According to the new research report on the "Extruded Polypropylene (XPP) Foam Market by Type (Low-Density, High-Density), End-use Industry (Automotive, Packaging, Building & Construction), Region (APAC, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 751.0 million in 2018 to USD 1048.8 million by 2023, at a CAGR of 6.9% between 2018 and 2023. APAC is expected to lead the global XPP foam market during the forecast period.
XPP foam is relatively lightweight foam which offers high stiffness; chemical resistance; thermal stability good sound insulation; and excellent recyclability. However, its unique property is its high melt strength. It is becoming a preferred choice for automotive and packaging end-use industries as it offers high impact strength along with weight reduction.
Based on type, the low-density type segment is projected to lead the XPP foam market during the forecast period.
Based on type, the low-density type segment is expected to lead the global Extruded Polypropylene (XPP) Foam Market during the forecast period. The growth of the low-density XPP foam market is driven by the increasing demand from automotive, protective packaging, and insulation applications. The automotive industry dominates the consumption of low-density XPP foam. It helps in impact protection and weight reduction of vehicles.
Based on end-use industry, the automotive segment is expected to lead the XPP foam market during the forecast period.
The automotive segment is expected to be the fastest-growing end-use industry of the XPP foam market during the forecast period. The growth of the market in the automotive industry is attributed to the increasing use of XPP foam in vehicle manufacturing for producing lightweight, energy efficient, and sustainable cars. It is also driven by the growing automotive production, globally.
APAC is expected to lead the XPP foam market during the forecast period.
Asia Pacific is expected to be the largest market for XPP foam during the forecast period. The XPP foam market in this region is primarily driven by the growing automotive industry, especially in China, India, and other Southeast Asian countries, and huge investments from automotive OEMs to cater the growing demand from this region.
Key global players of the Extruded Polypropylene (XPP) Foam Market are Borealis (Austria), BASF (Germany), Braskem (Brazil), DS Smith (UK), JSP Corporation (Japan), Furukawa Electric (Japan), Mitsui Chemicals (Japan), Sekisui Voltek (US), Sonoco (US), Sohner Plastics (Germany), NMC SA (Belgium), Pregis (US), Toray Industries (Japan), Sumitomo Chemical (Japan), and Zotefoams (UK).
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