The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Polypropylene foam (PP), also known as polypropene, is an engineering plastic material with advanced chemical and physical properties such as energy absorption, structural strength, thermal insulation and acoustical properties. Polypropylene foams are used in range of applications such as, textiles, high performance plastic parts and reusable containers of various types, laboratory equipment, automotive components, and polymers bank notes.
On the basis of chemical composition the global polypropylene foam market can be broadly categorize in two different markets variant namely expended polypropylene (EPP) and Extruded poly polypropylene. On the basis of end user application of the polypropylene foam, the market can be further segmented in the four broad categories namely, automotives, packaging, consumers product and others. Automotive application segment of polypropylene market holds the largest share in 2013 and it is also experiencing the fasted growth rate over the last few years.
Some of the major drivers of the global polypropylene foam market include, growing concern towards environment sustainability, strict government regulations, and the cost benefits associated with recyclable properties of polypropylene foam as polypropylene foam can be fully recycled. Moreover enhanced physical properties such as quality, lightweight nature & excellent energy absorbing property, and durability, is propelling the demand of polypropylene foam market in growing end user industries such as automobiles and food and beverages packaging.
Asia Pacific is the largest producer and consumer of polypropylene foam market. It is then followed by Europe and North America. The polypropylene foam market is growing in double digit in Asia Pacific. Over the last few year china became a global hub for the automobile manufacturing.
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Moreover increasing automobile market in other developing countries of Asia Pacific such as India and Indonesia is expected to keep the growth rate high during the forecasted period. Germany and Italy are the biggest market of polypropylene foam in Europe owing to higher concentration of automobile manufacturers in this region. The U.S. accounts for largest market of polypropylene market in North America.
Major companies operating in polypropylene foam market include