Low-density type segment is projected to lead the Extruded Polypropylene (XPP) Foam Market till 2023
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. APAC is estimated to be the largest consumer of XPP foam in 2018.
Browse 58
market data Tables and 38 Figures spread through 119 Pages and
in-depth TOC on "Extruded
Polypropylene (XPP) Foam Market”.
Based on type, the
low-density type segment is projected to lead the XPP foam market during the
forecast period.
Based on type, the low-density type segment is
expected to lead the global XPP foam market during the forecast period. The
growth of the low-density XPP foam market is driven by the increasing demand
from automotive, protective packaging, and insulation applications. The
automotive industry dominates the consumption of low-density XPP foam. It helps
in impact protection and weight reduction of vehicles.
Based on end-use industry, the automotive segment is expected to
lead the XPP foam market during the forecast period.
The automotive segment is expected to be the
fastest-growing end-use industry of the XPP foam market during the forecast
period. The growth of the market in the automotive industry is 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.
APAC is expected to lead the XPP foam market during the forecast
period.
Asia Pacific is expected to be the largest market for XPP foam during the forecast period. The XPP foam market in this region 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.
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Some of
the major players in the XPP foam market include Borealis (Austria), Mitsui
Chemicals (Japan), BASF (Germany), Sekisui Voltek (US), Sonoco Products (US),
DS Smith Plc (UK), NMC SA (Belgium), Pregis LLC (US), and Zotefoams Plc (UK).
Investment & 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 the XPP foam market between 2015
and 2018. For instance, Toray Industries has acquired a plot measuring about
350,000 m2 at Andhra Pradesh, India, for its local subsidiary Toray Industries
(India) Private Limited.
The
company has decided to establish a new base for its polypropylene (PP) spunbond
for hygiene materials, whose market is expected to expand along with the
increasing demand for disposable diapers. The new facility will have an annual
production capacity of about 18,000 tons and is scheduled to start operations
in April 2020. The expansion will help cater to the growing demand from
manufacturing industries such as automotive, home electric appliances,
chemicals, pharmaceuticals, and construction machinery. Beside investment &
expansion, the companies adopted merger & acquisition, new product launch,
and partnership & collaboration to expand their market share and
distribution network. These strategies also accounted for a significant share
in the total number of growth strategies adopted by the players in the global
XPP foam market between 2015 and 2018.
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