According to the latest report by IMARC Group, titled "Extruded polypropylene (XPP) Foam Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global extruded polypropylene (XPP) foam market size reached US$ 736.2 Million in 2022. Extruded Polypropylene (XPP) foam is a versatile closed-cell bead foam that offers exceptional properties, including excellent energy absorption, impact resistance, thermal insulation, buoyancy, water, and chemical resistance, high strength-to-weight ratio, and 100% recyclability. Its manufacturing process is complicated, which requires technical expertise and specialized custom equipment. It is produced by extruding a mixture of a physical blowing agent to induce strength and elasticity. It also utilizes saturated polymers called CnH2n, which are available in fiber and plastic. It is accessible in different grades for various applications based on technical needs. High-density grades are generally used in automotive bumpers and interior passenger safety components. On the other hand, low-density grades are extensively employed in the packaging industry.
Global Extruded Polypropylene (XPP) Foam Market Trends:
The global market is majorly driven by the increasing product usage in building and construction activities. In line with this, rapid industrialization, especially in developing countries, is significantly contributing to the market growth. Furthermore, the rising demand for reusable bottles and eco-friendly kitchenware and the growing awareness regarding the versatile characteristics of extruded polypropylene foam, such as high rigidity, chemical resistance, and high heat resistance, is positively influencing the market. Apart from this, the growing demand for lightweight consumer durables is catalyzing the market. Moreover, the leading players are focusing on product innovations and development through continuous and extensive technological advancements to meet the ever-expanding product demand. Besides, the increasing requirement for XPP from the automotive manufacturing industry that is adopting advanced technologies aimed at weight reduction of automobiles is creating a positive outlook for the market. Additionally, the rising consumer awareness regarding eco-friendly packaging of FMCG products is propelling the market. Some of the other factors driving the market growth include rapid urbanization and industrialization, the recyclable nature of XPP foam, and the expanding construction sector worldwide. On account of the factors above, the market is anticipated to reach a value of US$ 1015.1 Million by 2028, exhibiting a CAGR of 5.3% during 2023-2028.
- On the basis of the type, the market has been categorized into low-density XPP foam and high-density XPP foam.
- Based on the end use, the market has been classified into automotive, building and construction, packaging, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Borealis AG (OMV AG), DS Smith Plastics (DS Smith plc), Furukawa Electric Co. Ltd., Mitsui Chemicals Inc., NMC International SA, Pregis LLC, Sekisui Voltek LLC (Sekisui Chemical Co. Ltd.), Sohner Plastics LLC, Toray Industries Inc. and Zotefoams Plc.
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