Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Expanded Polypropylene Market.
Global Expanded Polypropylene Market is expected to exhibit a CAGR of around 5% during the forecast period and reach USD 2.1 Million in value by 2027.
Expanded polypropylene is a closed bead cell of polypropylene with exceptional physical properties that include excellent energy absorption, durability, thermal insulation, high strength to weight ratio, good chemical resistance, and recyclability.
The global production of polypropylene is around 80 million tons in 2018 with China holding around 25% of global production. Further, a rise in polypropylene capacities is witnessed in Russia over the past few years. However, the expanding capacities of polypropylene has led to the oversupply affecting the pricing of the polypropylene globally.
- This segment is further segmented into low density, high density, and porous PP.
- The low density expanded polypropylene is expected to witness a healthy growth in the forecast period. This is attributed to the increased usage of low density expanded polypropylene in the packaging industry. It offers excellent thermal insulation which makes it a suitable material for food & beverage and industrial packaging.
- High density expanded polypropylene accounted for the largest market share in 2019 on account of its extensive usage in the automobile industry. It offers excellent stability, durability, load-bearing strength, and high strength to weight ratio which increases the usage of high density expanded polypropylene in the automotive, aerospace and marine sector.
- Porous PP is projected to be the fastest-growing segment during the assessment period. This is attributed to the exceptional properties offered by porous PP such as high shock absorption, noise, and vibration reduction. It is widely used in consumer products such as electronic packaging, and ventilation systems.
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- This segment is further segmented into automobile, packaging, consumer goods, and others.
- The automobile segment accounted for the largest market share in 2019 on account of the widespread usage of expanded polypropylene in the automobile industry. It is used in the various parts of the exterior and interior parts of the automobile that includes bumpers, seating, sun visors, and many more.
- The packaging segment is expected to witness a healthy growth in the forecast period. This is attributed to the exceptional thermal insulation, lightweight and recyclable properties offered by expanded polypropylene which makes it an ideal material in the packaging industry.
- Consumer goods are projected to be the fastest-growing segment during the assessment period. This is attributed to the increasing application areas of expanded polypropylene in consumer products such as furniture, household appliances, toys, and electrical insulation, amongst others.
- The others segment includes aerospace, marine, ventilation system, and water treatment system, amongst others.
- North America: Market growth in North America is driven by the presence of a large industrial base in the region and the easy availability of raw material in the region. Expanding end-use industries, especially automobile and packaging are the key factors driving market growth.
- Europe: The European region is a well-established market. Increasing demand for expanded polypropylene across major end-use industries is expected to propel the market growth. The presence of key automotive manufacturers, stringent government regulation on the use of recyclable components and growing packaging sector in the region is the key factor driving the demand for expanded polypropylene in the region.
- Asia-Pacific: It is the fastest-growing regional market. The increase in polypropylene capacities, especially in growing economies such as China and India and growing industrialization in the region is a prime factor driving the regional market growth.
- Latin America: Rapid industrialization in countries such as Brazil and Mexico is projected to drive market growth during the assessment period. Also, the growing automotive industry in Mexico is the key factor for the growth of the market in the region.
- Middle East & Africa: The demand for premium cars and the growing automotive industry is positively influencing the demand for Expanded Polypropylene.