Extruded Polypropylene (XPP) Foam Market to Record an Exponential CAGR by 2024
Expanded
polypropylene (XPP) is a closed-cell bead foam that possess unique
properties such as multiple impact resistance, thermal insulation,
water and chemical resistance, high strength, and recyclability. As
name indicates, extruded polypropylene foam is manufactured by
extruding a mixture of a physical blowing agent, polypropylene resin,
with high melting strength and elasticity and nucleating agent.
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Extruded
Polypropylene (XPP) Foam Market: Segmentation
The
global extruded polypropylene (XPP) foam market can be segmented
based on density type and end-user industry type. Based on density
type, the global extruded polypropylene (XPP) foam market can be
segregated into high density and low density. Among these types, the
low density segment is estimated to dominate the global extruded
polypropylene (XPP) foam market during the forecast period. Low
density extruded polypropylene foams are increasingly being utilized
in major end-user industries such as automotive, packaging, and
insulation. In packaging, low density extruded polypropylene is
employed in food packaging and other protective packaging. This is a
major factor that is anticipated to propel the demand for extruded
polypropylene foam during the forecast period.
Based
on end-user industry, the global extruded polypropylene (XPP) foam
market can be classified into building & construction,
automotive, packaging, and others. The automotive segment is
anticipated to dominate the global extruded polypropylene (XPP) foam
market during the forecast period. In the automotive industry,
extruded polypropylene foams are utilized for lightweight parts,
especially for door liners and bumpers. Rise in production of
lightweight parts in order to improve the efficiency of the vehicle
is a major factor that is expected to boost the demand for extruded
polypropylene (XPP) foam in the automotive industry. In the building
& construction industry, extruded polypropylene (XPP) foam are
employed in interior works and housing. Demand for extruded
polypropylene (XPP) foam in the automotive industry is expected to
rise at a significant growth rate during the forecast period.
Extruded
Polypropylene (XPP) Foam Market: Region-wise Outlook
Based
on region, the global extruded polypropylene (XPP) foam market can be
split into North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa. In terms of volume and value, Asia Pacific
is expected to dominate the global extruded polypropylene (XPP) foam
market during forecast period. Asia Pacific is a prominent automotive
hub. Furthermore, it is a densely populated region and hence, the
region witnesses a consistent rise in demand for building &
construction. Rise in automotive demand coupled with increase in
building & construction activities is a major driver that is
anticipated to propel the demand for extruded polypropylene foam in
the region in the near future.
In
Asia Pacific, India and China were the two major countries that
contributed to a majority share of the global extruded polypropylene
(XPP) foam market in Asia Pacific. Extruded polypropylene foam
Companies are planning to establish their facility in this region in
order to cater to the increase in demand for extruded polypropylene
foam for various end-user industries applications. After Asia
Pacific, Europe is expected to be major region, followed by North
America. The global extruded polypropylene (XPP) foam market in other
regions, such as Latin America and Middle East & Africa, is
expected to expand at a sluggish pace during the forecast period.
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Extruded
Polypropylene (XPP) Foam Market: Key Players
Large
number of companies operate in the global extruded polypropylene
(XPP) foam market. Prominent manufacturers in the extruded
polypropylene (XPP) foam include JSP, Toray industries, BASF SE,
Borealis, Mitsui Chemicals, DS Smith Plc, and SSW PearlFoam GmbH.
Companies are focusing on innovation and strategic expansion in order
to sustain in the intense competition. Toray and Borealis are
planning to establish polypropylene manufacturing facilities in India
and the U.S., respectively.
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