The XPP foam market is projected to grow from USD 751.0 million in 2018 to USD 1,048.8 million by 2023, at a CAGR of 6.9% between 2018 and 2023. APAC is estimated to be the largest consumer of XPP foam in 2018.
Browse 58 market data Tables and 38 Figures spread through 119 Pages and in-depth TOC on “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”
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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.
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Some of the major players in the XPP foam market include Borealis (Austria), Mitsui Chemicals (Japan), BASF (Germany), Sekisui Voltek (US), Sonoco Products (US), DS Smith Plc (UK), NMC SA (Belgium), Pregis LLC (US), and Zotefoams Plc (UK). Investment & expansion is the key strategy adopted by the market players to achieve growth in the XPP foam market. This strategy accounted for the largest share of all the strategies adopted by the market players to expand their global presence and increase their share in the XPP foam market between 2015 and 2018. For instance, Toray Industries has acquired a plot measuring about 350,000 m2 at Andhra Pradesh, India, for its local subsidiary Toray Industries (India) Private Limited. The company has decided to establish a new base for its polypropylene (PP) spunbond for hygiene materials, whose market is expected to expand along with the increasing demand for disposable diapers.
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