Expanded Polypropylene Foam market size to reach USD 1,623 Mn, thanks to the growth from consumer goods, packaging

The market research report for the Expanded Polypropylene Foam market includes a prediction for the years up to 2029 as well as in-depth information on the market's size, rate of growth, revenue, trends, and potential. Also carefully analysed are the main variables affecting the development of this sector. This study involved a thorough quantitative examination of the market, and the findings can be used to inform the creation of growth- and productivity-boosting measures.

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Expanded Polypropylene Foam Market Overview:

Focusing on the most recent drivers, restraints, and opportunities for the Expanded Polypropylene Foam      industry, the in-depth company firm's study is on the Expanded Polypropylene Foam market. Discussions with eminent businesses follow to confirm the results. In the secondary review and analysis of the same, both paid and unpaid data sources are utilised. Data on each player's supply and consumption are assembled using official government sources, independent data sources, and, in the case of publicly traded firms, financial reports of the company. Even if financial documents from businesses are not made available to the general public, the tax division of the local government may be able to obtain them.

Expanded Polypropylene Foam Market was valued at USD 995.61 Million in 2021, and it is expected to reach USD 1,623.14 Million by 2029, exhibiting a CAGR of 6.3 % during the forecast period (2022-2029)

COVID-19 Impact:

The analysis examines the existing and potential impacts of the COVID-19 pandemic on the entire market and delivers more accurate and true estimates in accordance with the market scenario. The world is in anguish due to the coronavirus outbreak. Almost every country has had strict social segregation laws in place, like lockdowns. This has caused disruptions in supply systems. The epidemic has altered societal structures all across the world. The market as a whole is affected by the COVID-19, and as that impact increases in 2019 and 2020, so does the rate of growth. In order to provide decision-makers with reliable data and experiences, businesses and organisations are being compelled by the COVID-19 tragedy to manage risk and digitise operations. This is consistent with the most recent analysis, research, and recommendations from MMR on the management challenges that are crucial for businesses and organisations and have a substantial market impact.

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Expanded Polypropylene Foam Market Key players:

Sonoco Products Company (U.S.)
Clark Foam Products Corp. (U.S.)
SP Corporation (U.S.)
Package Design & Manufacturing Inc. (U.S.)
Woodbridge Group (Canada)JSP Corp. (Japan)
Kaneka Corp. (Japan)
Furukawa Electric Co., Ltd. (Japan)
Hanwha Corp. (South Korea)
Polyfoam Australia Pty Ltd (Australia)

Key company and market share insights:

The major competitors are listed here for audiences to learn about. The main strategic actions these businesses take to maintain market dominance are reviewed in this study, including product portfolio strengthening, M&A, partnerships, new, innovative products, and geographic penetration. In addition to critical financial information and current events, the report also provides the company's goals. The companies' global sales, earnings, and profit margins from 2017 through 2022 are also covered in more detail for users.

Expanded Polypropylene Foam Market Dynamics:

Robust Growth in the Automotive Industry is Estimated to Drive the Growth of Expanded Polypropylene Foam Market

Automotive market is the largest end user of expanded polypropylene foam and molded products for numerous applications owing to the improved mechanical and chemical properties offered by EPP foam. The increasing use of thermoplastics for use in auto components in comparison to glass and metal is expected to drive the demand for EPP foam. The technological changes in automotive industry and the growing focus on energy efficient, light, and durable materials have led to the use of PVC, PE, PU, PP, and acrylic materials for auto parts including trim components, floor, hood & door panels, and bumper parts.

The growing demand for electronic and hybrid cars has further augmented the demand for light and durable materials. This is expected to drive the Expanded Polypropylene Foam Market demand for EPP foam in automotive industry over the forecast period. Asia Pacific is the largest automotive market across the globe owing to the rapid growth in the region in the past few years on account of the presence of major key players and emerging economies such as India, China, and Japan. The increasing penetration of plastics and foam products for automotive components is expected to drive the Expanded Polypropylene Foam industry growth.

Expanded Polypropylene Foam Market Segment:

Expanded Polypropylene Foam Industry Based on Product Type, Low-density EPP foam segment held the largest market share in 2021 and is expected to grow at a CAGR of 5.6% from 2021 to 2029. Low-density expanded polypropylene foam segment is expected to witness substantial growth over the forecast period on account of increasing utilization of light and non-toxic foam in packaging applications. Rising demand for high-impact resistant packaging solutions for consumer electronics and equipment is likely to have a positive impact on the Expanded Polypropylene Foam market growth.

Packaging industry has witnessed significant growth over the past few years on account of increased manufacturing, construction, and transportation activities across the globe, primarily in emerging economies. Growing importance of custom packaging solutions for industrial equipment, electronics, and medical devices is expected to drive the demand for packaging solutions, which, in turn, is expected to boost the demand for low density EPP foam over the forecast period.

Expanded Polypropylene Foam Market Based on End-Use Industry, automotive was the leading end use segment for expanded polypropylene (EPP) foam and accounted for 42.68% of the total Expanded Polypropylene Foam industry volume in 2021. Expanded polypropylene (EPP) foam used in packaging undergo various development phases to cope up with regulatory guidelines and end–user requirements. Increased shelf life of food products, better performance towards wear & tear, durability are a few requirements that plastics need to meet for packaging end uses.

Packaging end use is expected to gain market share over the forecast period and is expected to account for 27.83% of the total volume by 2029. Growing plastics demand for end use such as fittings & couplings, industrial tools, food handling equipment, personal computers (PC), laptops and cellular phones are expected to drive market growth for consumables and electronics end uses.

Regional Analysis:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

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