better understand the market's competitive landscape, and gain insights to position their businesses and formulate market strategies.
The report will also help stakeholders understand the pulse of the market and acquire information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers
• Market Penetration: Comprehensive information on XPP foam offered by top market players
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the XPP foam market
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for XPP foam across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the XPP foam market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the XPP foam market
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