The report further segments the global XPP foam market by application (transportation, packaging, and building and construction), by product (low-density XPP foam and high-density XPP foam), and by geography (APAC, Europe, North America, and ROW).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global XPP foam market:
- Increasing use of XPP in automobiles for weight reduction
- Rising consumer appeal toward eco-friendly packaging
- Recyclability of XPP foam
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Increasing use of XPP in automobiles for weight reduction
Vehicle weight reduction has become the most challenging requirement faced by automotive manufacturers and suppliers. XPP foam is extensively used in automobiles because of its weight reduction and cost-savings properties. It is usually used for replacing engineering plastics in automotive parts. Apart from this, it is also used in a variety of parts such as bumper fascias, instrumental panels, and door trims. Furthermore, the new emission regulations that are adopted across the globe are anticipated to place a significant importance on lightweight materials used in major automotive parts.
According to Ajay Adikhari, a lead analyst at Technavio for plastics, polymers, and elastomers research, “The increasing demand from the automotive industry is a major driver for the growth of the XPP foam market. The use of XPP foam in automotive applications assists in increasing the shock absorption capability of automobiles and lowering their vibration-dampening properties. When combined with metals, the compound also helps in increasing vehicle efficiency.”
Rising consumer appeal toward eco-friendly packaging
The need to adopt a healthier lifestyle is increasingly gaining awareness among the population. This influences the sales of natural products, sustainable manufacturing, and green products that have functional benefits and can potentially reduce the burden on the ecosystem. The increasing demand for eco-friendly packaging among consumers is shifting the focus of major plastics manufacturers and packaging vendors towards eco-friendly packaging that is made from XPP foam. The necessity to conform with government regulations is forcing vendors to focus on manufacturing XPP foam and mapping out their products that have sustainable components in the export market. These factors will drive the market growth of XPP foam during the forecast period.
“It is observed that consumers prefer sustainable options for plastic bags and food packaging. Single-use products such as bags, bottles, caps, cups, and lids, have high potential to become sustainable products. Reusable bottles and kitchenware that are manufactured from the eco-friendly material are in high demand among consumers,” says Ajay.
Recyclability of XPP foam
XPP foam is widely used in packaging applications. The packaging industry is driven by the need for solutions that offer cost performance and reduce environmental impact. XPP foam is an excellent sustainable product packaging solution. It is biodegradable and can be recycled easily. This will assist in fostering the development of an eco-friendly environment. This is propelling the demand for global XPP foam market during the forecast period.
The increasing awareness and focus towards a greener environment are expected to open huge opportunities in the global XPP market during the forecast period. The stringent rules by governments worldwide regarding the use of biodegradable materials will further boost the demand for XPP foam.
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