The global foamed plastics market is poised for a significant transformation, with expectations of reaching a valuation of US$ 84.2 billion by the year 2030. This growth journey is characterized by a robust Compound Annual Growth Rate (CAGR) of 5.8% between 2022 and 2030, with a projected market value of over US$ 81.5 billion by 2028.
One of the driving forces behind this expansion is the consistent demand for foamed plastics, which are used for the contamination-free storage of both industrial and non-industrial goods. The foamed plastics industry is projected to maintain its growth momentum, expanding at a CAGR of 5.8% during the forecast period (2022-2030).
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Asia Pacific is anticipated to play a pivotal role, dominating the global foamed plastics market with a industry value share of approximately 48%. This region benefits from the rise of e-commerce platforms and the growing need for protective packaging, offering lucrative opportunities to foamed plastics manufacturers.
Furthermore, the foamed plastics industry is expected to grow 1.7 times its current market value, with a projected peak Year-on-Year (Y-o-Y) growth rate of 6.6% during the forecast period. Various industries, including food, beverages, transportation, construction, automotive, and electronics, are increasingly turning to foamed plastics for their desirable characteristics, especially in protecting products from damage during transit.
The rise of e-commerce and third-party logistics services has further amplified the utilization of foamed plastics for product transit. With internet usage on the rise, online shopping for consumer goods requiring foamed plastics packaging is expected to continue its growth trajectory. The foamed plastics market’s growth is deeply intertwined with the evolving needs of various industries and the expansion of e-commerce, making it a pivotal player in the packaging and protective materials landscape.
The worldwide market for foamed plastics is expected to acquire altogether as interest for safe capacity during transportation stays reliable. Foamed plastics have built up momentum among the different bundling materials as it gives safe and shockproof bundling to fragile and rich items during travel.
They are reusable, which settles on them an able decision for defensive bundling applications. Such bundling arrangements have achieved a massive change in the manner products are stuffed and sent across landmasses. In this manner, developing import and commodity, blasting web based business, and globalization are supposed to help the interest for foamed plastics.
Furthermore, foamed plastics are additionally valuable for giving warm protection, which makes them significant in the development business. Their low upkeep necessity has really made them well known across the development business.
As per Future Market Insights, the worldwide foamed plastics industry is supposed to enroll a CAGR of 5.8% during the gauge long stretches of 2022 and 2030.
Key Takeaways:
- 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 industry 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.
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.
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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.
“Prominent manufacturers in the foamed plastics market can gain substantial profits by emphasizing on strengthening its production capacity and market presence. Furthermore, as key industries are inclined towards adoption of sustainable packaging solutions, the demand for foamed plastics packaging solutions is estimated to increase in the foreseeable future,” says FMI analyst.
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 industry 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.
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Key Segments:
By Product Type:
- Packaging
- Food Packaging
- Trays
- Clamshells
- Plates
- Bowls
- Cups
- Transport Packaging
- Food Packaging
- Wrapping
- Cushioning
- Insulation
- Construction
- Others
By Material:
- Polyurethane (PU) Foams
- Expanded Polystyrene (EPS) Foam
- Vinyl (Plastisol, PVC) Foams
- Others (PE Foam, PP Foam)
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Foamed Plastics market analysis from 2022 to 2030 to identify the prevailing Foamed Plastics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Foamed Plastics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Foamed Plastics market trends, key players, market segments, application areas, and market growth strategies.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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