Expanded Polypropylene (EPP) Foam Market Worth $1,619 Million by 2025 : At a CAGR of 5.3%
Key players operating in Expanded Polypropylene (EPP) Foam Market are JSP Corporation (Japan), Kaneka Corporation (Japan), Hanwha Chemical Corporation (South Korea), and BASF SE (Germany).
Northbrook, IL -- (SBWire) -- 11/29/2021 --The report "Expanded Polypropylene (EPP) Foam Market by Type (Low Density, High Density & Porous PP), Application (Automotive, Packaging, Consumer Products), and Region (North America, Europe, Asia-Pacific) - Global Forecast to 2025" The EPP foam market size is projected to grow from USD 1,253 Million in 2020 to USD 1,619 Million by 2025, at a CAGR of 5.3% during the forecast period.
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Recyclable & reusable properties, optimum performance, and low weight of EPP foam are driving the market.
High density segment is estimated to account for the largest share of the overall market during the forecast period.
High-density EPP foams possess high compressive strength and energy absorption characteristics compared to low-density EPP foams. They are extensively used to attain high energy absorption to optimize energy management. They offer good stability, high strength-to-weight ratio, and load-bearing structural support. These foams are used in automotive bumpers and interior passenger safety components. In the packaging industry, they are used where rigid and high structural strength foams are required.
Packaging projected to register the highest CAGR during the forecast period.
EPP foam is used in protective packaging applications due to its smooth & compact surface, good chemical resistance, excellent fabrication capability moisture, fungal resistance, and low water absorption properties. EPP foam is a lightweight material that is relatively easy to manufacture and customize. This factor makes it affordable. The overall packaging industry is driven by various factors, such as packaging material developments, increasing awareness of environmental issues, and the adoption of new regulatory requirements on packaging recycling.
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APAC is expected to register the highest CAGR during the forecast period.
The APAC EPP foam market is segmented into China, Japan, India, South Korea, and the Rest of APAC. The EPP foam market in APAC is projected to witness the highest CAGR in the next five years. The growth can be attributed to Recyclable & reusable properties, optimum performance, and low weight of EPP foam.
Key questions addressed by the report :
- In January 2018, Kaneka Corporation announced the investment of USD 17 million to expand the capacity for Eperan expanded PE and PP particle foams at its Westerlo site in Belgium. This expansion was undertaken, keeping in mind the penetration of Eperan foam in Europe and other parts of the world. This is also expected to strengthen the company's global supply network.
- In August 2017, Kaneka Corporation announced to establish a new manufacturing plant for producing expanded polyolefin foam in Rayong, Thailand. An investment of USD 18 million was made to make a production capacity of 3,000 metric tons per year to cater to the increasing demand in Southeast Asia and India.
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