ID: MRFR/PNT/2032-HCR | February 2021 | Region: Global | 100 pages
The Packaging Foams Market is projected to reach USD 17.3 billion by the year 2023. Further, the packaging foams market has been estimated to meet the market growth at 6% CAGR for the forecast period. Foam packaging is the combining gas process in solid and liquid form. This foam packaging product is highly used in toys, electronics, and others. Moreover, this product can be widely used for various purposes of packaging. This foam packaging product is having more demand among various industries because it is helpful to protect the products and it is not more expensive.
Nowadays, the packaging foam is offering an advanced cushioning effect for the protection of fragile items at the time of shipment. The increasing digitalization has involved online shopping, which has increased the demand of the packaging foams market. Moreover, the transportations usually get damaged because of the kicked, dropped, etc., where the packaging foam plays an important role in reducing these incidences. Generally, industrial businesses require packaging to protect their products in the process of distribution, which is enhancing the demands of the flexible Foam.
According to the packaging foams market trends report, the market growth is significant due to the continuous efforts of the key players. Moreover, the increasing demands of the packaging foams among the intended audiences like distributor and supplier companies, packaging foams manufacturers, consultants and investment bankers, government, various end-users, and independent regulatory authorities are increasing the growth of the packaging foams market in the research period.
COVID-19 Impact Analysis
During the COVID-19 period, the global packaging foams market has shown slow growth in their sales due to the closure of factories and production. In the COVID-19 crisis, only essential goods were permitted, which has affected the growth of the global market. At this time, the global market has lost its investors due to the disruption in the sales of the product.
However, the global key players have developed innovative launches, technological upliftment, and online selling in the later period, which has enhanced the growth of the global packaging foams market. In the present scenario, the global market is expecting to register the higher packaging foams market size during the forecast period.
The growing technological advancement in packaging is one of the major factors for the global packaging foams market growth. Hence, this advanced technology has led to an increase in the use of packaging foam. Moreover, the global market is growing due to the advancement in techniques in transportation, which is helpful in reducing transportation costs. Along with that, the easy availability of the raw material is
In 2013, the FDA collected the updated styrene migration data from the Plastics Foodservice Packaging Group, which shows the styrene reduces the intake by 6.6 micrograms per person per day compared to the Polyurethane Foam packaging. Hence, the packaging foams industry is growing on a larger scale.
The global packaging foams market has brought more opportunities for the key players and manufacturers due to the increasing digitalization of the product or the increasing online purchases among the consumers. Moreover, the reduction in the cost of transportation has the growth opportunities for the global packaging foams market.
The global packaging foams market is growing opportunities with the continuous efforts of the key players.
The instability in raw material cost might affect the products’ cost structure, which can be the major market restraint for the global packaging foams market.
The global key player has adopted growth strategies to propel the global packaging foams market share. Along with that, the packaging foams industry is growing in various regions of the globe.
The global packaging foams market might face challenges in case the price of the raw material increases. Another major challenge for the global
The global packaging foams market might experience challenges due to the unprecedented COVID-19 challenges. During the COVID crisis, the global market had faced a huge loss. Here, the global market has employed various key players to combat these emerging challenges.
According to the global market report, the global market is expecting the higher packaging foams market value in the upcoming years. Along with that, the regional players are giving their all efforts and strength to enhance the market growth.
Therefore, the global key players have adopted various strategies like mergers & acquisitions, contracts & joint ventures, partnerships, investments & expansions, new product launches, and various agreements to boost up the packaging foams market share in various regions.
Market Segment Overview
The global packaging foams market has been segmented into Polyolefin Foam, Polyurethane Foam, and others based on the material type segment.
Out of all, the polyurethane foam segment is projected to generate the global packaging foams market size along with the highest CAGR for the forecast period.
The global packaging foams market has been classified into Rigid Foam and Flexible Foam based on the structure segment.
Among these, the flexible foam segment is expected to increase the packaging foams market growth at a higher CAGR for the forecast period. The flexible Foam is extensively used for sensitive products like electronic parts, computer parts, jewelry, and fruits.
On the basis of service type segment, the global packaging foams market has been segregated into protective packaging, food service, and others.
These service types are propelling the global packaging foams market's growth as many audiences prefer different services types.
On the basis of end-user segment, the global packaging foams market has been classified into Food and Beverages, Medical and Pharmaceutical, Automotive, Aerospace and Defense, Personal Care, Electrical and Electronics, Consumer Packaging, and others.
These end-users are playing an important role in the growth of the packaging foams market.
The global packaging foams market has been classified into North America, Europe, Asia Pacific, and the rest of the world on the basis of regional segmentation.
Among all, the Asia Pacific market is projected to register the higher packaging foams market value for the forecast period due to the easy availability of the raw material in the region. Moreover, this region is growing due to the increasing foreign investment in the Asia Pacific region. Along with that, the other reason for the growth of the global packaging foams market is the increasing online shopping in the countries like Indonesia, China, India, and Thailand. Even this region has the ability to cater to the lower market, and it has a lower cost of production, which is propelling the global market growth.
Competitive Landscape Analysis
According to the packaging foams market outlook report, the global market is growing its strength with the effort of various key players. These key players are:
These players are adopting advanced methods and advanced technology to upgrade their marketing strategies. Therefore, the key player’s focus on the packaging foams market growth is clearly shown in the present report.
The packaging foams market outlook report has highlighted the market performance by giving a deeper insight into the global packaging foams market. This report includes a primary research method to understand the viewpoints of the big key players, opinions of the leaders, and opinions of various industry experts. Along with that, qualitative and quantitative analysis has been involved in getting the performance quality of the global market.
The packaging foams market has explained the recent developments in the global market with the technological advancements, governing factors, and macroeconomic factors in the global market. Moreover, the report has focused on the recent challenges and growth factors of the global market as well as the regional growth of the global market. Further, the report has highlighted the effective strategies of the key players to enhance the packaging foams market growth.
By Material Types:
By Service Type:
|Market Size||2023: USD 17.3 billion|
|CAGR||6% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Structure, Material, Service|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Armacell (Germany), JSP (Japan), Zotefoams Plc. (U.K.), BASF SE (Germany), Sealed Air Corporation (U.S.), Synthos SA (Poland), Rogers Corporation (U.S.), Kaneka Corporation (Japan), Arkema (France), and Foampartner Group (Switzerland)|
|Key Market Opportunities||Reduce the cost of transportation|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Packaging Foams Market has predicted to meet at 6% CAGR for the forecast period.
The Asia Pacific region is dominating the global Packaging Foams Market for the forecast period.
The Packaging Foams Market has been segmented into the structure, material type, end-users, and service type.