26-Oct-16 Global demand in Expanded Polypropylene (EPP) Foam Market is projected to grow from US$888.4 mln in 2016 to US$1525.1 mln by 2021, at a CAGR of 11.41% from 2016 to 2021, as per MarketsandMarkets. The market is driven by the increasing penetration of EPP foam in the automobile application for weight reduction and the packaging application due to its light weight and shock absorption properties. Low density expanded polypropylene foam is tough, structured, and is non-reactive to chemicals & high temperatures, as compared to other foams. It is available in different sub-grades such as fire retardant, electrostatic discharge protection, and low squeak. The market for this foam is majorly driven by applications such as packaging, where it protects most sensitive and highest-quality and fragile products from shocks and vibrations. It is also used in the automotive industry as it is light weight, provides softer cushioning, and has high shock absorption properties.
The automobile industry is focusing on the weight reduction of vehicles. Companies are finding innovative ways to make use of materials to reduce the weight of the vehicles, which results in increasing efficiency. Expanded polypropylene foam when combined with metals, helps to decrease weight, increases shock absorption and reduces vibration and dampening of the automobile. Hence, automobile manufacturers are focusing on increasing the use of expanded polypropylene foam in the automobile.
In 2015, the Asia-Pacific region was the fastest-growing market, in terms of both, volume and value, and is projected to continue so during the forecast period. Emerging markets in the Asia-Pacific region such as China, India, South Korea, and the Southeast Asian countries are attracting global players to establish their manufacturing bases in this region. Manufacturers are vying to reach the wide customer base in countries such as China and India, to provide for the increasing demand for technologically advanced and quality products. Increased investments in various technological, infrastructural, and R&D sectors is driving the Expanded Polypropylene Foam Market in the Asia-Pacific region.
The players profiled in the expanded global polypropylene foam market report are JSP Corporation (Japan), BASF SE (Germany), Hanwha Corporation (South Korea), Kaneka Corporation (Japan), Furukuwa Electric Co., Ltd. (Japan), DS Smith Plc (U.K.), The Woodbridge Group (Canada), SSW Pearl Foam GmbH (Germany), Sonoco Products Company (U.S.), and Dongshin Industry Inc. (South Korea).
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