New York, US, March 30, 2023 (GLOBE NEWSWIRE) -- Packaging Foam Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Packaging Foams Market by Structure, by Material, by Service and by Region - Forecast to 2030” the market for packaging foams is anticipated to grow to USD 26.01 billion by 2030. Also, it has been predicted that the market for packing foams will rise at a 6% CAGR throughout the projection period. The method of mixing gas in solid and liquid form results in foam packaging. Toys, electronics, and other products all make extensive use of this foam packaging material. Moreover, this product can be utilised for a wide range of packaging needs. Due to its usefulness in protecting items and low cost, foam packaging is increasingly in demand across a range of industries.
For the protection of sensitive objects during shipping, packaging foam now offers a sophisticated cushioning effect.
Online shopping has become more prevalent as a result of growing digitization, which has increased demand for packaging foams. Moreover, transportations frequently sustain damage from being dropped, kicked, etc., where packaging foam serves a critical function in lowering these incidences. Packaging is typically needed by industrial enterprises to safeguard their goods during distribution, which is raising the demand for flexible foam.
The market growth is considerable as a result of the leading players' ongoing efforts, the packaging foams market trends research claims. Additionally, the market for packaging foams is expanding during the research period due to rising demand from the target audiences, including distributor and supplier companies, manufacturers of packaging foams, consultants and investment bankers, the government, various end users, and independent regulatory bodies.
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Market Competitive Landscape:
- JSP (Japan),
- Zotefoams Plc. (U.K.),
- Armacell (Germany),
- Synthos SA (Poland),
- BASF SE (Germany),
- Sealed Air Corporation (U.S.),
- Rogers Corporation (U.S.),
- Foampartner Group (Switzerland),
- Kaneka Corporation (Japan),
- Arkema (France),
- Among others.
| Report Attribute | Details |
| Market Size in 2030 | USD 26.01 billion |
| CAGR | 6% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Structure, Material, Service |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growth of packaging foams Increase in technology developments in packaging Raw materials are easily available |
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One of the key drivers of the growth of the worldwide packaging foams market is the escalating level of technical advancement in the packaging industry. So, the use of packaging foam has increased as a result of this cutting-edge technology. Also, the expansion of the global industry is a result of improvements in transportation technology, which aid in lowering transportation costs.
The Plastics Foodservice Packaging Group provided the FDA with revised styrene migration data in 2013, which demonstrates that styrene reduces intake by 6.6 micrograms per person per day when compared to polyurethane foam packaging. As a result, the packing foams market is expanding significantly.
Due to the growing digitalization of the product or the rise in consumer online purchases, the global packaging foams market has created new chances for key players and producers. Also, the global market for packing foams offers development potential due to the decline in transportation costs. With the leading players' ongoing efforts, the opportunities in the worldwide packaging foams market are expanding.
The fluctuation in raw material prices may have an impact on the pricing of the goods, which might be a significant market limitation for the worldwide packaging foams market. To increase its share of the global packaging foams market, the major player has employed growth tactics. In addition, the packing foams market is expanding in many parts of the world.
In the event that the price of the raw material rises, the global market for packing foams may encounter difficulties. Due to the unprecedented COVID-19 problems, the global market for packing foams may face difficulties. The COVID issue caused a significant loss for the global market. To address these new problems, the worldwide industry has brought in a number of significant companies.
The global market is forecasting a greater market value for packaging foams in the approaching years, according to the global market report. Also, regional players are exerting all of their resources to accelerate market expansion. In order to increase the market share of packaging foams in various geographies, the major worldwide players have implemented a number of methods, including mergers and acquisitions, contracts and joint ventures, partnerships, investments & expansions, new product launches, and various agreements.
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Overview of the market segments
Based on the material type segment, the global packaging foams market has been divided into polyolefin foam, polyurethane foam, and others.
Based on the structure category, the global packaging foams market has been divided into Rigid Foam and Flexible Foam.
The global packaging foams market has been divided into protective packaging, food service, and others based on the service type segment.
The food and beverage, medical and pharmaceutical, automotive, aerospace and defence, personal care, electrical and electronic, consumer packaging, and others end-user segments make up the worldwide packaging foams market.
Regional Evaluation
Based on regional segmentation, the worldwide packaging foams market has been divided into North America, Europe, Asia Pacific, and the rest of the world.
Due to the region's easy access to raw materials, the Asia Pacific market is anticipated to have the highest packaging foams market value over the forecast period. Also, this area is expanding as a result of rising foreign investment in the Asia Pacific region. In addition to this, the increase of internet shopping in nations like Indonesia, China, India, and Thailand is another factor contributing to the expansion of the global market for packing foams. Even with a reduced cost of production, this region can serve the lower market, which is boosting the expansion of the worldwide market.
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