According to market research future insights analysis, the global packaging foams market is expected to register a CAGR of 6% from 2022 to 2030
Due to COVID-19, the industrial packaging industry experienced a slowdown in 2020 due to the many laws and restrictions that various nations enforced. However, the industry had a comeback in 2021, which increased demand for the market under study. The global Packaging Foams Market has emerged due to the e-commerce sector’s steady growth and a rise in the sales of protective packaging products. Manufacturers of packaging foam employ lightweight packaging, straightforward designs, and recyclable materials to carry their products. This has contributed to the global packaging foams market’s fast rise throughout the forecast period.
Additionally, 3PL has boosted demand for secure and protective transportation, increasing demand for the world’s packaging foams market. Thinner, smaller, and more lead-filled containers are what manufacturers are focusing on. Integrated passive components in a new CSP format are being developed to reduce board space. New methods and materials have been developed to enable embedded passives with better electrical and thermal behavior to meet RF requirements. These elements are predicted to positively fuel the worldwide packaging foams market’s growth.
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Regional Analysis
Asia Pacific dominated the market for packaging foams in 2021. The growth is because the basic materials are readily available in the area. Additionally, this area is expanding due to rising foreign investment in the Asia Pacific region. In addition, the increase in internet shopping in nations like Indonesia, China, India, and Thailand is also another factor contributing to the expansion of the global market for packing foams. Even with a reduced cost of production, this region can serve the lower market, boosting the growth of the worldwide market.
North America is expected was the fastest growing region for packaging foams. The most lucrative market in North America for packaging foam has been the United States. The existence of significant packaging conglomerates, ongoing technical breakthroughs, a growing emphasis on sustainability, and rising consumer spending on everyday goods all contribute to the nation’s growth. The market for packaging foam in the United States is expanding due to the increasing use of foam for flexible packaging. The Flexible Packaging Association (FPA) reports that the flexible packaging sector generated sales of $33.6 billion in the United States in 2019. Moreover, the nation’s market is rising because of the expanding food and electronics industries. Businesses use packaging foams to protect various fragile products before transportation.
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Market Segmentation
The global packaging foams market has been segmented into structure type, material, and service.
The market has been segmented based on structure type into flexible and rigid foam. The flexible segment accounted had a prominent share in 2021. Flexible foam can be used for packaging purposes by a company that focuses on keeping its items safe during delivery. It is frequently used for things that require extreme sensitivity, such as jewelry, fruits, electronics, and computer equipment. On the other hand, the rigid form segment was the fastest-growing segment during the forecast period. The part grew due to the rising consumer income for consumer goods purchases and exposure to contemporary retail channels.
Based on material, the market has been segmented into PS, PU, PO, and others (PVDF and PVC). PS accounted for the largest revenue share in 2021 in the packaging foams market. The most adaptable type of polymer foam is called PS, which may be an artificial aromatic polymer formed by monomer styrene. There are two different PS packing foams: EPS and XPS. Heat cannot easily pass through EPS, acting as an insulator. It makes egg cartons, sandwich bread, hamburger boxes, flotation devices, insulation, and sporadic mugs. However, the PU category was the fastest-growing segment. It has several appealing qualities: lightweight, superb abrasion resistance, excellent insulation, and eco-friendliness. It is simple to adapt to a range of applications. For securing light and delicate goods, polyurethane foam has grown in favor. It is also the perfect packing option for delivering foods or moisture-sensitive goods because of its mildew resistance.
Based on service type, the market has been segmented into food service and protective packaging. The protective packaging segment accounted for the largest revenue share in 2021 in the market for packaging foams. The most common uses for packaging foams are to protect against mechanical damage and in the logistical environment. Because industrial products must be stable for storage and transportation, they are marketed in packages. Besides, the food service was the fastest-growing segment. Demand for packaging foam for safe delivery protection and an increase in the use of industrial electronics items through e-commerce is anticipated to drive market expansion.
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Key Players
Some key market players are Armacell, Zotefoams Plc, Sealed Air Corporation, Rogers Corporation, Kaneka Corporation, JSP, BASF SE, Synthos SA, Arkema, and FoamPartner Group.
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