Packaging Foams Market: Development, Current Analysis & Forecast to 2023
Packaging foams are used in a wide range of end-use industry owing to their excellent properties such as shock resistance, corrosion resistance, anti-static, and mechanical shock absorption among others. Furthermore, the demand for protective packaging in the electronic and medical sector across the globe is substantially affecting the growth of the packaging foam market.
The global packaging foam market has been driven by a range of application in food and beverage, automotive, medical, and consumer goods industries among others. Moreover, it is estimated that flexible foam is set to witness the highest growth, during the forecast period due to the growing consumption in the packaging of high value products over 10 kilograms coupled with its ability to reduce shipping cost owing to its light weight.
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The global packaging foam market is segmented into product type, material type, and end-user. On the basis of the product type, the market is segregated into flexible foam, and rigid foam. The market by material type is further categorized into Polystyrene (PS), Poly Vinyl Chloride (PVC), Polyutherene (PU), and others. The market by end-user industry is bifurcated into building and construction, automotive, food and beverage, homecare and personal care, others
The flexible form of foam packaging is expected to witness high growth among the product type segment during the forecast period. The ability of flexible foam packaging in the protection of fragile, lightweight and shock sensitive devices makes it ideal to be used in the packaging of medical and electronic devices. Moreover, the flexible form can be moulded in any shape and is suitable for packaging wide range of products, hence, adding to the growth of the segment.
The global packaging foam market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at a considerably high CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for foam packaging in various sectors such food and beverage, electronics and automotive among others, which, in turn, is anticipated to fuel the demand for packaging foam in the region. Moreover, the growing construction sector is also expected to contribute to the market growth.
The European region is estimated to witness a significant growth in the countries owing to the flourishing healthcare and personal care industry. The increasing use of packaging foam in the knobs, instrument panels, and car seats among others is significantly adding to the market growth in the region.
The North American packaging foam market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries such as automotive and construction coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing demand from the food and beverage industry is expected to add to the growth.
Some of the prominent players operating in the global packaging foam market are Armacell Enterprise GmbH & Co. KG (Germany), JSP (Japan), Zotefoams Plc. (U.K), BASF SE (Germany), Borealis Ag (Austria), Sealed Air Corporation (U.S.), UFP Technologies, Inc, and ACH Foam Technologies, Inc (England) among others.
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