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(MoneyNewsWire.Net, May 30, 2018 ) The polyethylene (PE) foams market is projected to reach USD 3.64 Billion by 2021, at a CAGR of 5.8% from 2016 to 2021. This growth is mainly driven by the increasing demand for PE foams from the automotive, packaging, building & construction, and sports & recreational end-use applications. In addition, high demand for PE foams from the Asia-Pacific region and their eco-friendly nature have contributed to the growth of this market.
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In 2015, the protective packaging segment accounted for the largest market share, in terms of volume and value, followed by the automotive end-use application segment. PE foams help reduce the overall mass of products, thereby making them lightweight and minimizing transportation costs. Owing to its insulation property, PE foams are widely demanded as a protective packaging material for food trays, fruit trays, tableware, and cap liners.
Based on type, the XLPE segment of the polyethylene foams market is projected to grow at the highest CAGR between 2016 and 2021. Although XLPE foam material is costly, because of its superior thermal stability and insulating properties, it is demanded in most of the end-use applications such as medical, automobile, protective packaging and others.
The polyethylene foams market in the Asia-Pacific region is expected to grow at the highest CAGR between 2016 and 2021, in terms of value and volume. This growth is mainly attributed to high economic growth, followed by heavy investments across industries, such as automotive, building & construction, and manufacturing in the Asia-Pacific region.
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One of the most significant factors restraining the growth of the polyethylene foams market includes volatility in raw material prices. This further causes fluctuations in the prices of PE foam products.
Key players operating in the polyethylene foams market include Armacell (Germany), JSP (Japan), Zotefoams Plc. (U.K.), The Dow Chemical Company (U.S.), and Sealed Air Corporation (U.S.), among others. Diverse product portfolio, strategically positioned R&D centers, continuous adoption of development strategies, and technological advancements are factors strengthening the market position of these companies. These companies have adopted various organic and inorganic growth strategies to enhance their current market share in the polyethylene foams market.
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