Global Foam Packaging Market Expected to Reach USD 9,975.6 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Foam Packaging Market, By Type (Flexible and Rigid), By Material (Polyurethane, Polystyrene, Polyolefin, Phenolic, PET, and Others), By End Use Industry (Automotive, Food & Beverage, Beauty & Personal Care, Electrical & Electronics, and Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA)): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD  6,160.7 Million in 2022 and is projected to expand at a growth rate of 5.7% by 2031.

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As per Growth Market Reports industry analyst, Swati Muthe, the global foam packaging market is anticipated to register significant growth during the forecast period, 2023-2031. Foam is designed, cut, and fabricated to hold any shape. Many products have protrusions such as flanges, brackets, and buttons that change the overall surface of the product or have varying degrees of fragility or ability to bear weight, all of which are accommodated with a foam packaging design.

Packing foam is an ideal way to ensure protection and safety of items during shipping, as it absorbs shocks and impacts while providing support. Manufacturers offer several options for adding a reliable solution of packaging foam to protect items.

On the basis of type, the market is divided into flexible and rigid.

The demand for flexible foam packaging is increasing, due to the increasing use of flexible foam to protect delicate items, such as electronic equipment, jewelry, and computer components. Flexible foam is highly lightweight; hence, it contributes to low emissions in transportation applications. It offers long-lasting protection for a wide range of delicate items and is readily tailored.

Based on material, the market is divided into polyurethane, polystyrene, polyolefin, phenolic, PET, and others.

Polyurethane (PU) is a highly utilized material in the manufacture of packaging foam. It has several appealing characteristics, including light weight, great abrasion resistance, good insulation, and an eco-friendly nature. It is easily adaptable to a wide range of applications. Polyurethane foam has grown in preference in recent decades for safeguarding light and fragile objects.

On the basis of end use industry, the market is fragmented into automotive, food & beverage, beauty & personal care, electrical & electronics, and others.

The electrical and electronics industry has registered constant development for many years. This is attributed to the introduction of technologies in the industry. Furthermore, increased automation in the industry has resulted in low product pricing, as a result, electronics devices have registered exponential growth. This is propelling the consumption of foam packaging. The demand for foam packaging is increasing exponentially from growing economies, such as India, South Africa, Indonesia, and Brazil, with middle-income, cost-sensitive consumers. Growing demand for electronics is expected to contribute significantly to the foam packaging market.

On the basis of region, the foam packaging market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America accounts for a significant share of the foam packaging market, due to the growing commercial activities in the region. The development of e-commerce platforms has increased the demand for secure and dependable packaging solutions to protect goods in transit. Foam packing has developed as a popular solution for packaging sensitive or easily damaged items. Additionally, the rapidly increasing electronic appliances industry in the region is boosting the foam packaging market.

Primary and secondary research methodology is used for keen observation and study of the foam packaging market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to be updated with the latest market trends & developments. Validation of the estimated market size, and current and future trends are done by the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned to understand the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The outbreak of coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets and automotive components and creating manufacturing issues.

In January 2020, the WHO labeled the COVID-19 outbreak as a public health emergency of global concern and proclaimed it as a global pandemic in March 2020. This deadly virus has become one of the biggest pandemics in human history. The COVID-19 outbreak is a public health emergency that affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially across Eastern Europe, European Union, the US, and Eastern & Central Asia.

As of November 30, 2023, this pandemic had infected over 772,052,752 people, and over 6,985,278 people died from the disease. COVID-19 cases have been registered in more than 231 countries and territories. Many countries are economically weak, while others have poor healthcare systems that affect the economy and life of people.

Key Takeaways from the Study:

• Key players in the market include Sealed Air, BASF SE, General Plastics Manufacturing Company, JSP, Recticel Engineered Foams Belgium BV, Rogers Foam Corporation, Zotefoams Plc (UK), Synthos, Sekisui Alveo, SABIC, Celanese Corporation, Zhengzhou Chorus Lubricant Additive Co., Ltd., and ZSCHIMMER & SCHWARZ, INC.

Report Scope:

Target Audience:

• Supply-side: Raw material suppliers and Manufacturers

• Demand Side: Foam packaging manufacturing companies

• Regulatory Side: Concerned government authorities and other regulatory bodies