Expanded Polypropylene Foam Market - By Top Players, Latest Trends, Demand Analysis and Forecast

The global Expanded Polypropylene Foam Market size is expected to reach USD 1.56 billion by 2028, registering a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. Rapid expansion of the global automotive industry in recent years has been the major growth-driving factor for the market. The product is widely used in the automotive industry; for instance, in the production of floor, door, and hood panels, primarily for noise and thermal insulation in passenger and commercial cars. The considerable growth of the automotive industry in Germany, China, and India is expected to drive product demand over the projected period.

Furthermore, the increasing scope of product application in the consumer goods, construction, and packaging industries is expected to have a positive impact on the overall market growth over the coming years. The increasing use of molded EPP (Expanded Polypropylene) foam products in protective packaging and flexible packaging applications respectively in several verticals, including medical, consumer electronics, food & beverages, household appliances, and industrial equipment, is also expected to drive the industry growth over the forecast period. The appliances end-use segment is expected to witness the fastest CAGR, in terms of revenue, during the forecast period. The rapidly growing appliances industry across major economies of Asia Pacific, Europe, and North America is expected to drive the product demand in this segment.

Related Press Release@ Expanded Polypropylene Foam Market Report

Expanded Polypropylene Foam Market Report Highlights

• The market was estimated at USD 936.8 million in 2020 and is expected to grow at a significant CAGR during the forecast period, on account of the increasing application scope of the product in the consumer goods and protective packaging industry segments
• The medium-density product segment accounted for a considerable share in 2020 and is expected to witness the second-fastest CAGR of 6.3% over the forecast period owing to increasing product application scope in consumer goods and furniture applications
• The product demand in the appliances segment is expected to grow at the highest CAGR during the forecast period
• Asia Pacific was the dominant regional market, in terms of revenue, in 2020 and is expected to witness the fastest CAGR of 6.8% during the forecast period
• The region’s high growth can be credited to the rising product application scope in the automotive, consumer goods, and packaging sectors
• Key companies in the market have undertaken several business strategies, such as capacity expansions, mergers & acquisitions, technical collaborations, and distribution agreements, to enhance their market share