Market participants in the expanded polypropylene (EPP) foam industry are pushing for the development and distribution of bio-based offerings for sustainability opportunities in the near future.
DUBAI, UAE / ACCESSWIRE / March 25, 2021 / Future Market Insights: The expanded polypropylene (EPP) foam market is expected to display a steady a rise with a CAGR of over 4.2% through the end of 2031. Extensive scope for applications in the automotive sector for weight reduction and fuel efficiency uses, with the production of auto components for energy absorption. Growing awareness about climate change and efforts towards carbon emission reduction will contribute to growth in the market owing to waste reduction applications supporting the long-term growth of the industry.
"High-performance, environment-friendly, characteristics of expanded polypropylene (EPP) foam has made it a popular choice for numerous applications including bumper, seats, furniture, and FMCG commodity production. The demand for EPP foam will gain traction, supported by increasing investments in the manufacturing sectors in major economies," says the FMI study.
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Expanded Polypropylene (EPP) Foam Market - Primary Takeaways
- High density EPP foam is projected to reflect a higher rate of growth owing to significant demand in global automotive production hubs.
- Automotive applications will remain the primary revenue generator owing to weight, reduction, fuel efficiency, and passenger safety developments.
- Japan is emerging as a key market for EPP foam driven by the presence of leading market players in the country.
- Germany and France display high potential for growth owing to demand from major automotive OEMs.
Expanded Polypropylene (EPP) Foam Market - Growth Factors
- Widespread EPP foam applications in automotive, consumer goods, and packaging sectors drive market developments.
- High levels of recyclability and growing environment consciousness is supporting the use of expanded polypropylene foam.
- Easy access to raw materials and investments in emerging economies are supporting growth in the industry.
Expanded Polypropylene (EPP) Foam Market - Major Constraints
- Volatility in pricing is a key challenge for manufacturers impacting sales and growth opportunities.
- Competition from alternative foam materials holds back sales and revenue generation.
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Expected Impact on Market by Coronavirus Outbreak
The global impact of the coronavirus pandemic on the expanded polypropylene (EPP) foam market. Niche applications in the healthcare sector have helped to partially cut out losses during the crisis period. However, restricted activities in the automotive sector are key aspects of concern for EPP foam manufacturers owing to reduced short term demand.
Gradual relaxation of lockdown rules and automotive purchases expected through 2021 will support growth in the industry. Furthermore, the introduction of bio-based offerings in the industry will generate long-term opportunities for manufacturers.
Competition Landscape
Some of the prominent manufacturers in the expanded polypropylene (EPP) foam market include Dongguan City Prosperous Mass Poly Foam Co.Ltd, BASF SE, Eurofoam Group, Schaumaplast GmbH & Co. KG, Marko Foam Products, Inc., Hanwha Corporation, ACH Foam Technologies, Recticel, Paracoat Products Limited, Furukawa Electric Co., Ltd., DS Smith Plastics, Knauf Industries, Bradford Company, Dongshin Industry Inc., Clark Foam, Kaneka Corporation, Sonoco Products Company, JSP Corporation, Sonoco Products Company, The Woodbridge Group, and SSW Pearl Foam GmbH among others.
Major manufacturers in the moderately fragmented market are focused on the development of product portfolios with a focus on applications within the healthcare and automotive sector to set up long term revenue generation opportunities.
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In March 2021, Evoc unveiled its new Liteshield Plus Back Protector aimed for use by bicycle riders, made with a combination of expanded polypropylene and TPU layers for protection to thoracic spine, sacrum and lumbar spine. In December 2020, Wynnchurch Capital L.P. announced the acquisition of Huntington Foam LLC, with the goal of expanding consumer bases through the merger. In March 2020, BASF SE announced the extension of its Neopolen expanded polypropylene foam product range with the Neopolen P 9235+, which offers improved surface and color characteristics for the automotive industry.
More on the Report
FMI's provides in-depth insights on the expanded polypropylene (EPP) foam market. The market is segmented in terms of grade type (low density, high density, porous PP), and application (automotive, industrial packaging, consumer products, building & construction, and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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SOURCE: Future Market Insights