The global polypropylene foam market is anticipated to witness significant growth over the next seven years on account of the growing automotive and packaging industry demand. Unique polypropylene (PP) features such as absorption, acoustical properties, thermal insulation, structural strength, and chemical inertness are estimated to boost the global market. Substantial increase in demand from the major end-use industries is a key factor for the estimated growth of the market. A surge in the demand for durable foams and recyclable foams are expected to assist the polypropylene market growth. The automotive industry is anticipated to grow at a rapid pace over the next few years. Rise in disposable income and change in lifestyle among the consumers is expected to be beneficial to the automotive industry growth and finally have a positive impact on the market. The packaging industry was the most lucrative end-use industry for the market. Growing preference for packed and frozen food is estimated to help packaging industry growth and eventually benefit the overall market. An increase in demand for bio-based polypropylene is also expected to impact the global market growth positively.
R&D initiatives by the major industry participants have led to extensive technological modifications required to meet the continuous increasing demand. This is touted to bolster the global polypropylene foam market growth. Dunnage or reusable industrial packaging has observed brisk growth owing to high demand from end-use industry applications such as furniture and toys and is eventually is expected to have a positive influence on the overall polypropylene market. Demand in the fragile goods sector has observed substantial growth over the last five years and is further projected to assist the global market. The injection molding industry accounts for over 50% of the total market shares. It is estimated to have brisk growth over the next seven years and is anticipated to be beneficial to the overall market. The textile industry is also anticipated to have rapid growth over the next seven years and is expected to directly impact the PP foam market.
Supporting agencies such as EPA have implemented supporting regulations for bio-based polypropylene, thereby aiding the overall market growth. Growing demand for bio-based substitutes such as PLA and PET is predicted to assist the global market growth. Films industry that uses polypropylene as a major raw material accounted for more than approximately 15% of the total volume. It is also expected to assist the global market growth. Shale production in North America resulted in raw material prices reduction, thereby aiding the regional market growth. Whereas, volatile raw material price in the other regions is projected to hinder the global polypropylene market growth. Environmental concerns related to polypropylene usage are expected to hamper the global market. Strict government policies and guidelines for the conventional polymer are expected to deter the polypropylene foam market growth.
Europe and Asia Pacific have dominated the market and held the majority market share over the past few years. Eastern & Central European region have witnessed a growing demand for polypropylene foam and are anticipated to boost up the global market growth over the next seven years. Growing construction spending in emerging economies such as China, India, and Southeast India is expected to have a positive influence on the regional market. North America and Middle East & Africa are expected to have a moderate growth rate.
Investments made by major industry participants for constant technological advancements are further anticipated to boost the global polypropylene foam market. Prominent polypropylene foam industry participants include NMC Group, BASF S.E., Zotefoams, Borealis, The Wood Bridge Group, JSP, Thai Foam, Kaneka, Synbra, Sekisui Alveo, Storopack Group, Armacell, SSW Pearl Foam, DS Smith, SSI Schaefer, Furukawa Electric, Sonoco Products, Huntsman, Proseat, K.K. Nag, Pregis, Mitsui Chemicals, Polyfoam Australia, Moulded Foams and PMPF.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.
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