June 05, 2022 20:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, June 05, 2022 (GLOBE NEWSWIRE) -- In 2022, the global extruded polypropylene (XPP) foam market is valued at US$ 903.8 million and is projected to expand at a CAGR of 6.9% through 2032. These insights are provided in a new research report by Fact.MR, a market research and competitive intelligence provider.
Extruded PP foam has seen a steady increase in consumption over the past few years owing to increasing demand for lightweight and recyclable materials. Increasing urbanization and industrialization have spawned new construction activities, and this is also anticipated to favor XPP foam market potential over the coming years. Rising focus on sustainability is also projected to increase the use of extruded polypropylene foam in the automotive industry.
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However, the high costs of extruded polypropylene foam are expected to adversely affect market growth to some extent over the coming years.
Top extruded polypropylene foam manufacturers are investing in increasing their manufacturing capabilities to meet high demand from various industries. The XPP foam market is moderately consolidated with a few major players accounting for notable market share, and hence, there is still room for new market players to make their mark in this industry.
Why is Extruded Polypropylene Foam Demand Rising Significantly?
“Rapidly Rising Extruded PP Foam Usage in Automotive & Construction Sectors”
The extruded polypropylene foam market is set to be majorly driven by high demand from the automotive and construction sectors as they experience an increase in the scope of application of XPP foam.
The characteristic properties of extruded polypropylene foam such as high temperature and chemical resistance, good strength to weight ratio, and recyclability are all highly desirable for construction and automotive applications and hence are predicted to see a prominent rise in use in these industries. Expanded polypropylene foam is also expected to see a steady rise in demand in the automotive industry.
Moreover, increasing focus on using recyclable materials in these industries to attain sustainability goals is also expected to bolster extruded polypropylene foam market growth.
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Key Segments Covered in the High Density Extruded Polypropylene Foam Industry Survey
Top companies in the extruded polypropylene (XPP) foam market account for a notable market share; however, the market still has plenty of opportunities for new entrants as well.
Extruded polypropylene foam suppliers are expected to expand their business networks to meet the increasing demand for extruded PP foam across industry verticals.
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Key players in the High Density Extruded Polypropylene Foam Market
Key Takeaways from Low Density Extruded Polypropylene Foam Market Study
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