The XPP Foam Market
is projected to grow from USD 751.0
million in 2018 to USD 1,048.8 million by 2023, at a CAGR of 6.9% between 2018
and 2023. The growth of the XPP foam market is primarily driven by the
increasing demand from the automotive end-use industry due to its inherent
characteristics such as light weight,
temperature resistance, abrasion resistance, shock absorption, high melt
strength, and recyclability.
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XPP foam is widely used
in bumpers, floor acoustic barriers, sun visors, side door panels as energy
absorbers, headliners, and so on. It is becoming a preferred choice in the
automotive industry as it offers high impact strength while enabling weight
reduction.
The low-density type
segment of XPP foam is projected to register the highest CAGR, in terms of both volume and value, during the
forecast period. Low-density
polypropylene foam is widely preferred in
automotive, protective packaging, and insulation applications due to its
properties such as recyclability, light weight,
energy efficiency, and sustainability.
The automotive end-use
industry is projected to be the fastest-growing segment, in terms of both volume and value, during the
forecast period. XPP foam is becoming one of the fastest growing polymer foams
used in the automotive industry due to its inherent advantages such as low
density and recyclability.
These properties make XPP foam a preferred choice for OEM
manufacturers to produce vehicles that are lightweight, energy efficient, and
sustainable. It is generally used in
bumpers, sun visors, front duct, floor duct, side door panels, seat &
headrest, headliners, and so on.
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APAC is expected to be
the largest and the fastest-growing market for XPP foam. The dominance of APAC is mainly backed by the rapid economic growth
and growth of automotive, packaging, building & construction, and other
end-use industries in the region. Rapid industrialization coupled with the improved standard of living also positively
influences the growth of the market in the region.
The region is a favorable destination for
manufacturers of XPP foam due to the low cost of production and increasing
demand from automotive end-use industries, especially from emerging countries,
such as India and China.
Reference:
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