India Expanded Polyethylene Foam Market to Reflect Robust Expansion During the Forecast Period

The India expanded polyethylene foam market size is expected to reach USD 140.0 million by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.2% during the forecast period. Growth of the automotive industry results in growth of related industries, such as steel, plastics, and aftermarket services. Automotive market is the largest end user of expanded polyethylene foam and molded products for numerous applications owing to favorable mechanical and chemical properties of EPE foam. Increasing use of thermoplastics in auto components as opposed to glass and metal is expected to drive the market.

Expanded polyethylene foam is a lightweight, strong, and recyclable material whose density and thickness can be varied through technological processes. Foam of varied densities can be used to cater to different applications including noise insulation, thermal insulation, impact resistance, packaging, furniture, and consumer goods.

In addition, growing importance of green building, which refers to the use of environmentally viable and resource-efficient processes throughout a building’s lifecycle, is likely to boost the demand for EPE foam as an insulating material. EPE is an ideal choice for green building design as it utilizes recycled content and offers high energy efficiency, which are tangible environmental advantages. This factor is anticipated to drive the growth of expanded polyethylene foams market in India over the forecast period.

Construction segment is projected to witness the fastest market growth over the forecast period. EPE foam is primarily used in roof toping, cladding, acoustic barrier under laying, structural glazing, and false ceilings in construction sector. The real estate sector in India is expected to grow at a good pace owing to various factors including surge in FDI flows, rapid urbanization, increase in requirement of commercial spaces, and smart city initiatives by the Government of Indi. Therefore, construction sector is expected to be among the fastest application sector for EPE foam in India over the forecast period.

North India is projected to witness the fastest market growth over the forecast period. North Indian states are expected to be the major electronics-manufacturing hubs during the forecast period with a total of six Greenfield - Approved and Greenfield - In Principle Approved electronics manufacturing clusters. Growing electronics demand, in India, in light of increasing domestic demand along with presence of R&D base is expected to augment growth in near future.

Some of the major automobile manufacturing facilities situated in the Delhi-NCR (National Capital Region) include Maruti Suzuki, Honda, Hero Moto Corp., and Yamaha. In addition, companies such as Larsen & Toubro, Eicher, Volvo, Mahindra & Mahindra, and Hindustan Motors have automobile manufacturing units in Pithampur, Madhya Pradesh.

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Further key findings from the report suggest:

·       Insulation segment is projected to register a revenue-based CAGR of 4.1% from 2017 to 2025

·       Construction segment is likely to reach USD 22.3 million by 2025 owing to supportive government initiatives and growth in construction activities

·       In terms of revenue, the electronics packaging segment is expected to expand at a CAGR of 4.0% over the forecast period

·       Automotive segment is likely to reach USD 32.1 million by 2025 owing to rising demand for vehicle and the presence of major manufacturing plants in the country

·       North India is anticipated to exceed USD 33.3 million by 2025

·       The India Expanded Polyethylene market is characterized by capacity expansion, capital expansions, and substantial investment decisions to improve the market share of manufacturers

·       Some of the prominent companies present in the industry are Supreme Industries Limited, Raghav Industries Ltd., Royal EPE Foam Private Limited, IRE-TEX Premier India Limited, Suvi International (P) Ltd., Sri Sai Speciality Packagings & SSSP Safety Solution, Orion Pack Art, and Laxmi EPE Foam Sheets, among others.

Grand View Research has segmented the India expanded polyethylene foam market on the basis of application and region:

India Expanded Polyethylene (EPE) Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         Electronics Packaging

·         Mattresses

·         Insulation

·         Construction

·         Automotive

·         Others

India Expanded Polyethylene (EPE) Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         East

·         West

·         North

·         South

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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