Polypropylene Foams Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1264
Polypropylene Foams Market size by the end of the estimated timeframe is anticipated to gain substantially, with a moderate CAGR. The demand for polypropylene foams is increasing rapidly worldwide because of its better performance compared to the other foams in the market. It is a thermoplastic polymer which has high molecular weight and is synthetic.
The polypropylene foam has a rising demand in the emerging markets and is expected to drive the market in the next few years as it is sustainable and eco-friendly. It ideal performance, durability and light weight is helping it gain popularity in the market and also an advantage over the other foams. Furthermore, it is also recyclable and reusable.
The high price of polypropylene foams and its low awareness in the market are the major restraining factors that can hamper its future market growth. Also, fluctuation in the prices of raw materials and the rising environmental awareness issues might end up hampering the demand for polypropylene in the near future. This is because the primary feedstocks required for the manufacture of polypropylene foam are crude oil and natural gas. The basic raw materials used in the manufacture of propylene which is a monomer of polypropylene are ethylene and naphtha. Therefore, the prices of natural gas and crude oil have a direct impact on the price of polypropylene. Shift on the road to developing bio-based polypropylene is estimated to open new paths for this market.
For the polypropylene foams market, in the coming years, packaging is anticipated to be an extremely attractive segment. Moreover, polypropylene foams consumption in the automobile sector is projected to rise due to the increasing demand of vehicles of lighter weight which will not only increase the fuel efficiency, but also reduce the carbon emission and costs to an increased extent.
The polypropylene foams market contains two different segmentations viz. (EPP, XPP). The major driver of the future polypropylene foams market is the Expanded Polypropylene foams (EPP). These EPPs have good chemical resistance and good low temperature performance. These types of foams are available in various types such as – porous PP, high density and low density. The demand for these EPP foams are majorly supported by developments in the consumer products industries, HVAC, packaging and automobile.
In polypropylene foams is used for several applications such as medical, electronics, electrical, construction, automobile and packaging industries. The polypropylene foam has observed a massive growth in the past few years. This trend is projected to grow at a decent pace in the next few years. Rising demand of packaging industry from China’s market and the growing demand for light weight vehicles are also projected to be the major drivers for the polypropylene foam market. Moreover, increasing demand of products that are recyclable in nature and with excellent innovative techniques, durability and quality are likely to enhance the market of polypropylene foam in the coming few years.
In the regions of Asia Pacific, the demand for polypropylene foams market is quite high particularly in the food packaging industry. This is because of the changing lifestyle and rising population. The consumers are slowly shifting towards ready-to-eat or easy-to-cook food products. Additionally, there is a higher demand for consumer products packed in smaller quantities due to rise in the number of nuclear families with higher disposable income. This is anticipated to enhance the polypropylene foam market. Furthermore, on account of the rapid growing automobile industry, the regions of Europe and Asia Pacific are likely to be the foremost markets for polypropylene foam. The central and eastern regions of Europe have observed rising demand for polypropylene foam and are expected to enhance the global market growth of polypropylene in the next 7 years. Also, growing spending of nations on construction in developing economies of India and China are likely to have a positive impact on the regional markets. Northern America and the middle east & Africa are likely to exhibit a modest growth rate.
The prominent players competing in polypropylene foams market are The Woodbridge Group, Hanwha Corporation, Synbra Holding bv, SSW PearlFoam GmbH, Sonoco Products Company, Sekisui Alveo AG, Pregis Corporation, Mitsui Chemicals, Inc., K. K. Nag Ltd., Kaneka Corporation, JSP, Furukawa Electric Co., Ltd., DS Smith Plc, Borealis AG and BASF SE to name some.
The main industry participants that make investments for persistent technological improvements are further projected to enhance the polypropylene foams market globally.
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