The polypropylene foams market is projected to reach USD 1.27 billion by 2021, at a CAGR of 5.78% from 2016 to 2021. The market is mainly driven due to the optimum performance of polypropylene foam which is light in weight and durable, is reusable and recyclable, has a growing demand in emerging regions, and is eco-friendly and sustainable.
Investments & expansions is the key strategy adopted by industry players to grow in the polypropylene foams market. This strategy accounted for a share of 53%, between 2013 and 2016, of all the growth strategies adopted by the market players. The companies are strengthening their positions in the global marketplace due to the rising demand for polypropylene foams and are expanding manufacturing facilities in emerging regions across world. Besides investments & expansions, companies are investing in new product developments. Manufacturers are expanding their product portfolios and are paving the way to fulfilling the growing demand from consumers. This strategy accounts for a share of 18% of all the developments witnessed between 2013 and 2016. Companies also focused on contracts & agreements, mergers & acquisitions, and joint ventures during the last five years. These strategies together accounted for a share of 29% all the strategic developments.
Europe was the most active region from 2013 and 2016, in terms of strategic initiatives. Investments & expansions, and new product developments are the preferred strategies in this region. Companies such as, Borealis AG (Austria), JSP (Japan), Sekisui Alveo AG (Switzerland), and The Woodbridge Group (Canada) made several new product developments and expansions in the region to increase their production capacities for polypropylene foams.
Major manufacturers such as, BASF SE (Germany), Borealis AG (Austria), DS Smith Plc (U.K.), Furukawa Electric Co., Ltd. (Japan), JSP (Japan), Kaneka Corporation (Japan), K. K. Nag Ltd. (India), Mitsui Chemicals, Inc. (Japan), Pregis Corporation (U.S.), Sekisui Alveo AG (Switzerland), Sonoco Products Company (U.S.), SSW PearlFoam GmbH (Germany), Synbra Holding bv (Netherlands), Hanwha Corporation (South Korea), and The Woodbridge Group (Canada) are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.
Sekisui Alveo AG, and The Woodbridge Group are the most active players in the polypropylene foams market. They accounted for the largest share of all the developmental activities undertaken in the polypropylene foams market.
As part of its strategy, in September 2016, Sekisui expanded its product range of polyolefin foams with new Alveolen NLC LV 1404.5, and NLT LV 1404 foams for vacuum forming automobile components like air ducts, cold air covers, headliner ducts, and seat belt covers. In January 2015, the company also developed new extrusion, crosslinking, and foaming oven equipment for the automotive industry. With this, the company broadened its product portfolio of physically crosslinked PP and PE foams.
Another company that has established a strong foothold in the polypropylene foams market is The Woodbridge Group (Canada). The company is focused on both, organic and inorganic growth strategies. The company also focuses on expanding its base through investments & expansions. In November 2014, The Woodbridge Group expanded its automotive molded seating foam and interior parts operations in Capivari, Brazil. This expansion helped the company to serve the Brazilian automotive industry. Also, in January 2014, the plastics division of The Woodbridge Group expanded its particle foam facility in Germany. This expansion helped the company to serve OEMs in the region.
Polypropylene Foams Market by Type (EPP, XPP), Application (Automotive, Packaging, Consumer Products), Region (Asia-Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2021
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