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.
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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.
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).
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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 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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