Market Size - USD 1.31 Billion in 2020, Market Growth - at a CAGR of 6.0%, Market Trends - Rising demand for bio-based polypropylene
NEW YORK, July 26, 2021 /PRNewswire/ -- The global polypropylene foam market size is expected to reach USD 2.07 Billion in 2028 and register a revenue CAGR of 6.0% over the forecast period, according to the latest report by Reports and Data. Rapid global polypropylene foam market revenue growth can be attributed to rising focus on reducing environmental degradation and negative impact globally. Polypropylene foam is an environmentally friendly product, can be easily recycled, and is 100% non-toxic. Environmental debates and resulting deployment of regulations over plastic materials is contributing to rising demand for recycled polypropylene foam. The construction industry in developed and developing countries is increasingly utilizing polypropylene foam as insulating materials in homes and refrigerators as it helps in cutting down cooling and heating costs. Rising need to deploy more energy-efficient structures and infrastructure is driving demand for polypropylene foam among builders and in smart city projects to deliver enhanced performance and energy saving. Expanded polypropylene foam is utilized increasingly in toys such as model aircraft, furniture, and other consumer products due to lightweight and versality as a structural material.
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Increasing demand and preference towards packaged food products due to increase in disposable income and need for more convenient food solutions is expected to boost utilization of polypropylene foam in the packaging industry as the material has good resistance to water, oils, and many chemicals. Manufacturers are increasingly investing in research and development activities for the production of bio-based polypropylene. For example, Borealis AG is producing Polypropylene (PP) based on Neste-produced renewable feedstock in its production facilities in Beringen and Kallo, Belgium. The replacement of fossil-fuel based feedstock with renewable feedstock for the production of polypropylene is expected to drive the growth of the global polypropylene foam market.
Some Key Highlights From the Report
In May 2019, Mitsui Chemicals announced the expansion of its production facilities at Grand Siam Composites Co., Ltd. in Thailand. The expansion is expected to enable the company to meet rising demand for Polypropylene (PP) compounds. The company is increasingly investing to enhance its production systems, sales, and research and development of high performance polypropylene compounds, which can be easily utilized in the reduction of vehicle weight. The increase in capacity is expected to help the company in strengthening its supply capabilities in the growing Asian market and expand the group's global supply system and ensure stable provision of premium quality products to automobile manufacturers in Asia.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polypropylene-foam-market
Expanded Polypropylene (EPP) Foams segment is expected to account for largest revenue share in the global polypropylene foam market over the forecast period. Stringent regulations regarding carbon emissions is driving demand for expanded polypropylene foam as the material is eco-friendly, non-toxic, and easily recyclable.
Automotive segment is expected to register robust revenue growth over the forecast period. Growth in the automotive industry and rising demand for lightweight vehicles is expected to drive rising demand for polypropylene foams during the forecast period.
The polypropylene foam market in Asia Pacific is expected to account for largest revenue share over the forecast period. Presence of major players in the region such as Kaneka Corporation, Mitsui Chemicals, The Furukawa Electric Co., Ltd., and JSP Corporation is expected to support growth of the polypropylene foam market in the region during the forecast period.
Major players in the market include:
The Furukawa Electric Co., Ltd
Sonoco Products Company
DS Smith plc,
The Woodbridge Group
For the purpose of this report, Reports and Data has segmented the global polypropylene foam market based on type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
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