Rising utilization of polypropylene foam in the automotive industry is a significant factor driving revenue growth of the polypropylene foam market
Market Size – USD 1.31 Billion in 2020, Market Growth –
at a CAGR of 6.0%, Market Trends – Advancements in the Polypropylene Foam
The global Polypropylene
Foam Market size is expected to reach USD 2.07 Billion in 2028 and
register a 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 increasing utilization of polypropylene foam in the
automotive industry owing to flexibility and lightweight properties. The excellent
energy absorption and high strength properties of polypropylene foams is
contributing to growing demand in the automotive industry. Expanded
polypropylene foam in the automotive industry is due to enhance fuel
consumption and reduce overall weight of vehicles. Increasing adoption of
recyclable automotive parts in order to minimize environmental degradation is
another factor expected to support market growth going ahead.
Increasing disposable income among consumers is driving
demand for electric cars globally. Rising sales of electric cars is also
promoting growth of the polypropylene foam market as the material plays a
significant role in the production of thermally insulated and lightweight
electric cars. Automotive manufacturers are increasingly investing in improving
energy management functions whilst reducing vehicle weight and environmental
impact caused by VOCs. Low emission of polypropylene foams help in minimization
of VOC emissions from interior components in vehicles. Moreover, the high shock-absorbing
performance of expanded polypropylene foam is boosting its utilization in the
automotive industry in order to enhance passenger safety. Manufacturers of
polypropylene foam are increasingly investing in development and production of
automotive exterior components produced from expanded polypropylene foams.
Applications of polypropylene foam include bumpers, seating, door panels,
stowage systems, floor levelers, pillars, head rests, parcel shelves, sun
visors, tool kits, and myriad filler parts.
Major players in the market include JSP Corporation, BASF
SE, Kaneka Corporation, Hanwha Corporation, Mitsui Chemicals, Borealis AG, The
Furukawa Electric Co., Ltd., Sonoco Products Company, DS Smith plc, and The
Woodbridge Group.
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Some Key Highlights From the Report
- In
April 2021, Borealis and Sulzer announced the launch of a new
polypropylene foam extrusion technology enabling increased efficiency and
lower cost across the value chain. The new product is expected to cut
manufacturing costs by up to 60%. According to Borealis, the innovation
will further drive adoption of the company’s polypropylene foam solutions.
- In
April 2020, Borealis AG announced complete acquisition of NOVA Chemicals
Corporation (NOVA Chemicals) 50% ownership interest in Novealis Holdings
LLC. The acquisition is expected to support the company in meeting
customer demand and to strengthen its position in the market in North
America.
- Expanded
Polypropylene (EPP) Foams segment is expected to account for largest
revenue share in the global polypropylene foam market over the forecast
period. The ability of expanded polypropylene foam to sustain multiple
impacts whilst retaining its shape is expected to drive its demand in
automotive and packaging industries.
- Automotive
segment is expected to register robust revenue growth over the forecast
period. Rising demand for electric cars globally is driving increasing
demand for and usage of polypropylene foam as the material is lightweight,
provides outstanding energy absorption characteristics, and enhanced
thermal insulation properties.
- The
polypropylene foam market in Asia Pacific is expected to account for
largest revenue share over the forecast period, attributed to rising
disposable income among consumers in developing countries, which is
supporting growth of packaging and automotive industries in countries in
the region.
To identify the key
trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polypropylene-foam-market
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)
- Extruded
Polypropylene (XPP) Foams
- Expanded
Polypropylene (EPP) Foams
Application Outlook (Revenue, USD Billion; 2018-2028)
- Packaging
- Automotive
- Consumer
Products
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
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Highlights of the TOC:
Chapter
1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Polypropylene Foam Market Segmentation & Impact Analysis
4.1. Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
Chapter 5. Competitive Landscape
5.1. Market Revenue Share By Manufacturers
5.2. Manufacturing Cost Breakdown Analysis
5.3. Mergers & Acquisitions
5.4. Market positioning
5.5. Strategy Benchmarking
5.6. Vendor Landscape
Continue……
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