What is Packaging foams are a type of packaging material that separates individual components or organizes subassemblies. They come in different shapes and are designed to accommodate products that are a bit more fragile or have features that change their shape. These foams are made from low-density polyethylene (LDPE), which is recyclable. Packaging foams are lightweight and can be recycled, making them a cost-effective solution for shipments.
Market Statistics:
The global packaging foams market is estimated to account for US$ 10279.34 Mn in terms of value by the end of 2021.
Global Packaging Foams Market: Drivers
Expanding e-commerce industry across developing countries is playing significant role in overall development of packaging foams market growth. According to the United Nations Conference on Trade and Development, global e-commerce sales jumped to $26.7 trillion globally in 2019, up 4% from 2018. B2C e-commerce sales were estimated at $4.9 trillion in 2019, up 11% over 2018. The top three countries by B2C e-commerce sales remained China, the United States and the United Kingdom.
Global Packaging Foams Market: Opportunities
Increasing use of foams for food packaging due to their properties, such as thermal conductivity, cushioning, low density, and good absorption is expected to offer significant growth opportunities for market players. These foams are also used for shipping packaging of products, such as sensitive food products, seafood and meat, and beverages
Global Packaging Foams Market: Restraints
Fluctuating price of raw materials is a key factor anticipated to hinder the packaging foams market growth.
To know the latest trends and insights prevalent in the Global Packaging Foams Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/packaging-foams-market-5178
Global Packaging Foams Market - Impact of Coronavirus (Covid-19) Pandemic
During Covid-19 pandemic the industry has faced huge shutdown. Lockdown has negatively impacted industrial transform processes. Major disruption in supply chain and trading patterns in the global packaging foams industry is severely impacted the market growth. However, the market has sharp growth in pharma sector as there was high demand for medicine and medical devices worldwide.
Key Takeaways:
The global packaging foams market was valued at US$ 10279.34 Mn in 2021 and is forecast to reach a value of US$ 15100 Mn by 2030 at a CAGR of 4.56% between 2022 and 2030.
Polyurethane segment held dominant position in the global packaging foams market in 2021, accounting for 51.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Packaging Foams Market Trends:
Growing disposable income of consumer is driving sale of luxury products such as automotive. This is increasing sale of automotive, thus expanding automotive production. According to Organisation Internationale des Constructeurs d'Automobiles, the automotive production in India stood at 4.4 million units in 2021, registering an increase of 30% compared to 3.38 million units produced in the same period last year. Moreover, Thailand is the largest automotive manufacturer in the ASEAN region, followed by Indonesia. In 2021, Thailand produced 1.685 million units, registering an increase of 18% compared to 1.427 million units produced in 2020. The passenger and light commercial vehicles production rose to 11% and 23% respectively in 2021 compared to last year.
Growing building and construction packaging foam market due to rise in international trade that require product safety and durable packaging is also anticipated to foster market growth. Moreover, the protective wrapping enable makers to offer easier distribution and decrease transportation losses owing to breakage.
Global Packaging Foams Market: Competitive Landscape
Armacell, Atlas Roofing Corporation, Borealis AG, Drew Foam, Foamcraft Inc., TotalEnergies, Huntington Solutions, Recticel, Sealed Air, Williams Foam, and Zotefoams PLC
Global Packaging Foams Market: Recent Developments
- In February 2020, Atlas Roofing Corp. acquired the USA-based StaRFoam to expand its molded polystyrene business across the North American region
