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Packaging Foams Market Size is Expected to Reach USD 26.23 billion by 2031, Growing at a CAGR of 5.4%: Straits Research

According to Straits Research, “The global packaging foams market had a revenue worth USD 16.37 billion in 2022. It is expected to reach USD 26.23 billion by 2031, growing at a CAGR of 5.4% during the forecast period (2022-2031).”

New York, United States, April 24, 2024 (GLOBE NEWSWIRE) — The method of foam packaging involves mixing gas in solid and liquid states. Toys, electronics, and other things use this foam packaging material extensively. In addition, this product can be used for various packaging purposes. Foam packing is gaining popularity across various industries due to its cost-effectiveness and protective utility. Packaging foam is frequently used as a primary cushioning material for boxes; this packaging solution is recognized for its adaptability and customization. Foams are utilized in various packaging applications where optimal protection and longevity are essential. In the shipping and packaging industries, packing foam is available in several forms, such as polystyrene, polyurethane, polyolefins such as polyethylene, cross-linked polyethylene, expanded polyethylene (EPE), expanded polypropylene (EPP), and others.

The Increasing Demand from the Packaging Industry to Drive the Global Packaging Foams Market

Expanded polypropylene foam is environmentally friendly. It is entirely non-toxic and straightforward to recycle. Recycling polypropylene is becoming an important and economically viable solution on a large scale. In addition to its excellent energy absorption, water and chemical resistance, hygienic nature, ease of handling, and recyclability, EPP foam is the ideal material for food packaging due to its varied range of properties. The rising demand for packaged foods has resulted in a global expansion of the food packaging industry.

EPP foams are commonly used to construct reusable industrial packaging, also known as dunnage, due to their robustness and inherent ability to absorb energy during transport. In regions including North America, Asia-Pacific, and the Middle East, there is a significant need for shipping containers, cold-chain transport boxes, and fast-food packaging. Infinity and London Bio Packaging, a trade branch of Bunzl UK Ltd., are collaborating to develop a new innovation in sustainable food-to-go EPP packaging that is 100% recyclable, has a small carbon footprint, is microwaveable, and keeps food hotter for longer.

In the past three years, the popularity of food delivery has surged by 39%. This is expected to result in a rise in packaging demand shortly. It is projected that the rise of e-commerce, the food packaging industry, and online business will positively impact the market for packaging foam in the following years. This is due to the exponential growth of the packaging industry and the growing awareness and use of green packaging.

The Increasing Requirement for Eco-Friendly Packaging Foam to Create Global Packaging Foams Market Opportunities

An eco-friendly alternative to standard packaging foams is gaining popularity on the market. Increasing consumer demand for bio-based polypropylene foam (PPF) may imply future market expansion. With a brand concentration greater than 50 percent, scientists could produce biodegradable plastic cushions with many natural components. This indicates that the requirements for bio-based and biodegradable polymers can be satisfied. Numerous companies are also focusing on producing bio-based PP, which may positively impact the demand for the expanded polypropylene foam market during the forecast year.

For instance, Borealis AG and Neste strategically partnered to produce sustainable polypropylene (PP). Mitsui Chemicals planned to analyze numerous elements of technology, quality, economic efficiency, environmental impact, and greenhouse gas reduction and conduct the first bio-PP industrialization demonstration test in the industry’s history. Mitsui Chemicals Group has considered commercializing bio-PP following the resolution of these issues; production is anticipated to commence in 2024.

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Regional Insights

The Asia Pacific will be commanding the regional market while expanding at a CAGR of 5.87%. China is the region’s primary source of revenue. Due to the growth of the food and beverage, automotive, electronics, personal care, and pharmaceutical industries, the packaging foam market is projected to increase more quickly. China homes one of the largest food industries in the world. As a result of the expansion of customized packaging in the food industry, including microwave food, snack foods, and frozen meals, as well as rising exports, the nation is projected to have consistent growth over the forecast period. In the coming years, packaging foam usage is predicted to increase.

Spare parts for the automotive aviation industry can be challenging, and some require particular care during storage and transit. This is due to the intricacy of the engine’s internal and external components. These manage the ride, give the vehicle a fresh appearance, and even improve the performance of the vehicle’s components. This indicates that the correct packaging of replacement parts will be protected during shipping and storage. Therefore, it is recommended to utilize appropriate foam packaging materials for automobiles.

North America is estimated to have the second-largest shareholding of USD 3,994 million, growing at a CAGR of 3.87%. The United States can be credited for most of the region’s contribution. Customers are increasingly ordering groceries and other food items online due to the pervasiveness of the internet and the growing need for convenience. A growing number of services, including Amazon Fresh, let users purchase fresh produce without leaving their homes. In New York, the bulk of food and beverage processing facilities are wineries, food, and beverage processing companies, and animal slaughter and processing facilities. This extends the packing foam market.

In addition to being the world’s largest retailer, Walmart, headquartered in the United States, is the largest firm of its kind on a global scale. Five of the world’s ten largest retail companies are headquartered in the United States, making it the industry leader. According to the Flexible Packaging Association of the United States, flexible packaging is the second-largest packaging category in the country, with a market share of around 20%. In addition, the nation’s booming food market stimulates its packaging business.

Key Highlights

  • By material, polyurethane is estimated to advance at a CAGR of 5.27% and hold the largest market share.
  • By structure, the flexible section is expected to grow at a CAGR of 4.97%, holding the largest market share.
  • By application, the industrial packaging section is forecasted to hold the largest share, growing at a CAGR of 4.5%.
  • By regional segmentation, the Asia Pacific will be commanding the regional market while expanding at a CAGR of 5.87%.

Competitive Players in the Market

  • Armacell
  • Atlas Roofing Corporation
  • Borealis AG
  • Drew Foam
  • Foamcraft Inc.
  • TotalEnergies
  • Huntington Solutions
  • Recticel
  • Sealed Air
  • Williams Foam
  • Zotefoams PLC

Market News

  • In 2022, Armacell introduced the ArmaGel HTL, a special non-combustible aerogel blanket designed for industrial applications where corrosion under insulation mitigation, thermal performance, and non-combustibility are critical requirements.

Global Packaging Foams Market: Segmentation

By material

  • Polystyrene
  • Polyurethane
  • Polyolefin
  • Other Materials

By structure

By application

  • Food Packaging
  • Industrial Packaging

By region

  • Europe
  • Asia Pacific
  • North America
  • South America
  • Middle East & Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/packaging-foams-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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Originally published at https://www.einpresswire.com/article/706194587/packaging-foams-market-size-is-expected-to-reach-usd-26-23-billion-by-2031-growing-at-a-cagr-of-5-4-straits-research

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