Extruded PP Foam Market to Grow Annually at Nearly Seven Percent
New study projects the low-density segment to lead the XPP foam market.
A new study from India-based global market research firm Markets and Markets (U.S. office in Northbrook, Ill.) projects the global extruded PP foam (XPP) market to grow annually at a 6.9% rate between 2018 and 2023. M&M expects such growth to boost this market from $751 million in 2018 to $1048.8 million in 2023. The key target audience includes manufacturers, dealers, and suppliers of XPP foam, as well as raw material suppliers and R&D institutions.
The report, “Extruded Polypropylene (XPP) Foam Market by Type (Low-Density, High-Density), End-Use Industry (Automotive, Packaging, Building & Construction), Region (APAC, Europe, North America, South America, Middle East & Africa)-Global Forecast to 2023,” aims to address several questions for stakeholders, primarily on which market segment to focus on over the next two-to-five years for prioritizing efforts and investments. Here are key highlights for the forecast period:
● Based on type of foam: The low-density type segment is projected to lead the XPP foam market. The growth of this segment is driven by increasing demand from automotive, protective packaging, and insulation applications. The automotive sector dominates the consumption of low-density XPP foam, where it helps in impact protection and weight reduction.
● Based on end-use industry: The automotive sector is expected to be the fastest growing end-use industry; a growth attributed to the increasing use of XPP foam in vehicle manufacturing for producing lightweight, energy efficient, and sustainable cars. It is also driven by the growing automotive production, globally.
● Based on region: The Asia-Pacific (APAC) region is expected to be the largest market for XPP foam. This regional market is primarily driven by the growing automotive industry, especially in China, India, and other Southeast Asian countries, and huge investments from automotive OEMs to cater the growing demand from this region.
Among the major companies profiled in this report are: Austria’s Borealis, Japan’s Mitsui Chemicals, Germany’s BASF, the U.S.’s Sekisui Voltek, Sonoco Products and Pregis LLC, the U.K.’s DS Smith Plc and Zotefoams Plc, and Belgium’s NMC SA. Investment and expansion is the key strategy adopted by the market players to achieve growth in the XPP foam market. This strategy accounted for the largest share of all the strategies adopted by the market players to expand their global presence and increase their share in this market within the forecast period.
Extensive primary interviews were conducted in the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research. The break-out of the primary interview were as follows:
● By company type: Tier 1—53%; Tier 2—27%; and Tier 3—20%.
● By designation: C-level—40%; director-level—27%, and others—33%. (The latter include sales managers, marketing managers, and product managers.)
● By region: APAC—33%, North America—47%, Europe—13%, RoW (rest of world)—7%.
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