Market Segmentation
The increasing penetration of plastics and foam products for automotive components is expected to drive the market growth. Vehicle production in Asia Pacific has seen rapid growth owing to the increasing demand for passenger cars in China and India. In addition, the presence of major players, such as Hyundai, Nissan, Toyota, Tata, Maruti, and Isuzu among others, in the region has led to the rapid market growth. The aforementioned companies in the past have focused on the production of small and value-for-money passenger cars to cater to the requirements of the huge middle-income groups in developing countries such as India, China, and Indonesia to increase their volumes and profit margins.
The growth in automotive industry directly influences the growth of related industries such as steel, plastics, and aftermarket services. The automotive market is the largest end user of expanded polypropylene foam and molded products for numerous applications owing to the improved mechanical and chemical properties offered by EPP foam. The increasing use of thermoplastics for use in auto components in comparison to glass and metal is expected to drive the demand for EPP foam. The technological changes in automotive industry and the growing focus on energy efficient, light, and durable materials have led to the use of PVC, PE, PU, PP, and acrylic materials for auto parts including trim components, floor, hood & door panels, and bumper parts. The use of foam materials for seating, trim, and bumpers help in reducing the vehicle weight and help in improving the durability of car, fuel economy, ride quality, comfort, and the overall cost.
Expanded polypropylene foam is light in weight, strong, and a recyclable material. The density and thickness of the product can vary through the technological processes. The varied densities of the foam cater to different applications including noise insulation, thermal insulation, impact resistance, packaging, furniture, and consumer goods. Expanded polypropylene foam market is expected to grow on account of its increasing applications in end uses. The rising popularity of lightweight, reusable, and non-toxic materials in furniture, automotive components, packaging solutions, sealing, ducting, and electronic goods is projected to positively impact the demand for EPP foam. Protective packaging solutions for industrial, household, and automotive component and equipment has seen rapid growth over the past few years owing to the increased manufacturing and transportation activities across major economies. Heavy and light goods require protective packaging during transportation to avoid damage and breakages, which, in turn, is expected to augment the demand for effective and better impact resistant packaging materials.
Properties such as significant energy absorption and chemical stability have led to an increase in the use of EPP foams for ducting and sealing solutions in building & construction industry. The use of EPP foam in duct liners, seals, in-wall panels for acoustics insulation, soundproofing, prevention of leakages, and HVAC in commercial & residential building is expected to positively impact the demand for EPP foam and further expand its scope of applications. The increasing use of foam beads for use in furniture such as bean bags, recliners, hospital chairs, and mattress due to the growing importance of cushioning and comfort is expected to impact the market growth.
The fluctuating prices of polypropylene are expected to hinder the demand for EPP foam and molded products, as an increase in raw material prices is expected to lead to an increase in the production cost, which, in turn, is expected to directly reflect in the fluctuating product prices. Furthermore, the availability of substitutes including expanded polyethylene, polycarbonate, and polystyrene with similar applications might weaken the demand for expanded polypropylene.
Polypropylene is the primary raw material used for the production of expanded polypropylene foam beads. The volatility in the prices of PP directly influences the cost of manufacturing EPP and molded products. The refinery by-products go through numerous chemical processes to further manufacture petrochemicals such as olefins that include ethylene, propylene, and others. The availability and prices of petrochemical-based raw materials are directly proportional to the world oil production and prices.
The rising oil prices are expected to trigger the production of oil, which, in turn, is expected to impact the availability and production of petrochemicals. In addition, the increasing use of advanced chemicals and polymers for the manufacturing of paints, varnishes, polymers, ethylene, polyurethane, resins, PVC, and others on account of the growing industrial applications including packaging, pharmaceuticals, transportation, building & construction is expected to weaken the raw material availability.
This section will provide insights into the contents included in this expanded polypropylene foam market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance