Expanded Polypropylene (EPP) Foam Packaging Solutions Expand
into Medical and Pharmaceutical Industries! FMI Predicts the
Industry to projected to reach a value of USD 365.5 million in 2024
NEWARK,
Del., June 27, 2024 /PRNewswire/ -- The
global EPP foam packaging market is projected to reach a
value of USD 365.5 million in 2024.
Looking further ahead, this market is anticipated to expand to
USD 496.1 million by 2034. Throughout
this forecast period, the demand for EPP foam packaging is expected
to rise at a CAGR of 3.1%.
The EPP foam packaging industry is being driven by increasing
demand for lightweight, durable, and recyclable packaging
materials. EPP foam is highly valued for its excellent cushioning
properties, which protect goods during transportation, reducing the
risk of damage. Additionally, the growing e-commerce sector has
significantly boosted the need for effective packaging solutions to
ensure safe delivery of products. The automotive industry also
plays a crucial role, as EPP foam is used extensively in vehicle
components for its impact resistance and energy absorption
capabilities, contributing to overall vehicle safety and fuel
efficiency.
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The EPP foam packaging industry faces certain challenges. One
major restraint is the relatively high cost of production compared
to other packaging materials. The manufacturing process of EPP foam
involves sophisticated technology and raw materials that can be
expensive, which can deter small and medium-sized enterprises from
adopting it. Additionally, environmental concerns related to
plastic waste and recycling challenges pose significant hurdles.
While EPP foam is recyclable, the infrastructure for recycling it
is not as widespread or efficient as needed, leading to potential
sustainability issues.
The rising trend of sustainable packaging solutions opens
avenues for EPP foam to be marketed as a greener alternative, given
its recyclability and lightweight nature. Advancements in
technology can lead to the development of enhanced EPP foam
variants with improved properties, catering to a broader range of
applications beyond traditional sectors like automotive and
electronics.
Several trends are shaping the future of the EPP foam packaging
industry. One notable trend is the integration of smart packaging
technologies. EPP foam packaging is being innovatively combined
with sensors and tracking devices to monitor the condition of goods
during transit, ensuring quality control and reducing losses.
Another significant trend is the customization of EPP foam
packaging solutions to meet specific client requirements, allowing
for greater flexibility and efficiency in supply chains.
"The EPP foam packaging market is ripe with opportunities
for growth and innovation. With increasing awareness and regulatory
pressure on reducing carbon footprints, there is a substantial
opportunity for manufacturers to develop more eco-friendly and
cost-effective production methods." - says a Lead
Consultant Ismail
Sutaria in Packaging at Future Market Insights
(FMI).
Key Takeaways from the Market Study
- The United States is expected
to maintain a CAGR of 2.3% until 2034.
- The demand for EPP foam packaging in the United Kingdom is forecasted to achieve a CAGR
of 2.5% through 2034.
- In China, the EPP foam
packaging market is predicted to exhibit a CAGR of 5.7% from 2024
to 2034.
- India's demand for EPP foam
packaging is expected to surge, with a projected CAGR of 6.1% over
the next decade.
- The end caps segment is estimated to capture a revenue share of
37.8% in 2024.
- Cushioning applications are projected to account for 34.2% of
the EPP foam packaging market in 2024.
Competition Outlook of the EPP Foam Packaging
Market
The EPP foam packaging industry is witnessing a dynamic
competition landscape. Established players like BASF (Germany) and Knauf Industries (Germany) are at the forefront, leveraging
their strong brand presence and global reach. BASF is continuously
innovating its EPP product portfolio, focusing on lightweight and
fire-retardant solutions for automotive applications. Knauf
Industries, on the other hand, is expanding its production capacity
to cater to the rising demand in the electronics and consumer goods
sectors.
Emerging players from Asia-Pacific, particularly China and South
Korea, are challenging the dominance of established players.
These companies are capitalizing on cost-effective production
techniques and offering competitive pricing. They are also actively
investing in research and development to enhance the performance
and sustainability of their EPP foam products. This trend is likely
to intensify competition in the coming years.
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Recent Developments:
- In October 2023, BASF agreed to
sell its Neopolen expanded polypropylene (EPP) business to Knauf
Industries GmbH. BASF's Schwarzheide production plant, as well as
its goods, intellectual property, and trademark rights, will be
sold as part of the transaction.
- In 2024, Sulzer Chemtech, located in Switzerland, and Borealis, headquartered in
Austria, will introduce a new
polypropylene foam extrusion technique. This invention reduces
costs and improves efficiency throughout the entire chain. The
alliance seeks to increase the industry's production and
sustainability.
Key Players of EPP Foam Packaging Industry
- JSP Corporation
- BASF SE
- Kaneka Corporation
- Hanwha Solutions Corporation
- DS Smith
- Pregis Corporation
- ACH Foam Technologies (part of Atlas Roofing Corporation)
- Sonoco Products Company
- Storopack Hans Reichenecker GmbH
- Clark Foam Products Corporation
- Omnipack s. r. o.
- PARK Industries Pvt Ltd
- Lamar Packaging Systems
- Schaumaplast
- Moulded Foams Ltd
- Orbis Corporation
- Storopack Hans Reichenecker GmbH
- Signode Industrial Group LLC
Key Segments of EPP Foam Packaging Industry
By Product:
In terms of product, the industry is divided into end
caps, edge protectors, inserts, and food disposables.
By Application:
In terms of application, the industry is segregated into
cushioning, insulation, and void filling.
By End-use:
Based on the end-use of the sector, the demand is segmented into
logistics and transportation as well as manufacturing and
warehousing.
By Region:
Key countries of North America,
Latin America, Europe, East
Asia, South Asia,
Middle East and Africa (MEA), and Oceania have been covered in
the report.
Report
Preview: https://www.futuremarketinsights.com/reports/epp-foam-packaging-market
Authored by:
Ismail Sutaria (Lead
Consultant, Packaging and Materials) has over 8 years of experience
in market research and consulting in the packaging & materials
industry. Ismail's strength lies in identifying key challenges
faced by the client and offering logical and actionable insights to
equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational
consulting assignments. His key skills include competitive
benchmarking, opportunity assessment, macroeconomic analysis, and
business transformation advisory. Ismail is an MBA holder in
Marketing and has a Bachelor's Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer, Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh
Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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19713, USA
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SOURCE Future Market Insights