The global market for foamed plastics is anticipated to gain significantly as demand for safe storage during transportation remains consistent. Foamed plastics have gained significant traction among the various packaging materials as it provides safe and shockproof packaging to delicate and luxurious products during transit.
They are reusable, which makes them an apt choice for protective packaging applications. Such packaging solutions have brought about a significant change in the way goods are packed and shipped across continents. Thus, growing import and export, booming e-commerce, and globalization are expected to boost the demand for foamed plastics.
Additionally, foamed plastics are also useful for providing thermal insulation, which makes them important in the construction industry. Their low maintenance requirement has truly made them popular across the construction industry.
According to Future Market Insights, the global foamed plastics market is expected to register a CAGR of 6.1% during the forecast years of 2020 and 2030.
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Key Takeaways from Foamed Plastics Market
- The polyurethane (PU) foams as a material likely to experience unmatchable demand in the foamed plastics market, especially from the transportation industry
- The packaging segment is estimated to account for more than 30% by value of the market share in 2020, owing to the increasing demand for food packaging in Asia Pacific
- As per sales channel, direct sales estimated to expand by 1.6x of its current market value till 2028
- Asia Pacific is expected to outpace other regions and to represent an incremental opportunity of US$ 20 Bn by the end of 2030, with the presence of a large number of foamed plastic manufacturers.
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E-commerce to Boost Demand for Foamed Plastic
In the era of digitalization, multiple channels are likely to be available to consumers to make varied purchases, increasing chances of transportation of goods. This rise of e-commerce is expected to boost demand for foamed plastics that is used for protective packaging.
Right-sized foamed plastic packaging solutions are used to protect products from jerks and sudden impacts while shipping them across different geographical regions. Growth of e-commerce will go up due to convenience offered by online sellers, rising income levels, and the advent of technology in the form of smartphones and the internet. Penetration of e-commerce channels in developing countries such as India and China are expected to create lucrative opportunities for the market.
The vast electronics industry Asia Pacific is also projected to add to the revenue options of the market. Delicate nature of electronic products is projected to showcase a significant demand for foamed plastics in the coming years.
Impact of COVID 2019 on Foamed Plastics Market
The construction industry has been identified as a prominent end-use industry in the global foamed plastics market. As per Eurostat (the statistical office of the European Union), construction production was decreased by 14.9% during February – April 2020, amid COVID-19 pandemic in Europe. However, in May 2020, construction production picked up by nearly 21%. This fluctuating situation in the construction industry has had a direct impact on the demand for foamed plastics, which is used for thermal insulation in buildings. Therefore, in the year 2020, foamed plastics market is projected to register Y-o-Y of 4.1% and expected to increase up to 6.6% Y-o-Y during the forecast period.
Furthermore, due to COVID-19 crisis the packaging industry is facing numerous challenges. A significant portion of the global foamed plastics market is captured by transportation packaging. Restrictions on transportation has slowed down the demand for foamed plastics. The pandemic has had a significant impact on consumer preferences as well. Consumers are willing to spend on life-essential products only. Therefore, transportation of consumer electronic goods and luxury goods has been reduced which further results in less demand for foamed plastics.
Foamed Plastics Market Landscape
Key players that have been profiled in the report are Berry Global Inc., Dart Container Corporation, Sealed Air Corporation, Pactiv LLC, Tekni-Plex, Inc., Groupe Guillin SA, D & W Fine Pack LLC, Genpak, LLC, UFP Technologies, Inc., and Sirap Gema S.p.a. These players are estimates to hold nearly 20% market share in the global market in 2020.
By Product Type
- Food Packaging
- Transport Packaging
- Food Packaging
- Polyurethane (PU) Foams
- Expanded Polystyrene (EPS) Foam
- Vinyl (Plastisol, PVC) Foams
- Others (PE Foam, PP Foam)
By Sales Channel
- Direct Sales
- Indirect Sales
- Supermarkets/ Hypermarkets
- Convenience Stores
- Online Retailing
- North America
- Latin America
- Asia Pacific