The EPP foam market is projected to grow from USD 1,253 Million in 2020 to USD 1,619 Million by 2025, at a CAGR of 5.3% between 2020 and 2025. Recyclable & reusable properties, optimum performance, and low weight of EPP foam are driving the market are expected to impact the demand for EPP foam positively.
The APAC EPP foam market is segmented into China, Japan, India, South Korea, and the Rest of APAC. The APAC region is a lucrative market for EPP foam. The market in the region is projected to witness the highest growth in the next five years. The region is expected to offer significant opportunities for the EPP foam manufacturers in the next five years. Many EPP foam manufacturers are setting up or expanding their manufacturing bases in this region to take advantage of the low manufacturing cost.
The key market players in the market are JSP Corporation (Japan), Kaneka Corporation (Japan), Hanwha Chemical Corporation (South Korea), and BASF SE (Germany). Investment & expansion is the most preferred strategy by the market players between 2015 and 2020 to enhance their market shares and expand their global presence.
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JSP Corporation is one of the leading manufacturers of plastic products based on foaming technology, which includes expanded polyethylene sheets, expanded polypropylene beads, and other proprietary products using extrusion foam and bead foam technologies. The company operates three business segments namely extrusion business, bead business, and others. Its products are used in the automotive, construction, civil engineering, packaging, and food packaging industries. The company has 10 subsidiaries in Japan, 28 subsidiaries in other countries, and six affiliates, stating a strong presence in the Asia-Pacific region. It has moderate coverage in North and South America but has a weak presence in Europe and the Middle East & Africa. In January 2015, JSP Corporation expanded its EPP foam manufacturing capacity in China and Thailand with a total investment of around USD 15 million. The planned total capacity of EPP foam is 120,000 tons/year.
Kaneka Corporation manufactures and sells polymers, fermentation, biotechnology, and electronic products among others. It operates through four business segments, which are Material Solutions Unit, Nutrition Solutions Unit, Quality of Life Solutions Unit, and Health Care Solutions Unit. It provides polypropylene foam made with the bead method under its Quality of Life Solutions Unit business segment. The company markets these products under its brands named EPERAN. In January 2018, Kaneka Corporation announced the investment of USD 17 million to expand the capacity for Eperan expanded PE and PP particle foams at its Westerlo site in Belgium. This expansion was undertaken, keeping in mind the penetration of Eperan foam in Europe and other parts of the world. This is also expected to strengthen the company’s global supply network.
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