Packaging Foams Market to Grow with a CAGR of 6.03% through 2028
Surge in technological advancements is expected to
drive the Global Packaging Foams Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Packaging
Foams Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Packaging Foams Market stood at USD 16.89 billion in 2022 and is anticipated to grow with a CAGR of 6.03% in the forecast
period, 2023-2028. The initiatives taken by government based on Packaging Foams
has led to favorable market conditions for the Global Packaging Foams Market.
Several factors contribute to the growth of various Packaging Foams products.
Several
governments around the world have taken significant steps to address the
environmental impact of foam packaging. For instance, starting from January 1,
2021, retailers in Washington DC are prohibited from selling foam food ware,
foam storage containers such as coolers, and foam products. In Washington
State, bans on expanded polystyrene (EPS) are set to take effect in 2023 and
2024, encompassing various EPS items including packing peanuts and other EPS
products. Additionally, in 2020, New York State implemented the nation's most
robust statewide ban on expanded polystyrene, targeting single-use foam food
containers and polystyrene packaging. These bans highlight the growing concern
for sustainable packaging alternatives and underline the commitment of these
regions to reduce foam waste and promote eco-friendly practices.
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market data Figures spread through XX Pages and an in-depth TOC on "Global
Packaging Foams Market”
The advent of
smart packaging technologies has revolutionized the packaging foams market.
These cutting-edge technologies not only provide the essential protective
functions of packaging but also integrate advanced features like temperature
control, moisture control, and tracking.For example, one notable technology
involves the incorporation of phase change materials (PCMs) into packaging
foams. These PCMs have the remarkable ability to absorb, store, and release
thermal energy, effectively maintaining the desired temperature within the
package. This breakthrough technology is particularly advantageous for the
transportation of temperature-sensitive products such as pharmaceuticals and
perishable foods.
By leveraging
these innovative smart packaging technologies, businesses can ensure the
integrity and quality of their products throughout the supply chain, ultimately
enhancing customer satisfaction and optimizing operational efficiency. The
packaging foams market is embracing these advancements to meet the evolving
needs of various industries and pave the way for a more sustainable and
efficient future.
Global
Packaging Foams Market is segmented into type, service type, regional
distribution, and company
Based on its type, the flexible foams segment held the
largest share in the market. Flexible packaging foam is well suited for a wide
range of products, including extremely sensitive items like computer parts,
delicate fruits, electronic components, and precious jewelry. As the global
population continues to grow at a rapid rate, particularly in key emerging
markets such as China and India, urbanization is expected to rise, leading to
increased demand for both food and electronics products.
With an increase in consumer income and exposure to
modern retail channels, the demand for flexible packaging foam is projected to
surge. Additionally, the high adoption of electronics products among the young
population is anticipated to drive market growth. Moreover, the need for
extended shelf life for packaged goods and the growing consumer preference for
convenience products are expected to further boost the demand for flexible
foam.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. With the growing awareness among the population for
protective packaging and the governmental push towards eco-friendly and
sustainable packaging, the Asia Pacific packaging foams market is poised for
significant growth. This trend is particularly evident in developing nations
like India and China. The rise of online retailing on a global scale is also
contributing to the demand for packaging solutions. As consumers increasingly
turn to online shopping, the need for effective packaging becomes more crucial.
In the Asia Pacific region, the e-commerce industry is
experiencing rapid growth, which in turn is expected to drive the foam
packaging market. India, in particular, has witnessed sustainable packaging
growth due to the increasing consumption of packaged food and the demand for
electronic products. This growth is anticipated to continue as more consumers
opt for home deliveries of groceries and other home care products. To meet the evolving needs of consumers, companies are
focusing on product innovation, marketing strategies, and service offerings.
Key players in the packaged food industry are also prioritizing packaging
materials that support longer shelf-life, ensuring product freshness and
quality.
These developments highlight the dynamic nature of the
packaging industry in the Asia Pacific region, driven by factors such as
consumer preferences, technological advancements, and the push for
sustainability.
Major companies operating in Global Packaging Foams
Market are:
- ACH Foam Technologies, Inc.
- Arkema SA
- Recticel SA
- Rogers Corporation
- Sealed Air Corp.
- Armacell LLC
- BASF SE
- Borealis AG
- Benien Produktionstechnik GmbH
- Kaneka Corporation
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“Growing application of Packaging Foams in various end
user industries are key drivers of the Packaging Foams market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Packaging Foams with every
passing year are anticipated to register an impressive growth to Global
Packaging Foams Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Packaging Foams Market By Type
(Flexible Foam & Rigid Foam), By Service Type (Food Service and Protective
Packaging), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Packaging Foams Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Packaging Foams Market.
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