Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the North America Expanded Polypropylene Foam market.
Trusted Business Insights presents an updated and Latest Study on North America Expanded Polypropylene Foam Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the North America Expanded Polypropylene Foam market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: North America Expanded Polypropylene Foam Market
The North America expanded polypropylene foam market size was valued at USD 137.26 million in 2020 and is expected to witness significant growth in the years to come. Recent developments in the automobile and packaging sectors are likely to generate the demand for the expanded polypropylene foam in these application segments.
Increasing use of environment-friendly and energy saving products is also expected to positively influence the expanded polypropylene (EPP) foam market growth in North America. High automotive and consumer goods manufacturing activities in North America have contributed to the growing demand in the past few years.
Furthermore, the presence of key players in North America is expected to bolster the growth of the expanded polypropylene foam market. Rising utilization of noise and vibration insulation solutions in automotive applications, consumer goods, and appliances is anticipated to compel the manufacturers in North America to opt for backward integration in the value chain over the coming years.
Greater participation in the value chain is likely to result in time reduction for transforming raw materials into finished products and in gaining cost advantage. Insulation manufacturers are expanding their production capacity and infrastructure with an aim to cater to the growing demand for expanded polypropylene foam in North America.
Moreover, many of the expanded polypropylene foam manufacturing companies in America are taking up strategies, such as acquisition and partnership, for procuring raw materials. Mergers and joint ventures are an integral part of North America expanded polypropylene foam market and they allow companies to expand their market position.
Product Insights: North America Expanded Polypropylene Foam Market
In terms of volume, high density expanded polypropylene foam emerged as the largest product segment in North America and accounted for 48.10% share in 2019. Properties such as lightweight, high strength, and chemical resistance make it suitable for various industries over other substitutes. The lighter weight of high density expanded polypropylene foam also results in ease of usage and transport.
The packaging industry in North America has witnessed significant growth over the past few years on account of increased manufacturing, construction, and transportation activities. Growing importance of custom packaging solutions for industrial equipment, electronics, and medical devices is driving the demand for packaging solutions, which, in turn, is expected to increase the demand for low density expanded polypropylene foam in North America over the forecast period 2021-2027.
Medium density expanded polypropylene foam is expected to witness significant growth in the years to come. This can be attributed to increasing demand for protective and chemically stable materials for the manufacturing of household goods, such as furniture, appliances, baby seats, toys, and mattresses.
End-use Insights: North America Expanded Polypropylene Foam Market
The automotive sector emerged as the largest end-use segment in North America and accounted for over 41.69% revenue share in 2019. Presence of leading automotive manufacturers, such as Volkswagen Group, Honda Motor Company, and Fiat Chrysler Automobiles, as well as component manufacturers is boosting the segment growth in North America.
Economic growth in North American countries, such U.S. and Canada, is expected to have a positive impact on the sale of commercial vehicles and passenger cars, which, in turn, is anticipated to boost the demand for expanded polypropylene foam in North America over the forecast period.
Increasing applications of insulation coating in the automotive and OEM sector is projected to create high demand for expanded polypropylene foam in North America, as they help in improving the overall performance of the vehicle by reducing heat loss and energy consumption.
Expanded polypropylene foam is suitable for automobile applications owing to its properties such as lightweight, durability, recyclability, and ability to improve performance for energy management. Expanded polypropylene foam is used in the manufacturing of automobile parts, such as a headrest, battery cover, sun visor, impact systems, and bumper systems.
Expanded polypropylene foam offers a cost-effective packaging solution and helps in enhancing the impact strength, flexibility, clarity, and process efficiency. High demand for expanded polypropylene foam in the packaging industry is projected to majorly contribute to the market growth in North America over the forecast period.
Country Insights: North America Expanded Polypropylene Foam Market
The growth of the EPP foam market in North America can be attributed to growing application industries in the U.S. and Canada. The presence of high-income economies in North America propels the demand for technologically advanced and superior-quality consumer goods, such as electronics, appliances, cosmetics, and automobiles. These factors, coupled with high investments in the manufacturing sector, are expected to propel the demand for EPP foam in North America over the forecast period.
Shifting focus of the U.S. automotive industry towards electricity-powered and fuel-efficient cars has resulted in numerous innovations and technological advancements, further leading to increased consumer demand for luxury electric cars.
Increasing demand for fuel-efficient cars has resulted in the widespread use of high-performance materials for auto components, which, in turn, has promoted the use of chemically stable expanded polypropylene foam as opposed to the available substitutes.
The automotive industry in Canada is likely to create a significant demand for expanded polypropylene foam due to rising demand for new vehicles, mainly among the aging baby boomers in Canada and U.S. Moreover, favorable economic conditions are anticipated to continue supporting the Canadian motor vehicle manufacturing industry.
However, improvement in vehicle technology, which aids in extending the average length of vehicle ownership, coupled with the trend of ridesharing and carpooling, is anticipated to restrain the product demand. Allard Motor Works, Bombardier Recreational Products, Bombardier, Inc., Canadian Electric Vehicles, DuPont Industries, and Conquest Canada are among the key domestic manufacturers operating in the automotive industry in Canada.
North America Expanded Polypropylene Foam Market Share Insights: North America Expanded Polypropylene Foam Market
Most of the key players operating in the market for expanded polypropylene foam have vertically integrated their activities beginning from the production of raw materials to the manufacturing of expanded polypropylene foam beads, conversion and fabrication into molded foam products, and distribution of the products to various end users in order to maintain product quality and expand regional reach.
This provides companies a competitive advantage in the form of cost benefits, thus increasing their profit margin. Companies in North America are undertaking research & development activities to develop new products and technologies used for the production of expanded polypropylene foam to sustain market competition and changing end-user requirements.
Research activities focused on the development of new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies manufacturing these products in North America are
- JSP Corporation
- BASF SE
- PDM Foam
- Clark Foam Products
- Sonoco Products CompanyCorporation
- DS Smith.
This report forecasts revenue and volume growth at the regional and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the North America expanded polypropylene foam market report on the basis of product, end use, and country:
Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Low Density
- Medium Density
- High Density
End-use Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Consumer Goods
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