Expanded Polypropylene (EPP) Foam Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 469.83 Million |
| Market Size (2029) | USD 665.45 Million |
| CAGR (2024 - 2029) | 7.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players_Foam_Market_-_Key_Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Expanded Polypropylene (EPP) Foam Market Analysis
The Expanded Polypropylene Foam Market size is estimated at USD 469.83 million in 2024, and is expected to reach USD 665.45 million by 2029, growing at a CAGR of 7.21% during the forecast period (2024-2029).
The market was negatively impacted due to the COVID-19 pandemic in 2020. However, the condition recovered in 2021, and it is expected to observe a stable growth trajectory over the forecast period.
- Over the short term, the non-toxic and recyclable nature of the material and the rising demand from packaging industries are some of the driving factors which are stimulating the market demand.
- The declining automobile Industry through previous years and higher prices, among other structural foams available in the market, may hinder the market's growth.
- On the flip side, higher prices, among other structural foams, are likely to act as restraints for the market studied during the forecast period.
- The rising demand for bio-based polypropylene foam, its emergence as a replacement for other products, and the increasing adoption of electric vehicles are likely to create opportunities for the market in the coming years.
- The Asia-Pacific region dominated the market and is expected to witness the highest CAGR over the forecast period.
Expanded Polypropylene (EPP) Foam Market Trends
This section covers the major market trends shaping the Expanded Polypropylene (EPP) Foam Market according to our research experts:
Increasing Usage in the Automotive Industry
- The automotive sector is currently the largest consumer of EPP foams. The demand for EPP foams has increased over the years as the EU regulations on emissions have become more rigorous, and laws on recycling vehicles withdrawn from use have been introduced.
- Excellent recoverability and the ability to absorb the impact energy of EPP foams increase the usage of EPP foams in bumpers. In a collision, molded EPP parts built into bumper bar systems reduce pressure and minimize the amount of impact energy transmitted to the chassis.
- Increasing usage of EPP foams in seating and other automotive components reduces the overall weight of the vehicle by ~10%. The fuel consumption was reduced by ~7%. The share of recyclable materials in vehicles that can be reused is increasing simultaneously.
- In addition, increasing electric cars are promoting the EPP foam market's growth, as EPP plays a significant role in making electric cars lightweight and thermally insulated and enhancing energy absorption capabilities.
- EPP foams are also used in the manufacturing of door pads, headliners, and mats. They make it possible to maintain a constant air temperature in the cockpit and generate ideal conditions for battery operations.
- According to the IEA 2021 Outlook, worldwide electric car sales doubled in 2021 and reached 6.6 million. The sales increased strongly in 2022, with 2 million electric cars sold across the globe in the first quarter of 2022.
- The Asia-Oceania and Americas regions recorded 46.73 million and 16.15 million of total automotive production in 2021, registering an increase of 6% and 3%, respectively, compared to 2020. However, Europe recorded 16.34 million of automotive production in 2021, a decrease of 4% compared to 2020.
- The aforementioned aspects may result in the automotive application dominating the market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. In Asia-Pacific, China is the largest economy in terms of GDP.
- China is the largest consumer and manufacturer of EPP foams in the Asia-Pacific region. The growing manufacturing activities in the country are increasing the consumption of plastics and polymers in the region, which is expected to drive the expanded polypropylene (EPP) foam market.
- The country's automotive sector has been shaping product evolution, with the country focusing on manufacturing products that ensure fuel economy and minimize emissions, owing to the increasing environmental concerns (due to mounting pollution in the country).
- The Chinese automotive manufacturing industry is the largest in the world. In 2021, the automotive production in the country reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020. The increase in automotive production is estimated to drive the demand for EPP foam.
- Additionally, the market competition in China has become increasingly fierce in the food and beverage industry, which has enabled companies to tap into overseas markets to seek more resources and business opportunities.
- The Indian packaging industry has made a mark with its exports and imports, thus driving technology and innovation growth in the country and adding value to the various manufacturing sectors. The packaging industry is enacting the role of catalyst in promoting the huge growth of the market studied in India. Furthermore, the country has been exhibiting a significant demand for packed foods for the past few years. This scenario is expected to continue during the forecast period, thus boosting the demand for the market studied.
- The Indian furniture market is also very strong. According to InvestIndia (National Investment Promotion and Facilitation Agency), the total rental furniture and appliances market in India reached INR 33,500 crores during FY21. The market is expected to garner USD 61.09 billion by the end of 2023.
- Due to all such factors, the market for expanded polypropylene foam in the region is expected to have steady growth during the forecast period.
Expanded Polypropylene (EPP) Foam Industry Overview
The expanded polypropylene foam market is consolidated. Some of the major players in the market include BASF SE, JSP, Hanwha Solutions, BEWI (Izoblok), and Kaneka Corporation, among others (not in any particular order).
Expanded Polypropylene (EPP) Foam Market Leaders
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JSP
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BASF SE
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Hanwha Solutions
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Kaneka Corporation
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BEWI (Izoblok)
*Disclaimer: Major Players sorted in no particular order
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Expanded Polypropylene (EPP) Foam Market News
- March 2022: Hanwha Solutions has announced that the company is set to split off its advanced materials business and sell a stake in the unit to raise USD 491 million for investments at home and abroad. The sell-off was considered first in November 2021. Private equity firm Glenwood PE has planned to buy a 49% stake in the division for KRW 600 billion (USD 491.4 million), becoming its second-largest shareholder after Hanwha.
