Global Polypropylene Foams Market To Register CAGR Of 5.78% From 2016 To 2021

Global Polypropylene foams market to register CAGR of 5.78% from 2016 to 2021

15-Feb-17

The global polypropylene foams market is projected to reach US$1.27 bln by 2021, at a CAGR of 5.78% from 2016 to 2021, as per Research and Markets. The growing demand for light weight automotives is leading to an increase in the demand in the polypropylene foams market. Rising demand from end-use industries in the developed and emerging countries has triggered the growth of the polypropylene foams market. In 2015, the automotive application segment accounted for the largest market share, in terms of volume, followed by the packaging, consumer products, and other applications. The rising demand for new products and innovations, as well as the need for research and development in polypropylene foams has encouraged companies to adopt organic and inorganic strategies and to increase their market shares in the respective regions.

Expanded polypropylene (EPP) foam is currently the leading type of polypropylene foam. However, extruded polypropylene (XPP) foam is the fastest growing type, and is preferred by many major end-use industries for different applications, due to its superior performance characteristics such as, high impact resistance, light weight, water & moisture resistance, and shape retention property. The Asia-Pacific region is expected to witness the highest growth rate in the polypropylene foams market, in terms of value and volume, from 2016 to 2021. In recent years, the demand for automotive and packaging applications has increased in the region due to the increasing population and rising disposable incomes, thus driving the need for polypropylene foams in the region. Polypropylene foams are leading the market as these foams are totally recyclable. With the superior properties, polypropylene foams enable the reduction of CO2 emissions.

Due to the outstanding mechanical properties of polypropylene foams, they can be used over and over again for several years, even under extreme climatic conditions. The strong demand for high end polypropylene foams in the automotive sector from emerging nations and recuperating developed nations is expected to drive the growth of this market in the future.