Global Polypropylene Foams Market is expected to rise from its initial estimated value of US$1.02 bln in 2018 to an estimated value of US$1.65 bln by 2026, registering a CAGR of 5.4% in the forecast period of 2019-2026, as per Databridgemarketresearch.com. This rise in market value can be attributed to the increase in Ideal performance, durability and light weight of polypropylene.
Polypropylene foams are used for the packaging purpose and is durable and light weight. There is a growing demand for polypropylene foams in automotive, packaging and consumer products activates, which is expected to be one of the major drivers of the market over the next seven years.
Being sustainable and eco-friendly, acts as a driver to market. However, high price of polypropylene foams coupled with low awareness about PP foams act as restraints to the market.
Key Developments in the Market:
In October 2018, Sonoco announced Acquisition of Conitex Sonoco Joint Venture, Conitex Sonoco is a vertically integrated global leader in the manufacture of paper-based cones and tubes used in the textile industry. In January 2017, Johnson Plastics announced full integration of Johnson Plastics and Bur-Lane, Inc. with the launch of Johnson Plastics Plus. Johnson Plastics Plus customers have access to the largest full product offering in the industry from both Bur-Lane and Johnson Plastics, providing more choices than ever before.
Global polypropylene foams market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of polypropylene foams market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.