- February 2022: Following the settlement of transactions corresponding to the Favorable tender offer made by BEWI in November 2021, BEWI has acquired 121,870 shares of Izoblok, representing 9.62% of the capital share in the country. It is worth noting that BEWI already acquired 54.21% shares of Izoblock in August 2021. With the latest acquisition, BEWI owns a controlling stake of 63.83% in Izoblok.
Expanded Polypropylene (EPP) Foam Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Non-toxic and Recyclable Nature of the Material
4.1.2 Rising Demand from the Packaging Industry
4.2 Restraints
4.2.1 Declining Automobile Industry Through Previous Years
4.2.2 Higher Price Among Other Structural Foams
4.3 Industry Value Chain Analysis
4.4 Porter Five Forces
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
5. MARKET SEGMENTATION (Market Size by Revenue)
5.1 Raw Material
5.1.1 Synthetic Polypropylene
5.1.2 Bio-based Polypropylene
5.2 Foam
5.2.1 Fabricated EPP
5.2.2 Molded EPP
5.2.3 Other Foams
5.3 Application
5.3.1 Automotive
5.3.2 Dunnage
5.3.3 Furniture
5.3.4 Food Packaging
5.3.5 HVAC
5.3.6 Sports and Leisure
5.3.7 Other Applications
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BEWi (IZOBLOK)
6.4.3 Clark Foam Products Corporation
6.4.4 Hanwha Solutions
6.4.5 JSP
6.4.6 K K Nag Pvt. Ltd
6.4.7 Kaneka Corporation
6.4.8 Knauf Industries
6.4.9 Polyfoam Australia Pty Ltd
6.4.10 Signode Industrial Group Llc
6.4.11 Sonoco Products Company
6.4.12 Woodbridge
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Bio-based Polypropylene Foam
7.2 Emergence as a Replacement for Other Products
7.3 Increasing Adoption Of Electric Vehicles
Expanded Polypropylene (EPP) Foam Industry Segmentation
Expanded polypropylene (EPP) is a highly versatile closed-cell bead foam that provides a unique range of properties, including outstanding energy absorption, multiple impact resistance, thermal insulation, buoyancy, water and chemical resistance, exceptionally high strength-to-weight ratio, and 100% recyclability. The expanded polypropylene (EPP) foam market is segmented by raw material, foam, application, and geography. By raw material, the market is segmented into synthetic polypropylene and bio-based polypropylene. By foam, the market is segmented into fabricated EPP, molded EPP, and other foams. By application, the market is segmented into automotive, dunnage, furniture, food packaging, HVAC, sports and leisure, and other applications. The report offers the market sizes and forecasts for 15 countries across the major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).
| Raw Material | |
| Synthetic Polypropylene | |
| Bio-based Polypropylene |
| Foam | |
| Fabricated EPP | |
| Molded EPP | |
| Other Foams |
| Application | |
| Automotive | |
| Dunnage | |
| Furniture | |
| Food Packaging | |
| HVAC | |
| Sports and Leisure | |
| Other Applications |
| Geography | |||||||
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Expanded Polypropylene (EPP) Foam Market Research FAQs
How big is the Expanded Polypropylene (EPP) Foam Market?
The Expanded Polypropylene (EPP) Foam Market size is expected to reach USD 469.83 million in 2024 and grow at a CAGR of 7.21% to reach USD 665.45 million by 2029.
What is the current Expanded Polypropylene (EPP) Foam Market size?
In 2024, the Expanded Polypropylene (EPP) Foam Market size is expected to reach USD 469.83 million.
Who are the key players in Expanded Polypropylene (EPP) Foam Market?
JSP, BASF SE, Hanwha Solutions, Kaneka Corporation and BEWI (Izoblok) are the major companies operating in the Expanded Polypropylene (EPP) Foam Market.
Which is the fastest growing region in Expanded Polypropylene (EPP) Foam Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Expanded Polypropylene (EPP) Foam Market?
In 2024, the Asia Pacific accounts for the largest market share in Expanded Polypropylene (EPP) Foam Market.
What years does this Expanded Polypropylene (EPP) Foam Market cover, and what was the market size in 2023?
In 2023, the Expanded Polypropylene (EPP) Foam Market size was estimated at USD 438.23 million. The report covers the Expanded Polypropylene (EPP) Foam Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Expanded Polypropylene (EPP) Foam Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
EPP Foam Industry Report
The report covers Global Expanded Polypropylene (EPP) Foam Manufacturers and it is segmented by raw material, form, application, and geography. The report offers the market size and forecasts in terms of revenue for all the segments. Statistics for the EPP Foam market share, size, and revenue growth rate are provided by Mordor Intelligenceā¢ Industry Reports. The EPP Foam analysis includes a market forecast outlook and a historical overview.
The industry report provides a comprehensive market analysis, offering valuable insights into the global market. The market share and market size are key components of this industry analysis, providing a thorough industry overview. The market forecast highlights the expected market growth, while the market leaders are identified through detailed market research.
The report includes an in-depth industry research, focusing on industry trends and industry statistics. The industry outlook and market outlook are discussed, providing a clear view of the market segmentation and market value. The market data is supported by industry reports and industry information, ensuring a reliable market review.
The report example is available as a report PDF for those interested in further details. The research companies behind this analysis have ensured that the industry sales and market growth are accurately depicted. The market predictions and market overview offer a detailed understanding of the market dynamics.
In conclusion, this report provides a comprehensive analysis of the EPP Foam market, covering all essential aspects such as market trends, market forecast, and market segmentation. The industry size and market value are thoroughly examined, offering a complete market review. The report is an essential resource for understanding the market data and industry outlook, supported by industry research and industry reports.
