The global foam packaging market size is expected to reach around US$ 15.5 Bn by 2026, growing at a CAGR of around 3.9% over the forecast period 2019 to 2026.
Foam is manufactured by trapping gas bubbles in solid or liquid substance and made up of various materials such as polyethylene, polyurethane, and polystyrene. It is widely used for delicate electronics or glass and mirrors products to provide comfort and support. Furthermore, it is also used to protect the food & beverages, pharmaceutical products, and electronic medical devices from moisture, oxygen, and various other environmental factors that may impact products negatively during storage and shipping.
Growing e-commerce sector around the world expected to boost the demand for foam for consumer and electrical & electronics packaging applications. Then, there is also a rise in demand from the food and beverage industry for packaging foam. With rising income, people don’t just order products within their own countries but also from abroad and as this demand rises, better logistics and packaging becomes imperative, propelling the growth of the foam packaging market.
Rising disposable income and living standards in low and middle-income countries such as India, Malaysia, Indonesia, and countries in the Middle East region are responsible for the growth of the automotive sector in the regions. Foam packaging is utilized for the safer shipping of vehicle parts and other equipment in the automotive industry. An increase in automotive production is anticipated to propel the demand for foam packaging during the forecast period. Furthermore, market players are focusing on R&D to improve their products to enhance their quality and widen the applications in various fields.
Based on the type of material, the market has been segmented into polystyrene, polyethylene, EPS, polyurethane, and others. In 2018, polyurethane accounted for the largest share of the market due to the wide range of applications in various industries such as personal care, electronics, and consumer packaging. The low cost of polyurethane is another key reason for large usage in foam packaging. About 70 to 80% of commercial foam packaging materials are made from polyurethane, polystyrene, and polyvinyl chloride. Apart from packaging the foam is utilized for cushioning, mattress, insulation, and many other applications. Polystyrene foam generates a lot of waste as it is extensively used in the food & beverages industry to manufacture trays and cups due to its lightweight. Moreover, it is not degradable and may break into small pieces; hence it may hamper the market growth.
Based on the industry, the market is segmented into food & beverages, medical & pharmaceutical, aerospace & defense, electrical & electronics, automotive, consumer packaging, personal care, and others. The automotive industry held the highest share of the market in 2018 due to the high demand for vehicles from China and India. However, the electrical & electronics industry observed the fastest growth during the forecast period. This can be attributed to the introduction of new technology, reduced product prices in emerging countries, and high demand across the world. The personal care industry is also observing significant growth during the forecast period.
Geographically, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the maximum share of the market in 2018. However, Asia Pacific is anticipated to boost the market growth at the fastest rate. This can be attributed to growing disposable income and improving living standards in emerging countries in the region such as India, China, Malaysia, and Indonesia. Growth in the pharmaceutical, medical devices, automotive, and e-commerce industry in the Asia Pacific region is anticipated to observe the significant growth during the forecast period.
The market research study on “Foam Packaging Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global foam packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global foam packaging market, its type of material, industry, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global foam packaging market size and segment markets by type of material, industry, and geography along with the information on companies operating in the market. The foam packaging market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
Key players operating in the foam packaging market are American Foam Corporation, Armacell LLC, Atlas Roofing Corporation, BASF SE, Clark Foam Products Corporation, Foam Packaging Specialties, Foam Partner, Greiner Multi Foam, SABIC, Sealed Air Corporation, Smurfit Kappa, Storopack, and UFP Technologies. Major industry players are adopting various strategies to expand their technical as well as geographical presence. Acquisition, mergers, product launch, and collaborations with pharmaceutical, automotive, and other industries were some of the activities that were carried out by companies for the last few years.
By Type of Material
Middle East & Africa
Foam is manufactured by trapping gas bubbles in solid or liquid substance and made up of various materials.
Foam packaging is used for delicate electronics or glass and mirrors products to provide comfort and support and protect the food & beverages, pharmaceutical products.
Polyethylene, polyurethane, and polystyrene are used for foam packaging?
According to Acumen Research and Consulting, the foam packaging market value is anticipated to be worth around US$ 15.5 billion in 2026.
The foam packaging market is anticipated to grow over 3.9% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for foam packaging market.
American Foam Corporation, Armacell LLC, Atlas Roofing Corporation, BASF SE, Clark Foam Products Corporation, Foam Packaging Specialties, Foam Partner and Greiner Multi Foam are the top players operating in the foam packaging market.