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. 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.
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.
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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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Based on type, the low-density type segment is
estimated to account for the largest share of the XPP foam market in 2018. The
low-density XPP foam market growth is driven by the increasing demand from
automotive, protective packaging, and insulation applications. The automotive
industry dominates the consumption of low-density XPP foam. The use of
low-density XPP foam in automotive applications helps in impact protection and
weight reduction of vehicles.
Based on end-use industry, the automotive segment is
estimated to account for the largest share of the XPP foam market in 2018. XPP
foam is highly demanded in automotive and packaging end-use industries. The
automotive end-use industry dominates the overall XPP foam market. 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 end-use industry as it offers high impact strength while
enabling weight reduction to increase the fuel efficiency.
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