Hyderabad, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Expanded polypropylene foam is an eco-friendly product. It can be recycled, and it is 100% non-toxic. Recycling polypropylene is emerging as an important and economically viable option on a large scale around the world which is tempting manufacturers to switch to the production of expanded polypropylene foam. For instance, According, to the Association of Plastics Recyclers (APR), there is a demand for 1 billion pounds of recycled polypropylene (PP) annually in North America, including 720 million pounds of high-quality recycled PP. This trend will continue to grow at a CAGR of 6.7% during 2022-2027.
In 2021, Asia-Pacific was the largest market and accounted for 41.1% of the global expanded polypropylene foam market. China, Japan, Germany, the United States, Brazil, and Germany constitute the largest expanded polypropylene foam markets. However, markets with more disposable income like India and South Korea, will emerge as big opportunities, says Himanshu Vasisht, Senior Research Manager at Mordor Intelligence.
“As we step into the future, existing and new end-user industries are looking at non-toxic and recyclable foam materials. This demand for non-toxic and recyclable foam materials is being fulfilled by the Expanded Polypropylene manufacturers in the market. Furthermore, the continuous growth in focus of companies on Polypropylene recycling is also benefitting the expanded polypropylene foam market’s growth”.
Himanshu says the rise in demand is due to the technological advantages of expanded polypropylene such as including multiple impact resistance, outstanding energy absorption, water and chemical resistance, being hygienic and easy-to-handle nature, and recyclability of material, which makes it an ideal solution for the end-user industry such as packaging industry and automotive sector.
The food packaging done from EPP recyclable foam is gaining popularity in recent years because it is fully recyclable, water-resistant, resistant to acids and alkalis, and hot oil, cooler to the touch, lowers the carbon footprint and keeps food hotter. Furthermore, Food delivery has become increasingly popular post-pandemic, with a 39% increase in the last three years. This is expected to pose a rise in demand for EPP foams used in the packaging industry in the near future.
This will create scope for new factory setups and expansion of existing facilities to grab growth opportunities in bio-based foam, recyclable foam, and other foam materials markets.
The opportunities can be seen by capacity expansion, product launch and entering the market as the market is consolidated with few players dominating the market. JSW company’s EPP production capacity stood at more than 120,000 ton in 2021 and it is further expanding its share in the EPP foam market by increasing new applications of EPP foam for various sectors. Furthermore, the companies are expanding their product range for capturing the fast-growing market, For Instance, BASF SE extended the product range of its expanded polypropylene foam (EPP) Neopolen.
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Expanded Polypropylene Foam Market Report or ask for a more customised report.
