January 16, 2020
According to the research report titled ‘Foam Packaging Market Size By Product (Rigid, Flexible), By Material (Polystyrene, Polyurethane, Polyvinyl Chloride), By Industry (Food & Beverages, Medical & Pharmaceutical, Aerospace & Defense, Electrical & Electronics, Automotive, Consumer Packaging, Personal Care), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global foam packaging market is expected to surpass USD 15.7 billion by the year 2026.
Flourishing automotive industry in Asia-Pacific region is a major factor driving the growth of foam packaging market. Booming e-commerce sector is boosting the demand for electrical and electronics which in turn is aiding the expansion of the market. Furthermore, rising demand for convenience food items across the globe are stimulating the industry outlook.
By product, flexible foam segment held 55% share of the foam packaging market in the year 2018. Flexible foam is anti-static and hence is extensively used for packaging in personal care, automotive parts, medical equipment, and electronics industries.
As per material type, polyurethane foam packaging market segment is predicted to grow with a CAGR of 4.1% between 2019-2026. This type of material is widely used in consumer packaging, personal care, and electronics industries since it is low cost as compared to polystyrene and polyvinyl chloride materials.
In terms of industry, aerospace and defense segment is expected to grow with a 4.3% CAGR during the period of 2019-2026. Surging defense expenditure is fueling the growth of the foam packaging market. Foam packaged products are extensively used in aerospace industry since they offer durability, minimal damage, longevity, and shorter packaging time. Increasing manufacturing of aircrafts due to growing aerospace and defense industry is facilitating the business scenario. Moreover, rising threat of terrorism and increasing cross border conflicts are contributing towards the popularity of foam packaged products in aerospace and defense segment.
On the other hand, medical and pharmaceutical segment is anticipated to expand with 4% CAGR through 2026. Escalating expenditure on healthcare in developed economies is fueling the growth of the market.
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As per the regional analysis, the report states that Middle East & Africa held 10% share in foam packaging industry in the year 2018 and is expected to register 4% CAGR during 2019-2026. Growing population and rising per capita income are boosting the growth of the market. Booming electronics, automotive, consumer packaging, and food & beverage industries are augmenting the demand for foam packaging products across Middle East & Africa.
The prominent companies operating in the foam packaging industry are SABIC, Sealed Air Corporation, Smurfit Kappa Group, Atlas Roofing Corp., Clark Foam Products Corp., Foam Packaging Specialities, Package Design and Manufacturing Inc., StoroPack, Foam Partner, Greiner Multi Foam, American Foam Corp., UFP Technologies, Armacell LLC, and BASF SE.
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