According to recent market research "Polyolefin Foam Market by Resin Type (Polyethylene, Polypropylene, Ethylene-Vinyl Acetate), End-use Industry (Protective Packaging, Automotive, Building & Construction, Footwear), and Region - Global Forecast to 2026", The global polyolefin foam market size will grow to USD 10.5 billion by 2026 from USD 8.1 billion in 2021, at a CAGR of 5.2% during the 2021-2026 period. The use of polyolefin foam in Protective Packaging, Automotive, Building & Construction, Footwear, Sports & Recreational, Medical, and others is expected to increase in APAC in the next five years.
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Epoxy is the largest resin type in polyolefin foam market in terms of volume. Polyethylene (PE) is the most commonly used type of plastic and is made up of ethylene monomers linked together. When the monomers are polymerized, they are bonded together, creating a stable thermoplastic. Polyethylene foams offer lightweight, durable, closed-cell characteristics that are useful for packaging fragile electronics and providing comfort and support for sporting goods. They combine excellent insulation and vibration dampening properties with high resistance to chemicals and moisture.
APAC is projected to lead the polyolefin foam market and this dominance is expected to continue till 2026. China is the key market in the region. The region is seen as a lucrative market for the growth of polyolefin foam. Increasing foreign investments increases the overall demand for polyolefin foam. Apart from major countries such as China, India, Japan, and South Korea, countries like Taiwan and Thailand are gathering attention and are growing at a brisk pace.
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The polyolefin foam market is projected to grow from USD 8.1 billion in 2021 to USD 10.5 billion by 2026, at a CAGR of 5.2% between 2021 and 2026. Growing demand from the automotive and packaging industry is likely to boost the polyolefin foam market.
The key market players are BASF SE (Germany), JSP Corporation (Japan), Kaneka Corporation (Japan) Hanwha Total (South Korea). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2016 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
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BASF SE is a diversified chemical company. The company has five business segments, namely functional materials & solutions, chemicals, performance products, agricultural solutions, and other. It offers EPP foam under the performance products segment. BASF SE has a strong customer base and operates in many countries in Europe, North America, APAC, Africa, and the Middle East. The company competes with JSP Corporation (Japan) and Kaneka Corporation (Japan).
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 in three business segments: 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 6 affiliates. It has a moderate coverage in North America and South America but has a weak presence in Europe and the Middle East & Africa. JSP Corporation offers EPP products under its bead business segments. These products are marketed under two leading brands, ARPRO, FOAMCORE, and STYRODIA. They are used in automotive, packaging, HVAC, consumer electronics, food packaging, construction, and civil engineering material applications.
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