The global extruded polypropylene (XPP) foam market is expected to reach USD 1.07 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for extruded polypropylene foam in automobiles and packaging industry is expected to boost market growth.
The demand for extruded polypropylene foam is high due to its high strength to weight ratio and durability. Extruded polypropylene foam is available in low-density and high-density foam types. The market share of low-density foam is high due to its growing demand in the automobile industry. The demand for high-density foam is expected to grow rapidly over the forecast period owing to rising application in the construction industry.
Asia Pacific and Europe are the major regional markets. The presence of a large number of manufacturing facilities coupled with growing end-use industries is driving the demand for extruded polypropylene foam in these regions. The growing demand in emerging countries such as China, India, and Romania is expected to boost the market growth over the forecast period.
Further key findings from the report suggest:
• High density XPP foam is projected to grow at a CAGR of 7.7% from 2017 to 2025 owing to increased demand from packaging and building & construction industry
• Transportation application segment is anticipated to grow at a CAGR of 7.1% from 2017 to 2025 owing to rising research on automotive materials
• Building & Construction application segment is anticipated to grow at a CAGR of 6.4% from 2017 to 2025 owing to growing infrastructure investments in emerging economies
• Asia Pacific accounted for 52% of the global market share in 2016 owing to rapid expansion by manufacturers in countries such as China and India
• Central & South America extruded polypropylene foam market is expected to grow from USD 28.8 million in 2016 to USD 49.8 million in 2025 owing to growing demand in Brazil
• The market is highly fragmented with the presence of a large number of small and large manufacturers
• Manufacturers are highly engaged introduction of better quality products that are well suited to the end-use application.