Packaging Foams Market Size to Reach USD 15970 Million by 2027 at CAGR 4.9% - Valuates Reports
BANGALORE, India, Sept. 8, 2021 /PRNewswire/ -- The Packaging Foams Market is Segmented by Type (Polystyrene Foam, Polyurethane Foam, Polyolefin Foam, Others), by Application (Food Service, Protective Packaging). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Packaging Category.
The global Packaging Foams market size is projected to reach USD 15970 Million by 2027, from USD 11980 Million in 2020, at a CAGR of 4.9% during 2021-2027.
Major factors driving the growth of the packaging foams market are:
Increasing e-commerce and rising exports-imports are expected to drive the packaging foams market. Since the foam is soft, which makes it perfect for shipping fragile items. Furthermore, large items like furniture need packaging foams to cushion them from impact damage during shipping.
Because of the changing urban lifestyle, the need for ready-to-eat and quick food is increasing, which is boosting the demand for foam packaging.
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TRENDS INFLUENCING THE GROWTH OF THE PACKAGING FOAMS MARKET
The global packaging foam market has grown as a result of incremental expansion in the e-commerce industry and an increase in the sale of protective packaging materials. For product transportation, packaging foam makers utilize lightweight packs, streamlined designs, and recyclable materials. As a result, the worldwide packaging foam market is expected to rise at a faster rate over the forecast period.
Growing demand for ready-to-eat and takeaway foods is expected to fuel the packaging foam market during the forecast period. Polystyrene foam packing is widely used for food packaging. Clear food containers, plates, bowls, beverage cups and lids, cutlery, and straws are all made in the hard shape Polystyrene foam.
Foam packaging is cost-effective due to its lightweight. The heavier the package, the more shipping cost will be. Thus lightweight nature of foam packaging helps you save money on shipping as it is both light in weight and effective in protecting the product from any damage. This feature is expected to increase its adoption and thereby increase the foam packaging market.
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PACKAGING FOAMS MARKET SHARE ANALYSIS
Based on type, polyurethane (PU) & Polystyrene (PS) segments are expected to be most lucrative during the forecast period. The growing need for packaging materials in the e-commerce business in emerging nations like Russia, China, India, and others would promote the use of polyurethane foams in packaging. Lightweight construction, excellent thermal insulation, and a quick and cost-effective building method are just a few of the benefits of PU-cored foams. On the other hand, flotation devices, insulation, egg cartons, sandwiches, and hamburger boxes are all made with Polystyrene (PS).
Based on region, Asia-Pacific is expected to develop at the fastest CAGR. This trend may largely be credited to the Asia-Pacific region's rapid economic growth, which has been accompanied by an increase in the region's e-commerce activity.
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Major Key Players in the Packaging Foams Market
- ACH Foam Technologies
- Arkema
- Armacell
- BASF
- Borealis
- Foampartner
- JSP
- Kaneka
- Recticel
- Rogers Foam
- Sealed Air
- Synthos
- Total
- Zotefoams
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- In 2020, the global Technical Foam market size was USD 12060 Million and it is expected to reach USD 18280 Million by the end of 2027, with a CAGR of 6.1% during 2021-2027.
To see the full list of related reports on the Packaging Foams Industry
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