Packaging Foams Market to Grow with a CAGR of 6.03% through 2028

Surge in technological advancements is expected to drive the Global Packaging Foams Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Packaging Foams Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Packaging Foams Market stood at USD 16.89 billion in 2022 and is anticipated to grow with a CAGR of 6.03% in the forecast period, 2023-2028. The initiatives taken by government based on Packaging Foams has led to favorable market conditions for the Global Packaging Foams Market. Several factors contribute to the growth of various Packaging Foams products.

Several governments around the world have taken significant steps to address the environmental impact of foam packaging. For instance, starting from January 1, 2021, retailers in Washington DC are prohibited from selling foam food ware, foam storage containers such as coolers, and foam products. In Washington State, bans on expanded polystyrene (EPS) are set to take effect in 2023 and 2024, encompassing various EPS items including packing peanuts and other EPS products. Additionally, in 2020, New York State implemented the nation's most robust statewide ban on expanded polystyrene, targeting single-use foam food containers and polystyrene packaging. These bans highlight the growing concern for sustainable packaging alternatives and underline the commitment of these regions to reduce foam waste and promote eco-friendly practices.

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The advent of smart packaging technologies has revolutionized the packaging foams market. These cutting-edge technologies not only provide the essential protective functions of packaging but also integrate advanced features like temperature control, moisture control, and tracking.For example, one notable technology involves the incorporation of phase change materials (PCMs) into packaging foams. These PCMs have the remarkable ability to absorb, store, and release thermal energy, effectively maintaining the desired temperature within the package. This breakthrough technology is particularly advantageous for the transportation of temperature-sensitive products such as pharmaceuticals and perishable foods.

By leveraging these innovative smart packaging technologies, businesses can ensure the integrity and quality of their products throughout the supply chain, ultimately enhancing customer satisfaction and optimizing operational efficiency. The packaging foams market is embracing these advancements to meet the evolving needs of various industries and pave the way for a more sustainable and efficient future.

Global Packaging Foams Market is segmented into type, service type, regional distribution, and company

Based on its type, the flexible foams segment held the largest share in the market. Flexible packaging foam is well suited for a wide range of products, including extremely sensitive items like computer parts, delicate fruits, electronic components, and precious jewelry. As the global population continues to grow at a rapid rate, particularly in key emerging markets such as China and India, urbanization is expected to rise, leading to increased demand for both food and electronics products.

With an increase in consumer income and exposure to modern retail channels, the demand for flexible packaging foam is projected to surge. Additionally, the high adoption of electronics products among the young population is anticipated to drive market growth. Moreover, the need for extended shelf life for packaged goods and the growing consumer preference for convenience products are expected to further boost the demand for flexible foam.

Based on region, Asia Pacific segment is expected to grow during the forecast period. With the growing awareness among the population for protective packaging and the governmental push towards eco-friendly and sustainable packaging, the Asia Pacific packaging foams market is poised for significant growth. This trend is particularly evident in developing nations like India and China. The rise of online retailing on a global scale is also contributing to the demand for packaging solutions. As consumers increasingly turn to online shopping, the need for effective packaging becomes more crucial.

In the Asia Pacific region, the e-commerce industry is experiencing rapid growth, which in turn is expected to drive the foam packaging market. India, in particular, has witnessed sustainable packaging growth due to the increasing consumption of packaged food and the demand for electronic products. This growth is anticipated to continue as more consumers opt for home deliveries of groceries and other home care products. To meet the evolving needs of consumers, companies are focusing on product innovation, marketing strategies, and service offerings. Key players in the packaged food industry are also prioritizing packaging materials that support longer shelf-life, ensuring product freshness and quality.

These developments highlight the dynamic nature of the packaging industry in the Asia Pacific region, driven by factors such as consumer preferences, technological advancements, and the push for sustainability.

Major companies operating in Global Packaging Foams Market are:

• ACH Foam Technologies, Inc.
• Arkema SA
• Recticel SA
• Rogers Corporation
• Sealed Air Corp.
• Armacell LLC
• BASF SE
• Borealis AG
• Benien Produktionstechnik GmbH
• Kaneka Corporation

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“Growing application of Packaging Foams in various end user industries are key drivers of the Packaging Foams market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Packaging Foams with every passing year are anticipated to register an impressive growth to Global Packaging Foams Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Packaging Foams Market By Type (Flexible Foam & Rigid Foam), By Service Type (Food Service and Protective Packaging), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Packaging Foams Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Packaging Foams Market.

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