BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global Expanded Polypropylene (EPP) Foam Market size at USD 1.22 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Expanded Polypropylene Foam Market size to grow at a CAGR of 5.81% reaching a value of USD 1.81 billion by 2029. Due to its many favorable characteristics, including high heat resistance and structural strength, expanded polypropylene (EPP) foam is finding increasing use in the automotive industry, which is one of the key growth reasons for its market growth. Furthermore, EPP foam is also entirely recyclable, which is helping it gain popularity as an eco-friendly packaging option. Over the course of the forecast period, this is expected to fuel the growth of the Global EPP Foam Market.
Opportunity: Technological Advancements in EPP Foam
The wide range of applications and expanding demand for expanded polypropylene (EPP) foam is presenting lucrative growth opportunities to its global market. The industry players as well as research institutions are significantly investing in technological advancements in EPP extrusion. Sulzer Chemtech, a Switzerland-based company, and Borealis, an Austrian chemical company, jointly launched a new EPP foam extrusion technology with higher cost efficiency. This innovative technology is also said to have higher efficiency across the value chain and is expected to cut manufacturing costs by up to 60%, as reported by Plastics Technology.
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Global Expanded Polypropylene (EPP) Foam Market – By Application
Based on application, the Global Expanded Polypropylene (EPP) Foam Market is segmented into automotive, packaging, consumer goods, and others. The automotive sector accounts for the largest share of the market. EPP foam is widely used in the production of automobiles and numerous car interior components. It also offers various favorable properties, such as high impact absorption performance, lightweight, and energy absorption, which makes it a preferred material in the industry. According to the European Automobile Manufacturers Association, 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021. With booming automobile production worldwide, the demand for EPP foam is also projected to surge during the forecast period.
Impact of Escalating Geopolitical Tensions on Global Expanded Polypropylene (EPP) Foam Market
The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war. As of October 31, 2023, it was estimated that more than 10,000 people were killed in the war.
The intensifying war between Israel and Palestine may directly influence the manufacturing operations of the automobile industry, which is a leading end-user sector of expanded polypropylene (EPP) foam. Israel is one of the leading importers of semiconductors used in autonomous vehicles. Modern automobiles, particularly electric cars, require semiconductors since they are used in many different applications, such as monitoring and regulating systems. It is predicted that the disruption of the supply chain and the suspension of semiconductor manufacture in Israel would have a detrimental effect on global vehicle production. The disruption in the automobile sector is expected to have a direct impact on OEM demand for EPP foam, which may affect the growth of Global Expanded Polypropylene (EPP) Foam Market.
Competitive Landscape
Major players operating in the Global Expanded Polypropylene (EPP) Foam Market include Engineered Foam Products, Knauf Industries, Plymouth Foam, K. K. Nag Pvt Ltd, Schaumaplast Group, ARPLANK Direct, BASF SE, JSP Corporation, Hanwha Advanced Materials, BEWI, Sonoco Products Company, Kaneka Corporation, and Yanfeng Woodbridge Lightweight Composites Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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