The global packaging foams market size was valued at USD 14.24 billion in 2023. The market is projected to grow from USD 15.12 billion in 2024 to USD 25.01 billion by 2032, exhibiting a CAGR of 6.50% during the forecast period.
Packaging foams refers to a material utilized to safeguard goods during shipping and storage. It is produced using either polyurethane, polystyrene, expanded polyethylene foam, or polyethylene, which further provides many properties to the products while handling. Surging trade among different countries is anticipated to augment market expansion.
List of Key Players Present in the Report:
Sealed Air (U.S.)
Smurfit Kappa (Ireland)
UFP Technologies, Inc. (U.S.)
Sonoco Products Company (U.S.)
BASF SE (Germany)
JSP (Japan)
Zotefoams plc (U.K.)
Rogers Foam Corporation (U.S.)
The Supreme Industries Ltd (India)
Atlas Molded Products (U.S.)
NEFAB GROUP (Sweden)
American Foam Corporation (U.S.)
CARPENTER (Germany)
Synthos (Poland)
KANEKA CORPORATION (Japan)
Fortune Business Insights™ mentions this in a report titled, “Packaging Foams Market, 2024-2032”.
Segments
High Flexibility of Polyurethane Packaging Boosts Segment Growth
Based on material, the market is classified into polystyrene, polyurethane, polyolefin, and others. The polyurethane segment accounts for the largest packaging foams market share due to its high flexibility, large use in many end-use industries, and ease of cutting and fabricating.
Flexible Segment Dominates the Market Due to the Durability of Flexible Foams
By type, the market is categorized into flexible and rigid. The flexible segment dominates the market in terms of share owing to the durability and capability of flexible foams to extend the product lifecycles by maintaining the product’s appearance.
Surging Demand for Packaging in the Automotive Sector Drives Segment Expansion
On the basis of end-use, the market is divided into automotive, electrical & electronics, building & construction, medical, food & beverage, military & defense, and others. The automotive segment is dominating the market, fueled by the high demand for packaging that provides shock absorption, sound insulation, structural reinforcement properties, and vibration dampening from the automotive industry.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Surging Demand for Expanded Polystyrene (EPS) to Boost Market Expansion
The increasing demand for Expanded Polystyrene (EPS) for electronic device packaging due to the change in the consumer electronics industry drives the packaging foams market growth. The market is also driven by the increasing use of antistatic foam to protect electrical devices owing to the rising threats of static electricity accumulation to electronic components while transporting or storage.
However, the non-biodegradable nature of the expanded polystyrene poses a threat to the environment, including marine pollution may impede market expansion.
Source: https://www.fortunebusinessinsights.com/packaging-foam-market-109408
Regional Insights
Growing Demand for Electronic Products to Drive Market Expansion in Asia Pacific
Asia Pacific is the dominating and is anticipated to be the fastest-growing region in the market. The increasing demand for electronic products drives the growth, and the presence of the biggest exporter and manufacturer nation of electronic products in the region is expected to drive the market growth.
Europe is the second-leading region in the market for packaging foams due to the surging awareness, innovation, and use of green packaging in the region.
Competitive Landscape
Key Players are Offering Innovative Packaging to Strengthen Their Market Position
In terms of the competitive landscape, the packaging foams market comprises key players, such as Sealed Air, Smurfit, and others. These players are offering innovative packaging in the packaging industry to strengthen their market position.
Key Industry Development
February 2024 – Pregis announced that it will offer protective packaging produced using certified-circular polyethylene resins in partnership with ExxonMobil, one of the leading companies in advanced recycling technology.