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”.
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The demand for XPP foam is mainly driven by its properties such as recyclability and eco-friendliness in comparison to other competitive foams, such as PU and PE, and high functional characteristics such as high stiffness, chemical resistance, heat stability, impact resistance, light weight, and good sound insulation. The market has high growth potential in APAC, the Middle East & Africa, and South America, as the demand for XPP foams from the automotive industry is expected to increase rapidly in these regions during the forecast period.
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.
Key global players of the XPP foam market are Borealis (Austria), BASF
(Germany), Braskem (Brazil), DS Smith (UK), JSP Corporation (Japan), Furukawa
Electric (Japan), Mitsui Chemicals (Japan), Sekisui Voltek (US), Sonoco (US),
Sohner Plastics (Germany), NMC SA (Belgium), Pregis (US), Toray Industries
(Japan), Sumitomo Chemical (Japan), and Zotefoams (UK).
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BASF is one of the largest chemical
companies, globally. The company offers XPP foam under the brand name Neopolen,
which is used in a wide variety of applications such as automotive
construction, electronic equipment, heating accessories, and packaging. It is
also used in bicycle case for protection. The company focuses on research and
development to enhance its Neopolen products to compete with its competitors.
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