Bio-Based Foam Market to be Dominated by Packaging Applicability Through 2028
Growing demand from Packaging sector is expected
to drive Global Bio-Based Foam market in the forecast period 2024-2028.
According to TechSci Research
report, “Bio-Based Foam Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio-Based Foam Market
is anticipated to upsurge at an impressive rate in the forecast period 2024-2028.
A significant factor fueling the growth of the Bio-Based
Foam Market is the increase in its usage in packaging sector due to its similar
properties as that of conventional material but with degradability advantage. The
use of Bio-Based Foam is expected to expand in the next years due to increasing
demand from various sectors like E-commerce, healthcare, automotive which will
further fuel the expansion of packaging services result in the growth of Global
Bio-Based Foam market. For instance, according to Packaging world, Papair a German
packaging company manufactures a paper alternative to conventional plastic
bubble wrap. With
increasing demand for sustainable and eco-friendly solutions, the growth of Bio-Based
Foam Market will be fueled in future.
Furthermore, the market is
being further stimulated by the extensive use of Bio-Based Foam in Aeronautical
and Marine Sectors.
However, availability of
various low-cost alternatives can slow down the market growth. Also, lack of basic
testing procedures and transitioning governing landscape can further slowdown
market growth.
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Global Bio-Based
Foam Market is segmented based on raw material, type, end use industry, and region.
Based on raw
material, the market is categorized into corn, sugarcane, soy, and others. Sugarcane
is expected to hold the largest market share in the forecast period, 2024-2028.
Sugarcane is utilized in various applications due to abundant
amount availability and help to attain carbon neutrality.
Based on type,
the market is fragmented into rigid and flexible. Flexible is expected to hold
the largest market share in the forecast period, 2024-2028. This is due to its properties such as lightweight,
mouldable, and durable nature which help in various application including automotive
interiors, bedding & furniture, and packaging sector.
Based on end use industry, the market is segmented into building & construction, packaging,
automotive, and others.
Building & Construction segment will experience the highest market share
during the forecast period, 2024-2028. This can be attributed due to the increasing
demand for green building with the use of foam which help to reduce shocks
& vibrations.
Major
companies operating in the Global Bio-Based Foam Market are:
- Woodbridge Corporation
- EVA GLORY Industrial Co., Ltd
- BASF SE
- Cargill Inc.
- BEWi ASA
- Stora Enso Oyj
- Trocellen GmbH
- Lifoam Industries, LLC
- Huntsman Corporation
- Foamite Industries Inc.
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“Europe region is expected to grow at the highest rate during the forecast
period due to increase in the
manufacturing industries, technological advancement, and changing consumer
spending. Furthermore, strict
government rules and increasing demand from various end-use industries creates
lucrative opportunities for market growth. Moreover, in Asia Pacific, increasing demand for eco-friendly
products and substantial growth in the e-commerce sector create huge prospects
of market growth during the forecast period,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Bio-Based Foam Market- Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Raw Material (Corn,
Sugarcane, Soy, Others) By Type (Rigid and Flexible) By End Use Industry
(Building & Construction, Packaging, Automotive, Others), By Region and Competition,
has evaluated the future growth potential of global Bio-Based Foam 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 Bio-Based Foam Market.”
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