India Expanded Polyethylene Foam Market To Reach $173.8 Million By 2030

India Expanded Polyethylene Foam Market Growth & Trends

The India expanded polyethylene foam market size is anticipated to reach USD 173.8 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 4.7% from 2024 to 2030. 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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India Expanded Polyethylene Foam Market Report Highlights

• The insulation segment accounted for the largest revenue share of 26.6% in 2023. EPE foam is resistant to water, oils, and numerous chemicals.

• The electronics-packaging segment is expected to grow at the fastest CAGR of 5.2% over the forecast years.

• In terms of region, East India dominated the market in 2023 and is expected to grow at a CAGR of 4.8% over the forecast period. The major states driving growth in East India include West Bengal, Jharkhand, and Assam.

• South India accounted for USD 17.7 million in 2023 in terms of revenue and is anticipated to expand at a CAGR of 3.9% over the forecast period.

India Expanded Polyethylene Foam Market Segmentation

Grand View Research has segmented the India expanded polyethylene foam market report based on application and region.  

India Expanded Polyethylene Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Electronics Packaging

• Mattresses

• Insulation

• Construction

• Automotive

• Others

India Expanded Polyethylene Foam Geography Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• East

• West

• North

• South

List Of Key Players in the India Expanded Polyethylene Foam Market

• VENTO FOAM PVT. LTD.

• Goldcoin Foam Private Limited

• Shrinidhi Plastic Industries

• ORION PACKART

• Vraj International

• SAMEKO INDUSTRIES

• Arm Packing Solutions Private Limited

• AAKANKSHA PACKAGING

• SUPREMEPACKS PLASTIC PRIVATE LIMITED

• Kamaksha Packaging Industries

• TRS Industries LLP