Market Overview
According to the global market trends and the analysis by the business chiefs, the Expanded Polypropylene Market Revenue is projected to register a CAGR of over 6.9% to reach over 938.8 million in the year 2023.
Expanded Polypropylene, as the sole market produce, can be understood as a closed-cell bead of polypropylene that offers a unique range of properties: excellent energy absorption, good impact resistance, thermal insulation, good water, and chemical resistance, buoyancy, and exceptional toughness and recyclability. Due to its outstanding properties, expanded polypropylene finds a wide range of applications in diverse end-use industries, including automobile, packaging, and consumer goods.
The key factor driving the growth of the expanded polypropylene market is its widespread usage in the automobile industry. The trends are increasing, followed by the rising demands of the sector and its services amongst various customer chunks due to its exceptional properties such as lightweight, high energy absorption, enhanced functionality, toughness, and durability. Moreover, with the growing demand for lightweight and recyclable automotive components, the demand for expanded polypropylene is expected to witness lucrative growth in the coming years, as a part of the forecast period that will be ending in 2027.
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Market Segmentation
The expanded polypropylene market has been segmented based on the following to meet the rising needs of the global target audience:
By Application
- Automobile
- Packaging
- Consumer Goods
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Middle East Africa
- Latin America
Regional Analysis
The North American market for Expanded Polypropylene is driven by the expanding automobile and packaging industry in the region. The market in Europe is projected to witness a demand for Expanded Polypropylene due to the growth of the automotive parts manufacturing industry, the presence of established automobile manufacturers, and a key exporter of packaging materials in the region. Significant contributors to the global Expanded Polypropylene Market Growth include Germany, the UK, France, Spain, and others like Russia. The Asian Pacific region is emerging as the fastest-growing regional market on account of the rapid industrialization in the region. The growth potential is in emerging economies such as India, China, Thailand, Indonesia is commendable. The demand for luxury cars in GCC countries and large oil gas reserves in the region is the key factor driving the demand for Expanded Polypropylene. The Latin American market is projected to witness high demand for Expanded Polypropylene due to the growing automobile industry in Mexico.
Some competitive market players that add to the growth of the global market are as follows:
- JSP Corporation (Japan)
- Chemische Fabrik Budenheim Kg (Germany)
- Kaneka Corporation (Japan)
- BASF SE (Germany)
- Sonoco Products Company (US)
- The Dow Chemical Company (US)
- Hanwha Chemical Corporation (South Korea)
- Automa Multi Styrene (South Africa)
- DS Smith Plc (UK)
- Clark Foam Products (US)
Industry News
The growth of the global expanded polypropylene market is its increasing applications in various sections like air ducts, aerospace, and building construction, expanding production capacities of polypropylene across the globe. This is propelling, especially in China and Russia, and favorable government policies on the use of environment-friendly and recyclable plastic components.
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