Extruded Polypropylene (XPP) Foam : Analysis of Potential Market Opportunity Worth USD 1.048.8 million
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 by Type (Low-Density, High-Density), End-use
Industry (Automotive, Packaging, Building & Construction), Region (APAC,
Europe, North America, South America, Middle East & Africa) - Global
Forecast to 2023"
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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.
Borealis is one of the top players in the XPP foam
market. It has an extensive product portfolio and global presence. The company
is one of the leading producers of polyolefins, globally. The company provides
XPP foam through its polyolefins segment which serves automotive, energy,
consumer products, packaging, and pipe and fitting applications. In vehicles,
Borealis polyolefin plastic materials are used in a wide range of exterior,
interior, and under-the-bonnet applications, including bumpers, body panels,
trims, dashboards, door claddings, climate control and cooling systems, air
intake manifolds, and battery cases.
The company focuses on both organic and inorganic
growth strategies to enhance its market presence and revenue. The company
intends to expand its presence by constructing a new compounding plant in
Northern California in North America. It is expected to produce 30 kilotons per
annum of Daplen and Fibremod PP compounds for the automotive industry by early
2019. In October 2017, the company entered into a formal cooperation with Reach
Plastic Industrial Co., Ltd. (Taiwan). The collaboration helps strengthen its
position as a global polypropylene (PP) foam base resin and technology
provider. The company is expected to be a key player in the polypropylene foam
market during the forecast period.
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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.
Read More Insights At https://www.prnewswire.com/in/news-releases/extruded-polypropylene-xpp-foam-market-worth-9311-million-usd-by-2021-620700013.html
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