The global foamed plastics market is on the rise, projected to reach US$ 84.2 billion by 2030. This translates to a compelling CAGR of 5.8% from 2022.
E-commerce Fuels Packaging Demand
The surge in e-commerce and third-party logistics services is a key driver of market growth. As online shopping for consumer goods continues to flourish, the demand for foamed plastics for product transit is expected to climb in tandem with internet usage.
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Construction Industry Leads the Charge
The construction industry is a major consumer of foamed plastics due to their versatility, strength, cost-effectiveness, and durability. Applications include seals, window and door profiles, pipes, floor covering, and insulation.
The projected growth in the construction industry, particularly in China, India, and the United States, is expected to drive demand for foamed plastics. This growth is fueled by investments in public and private infrastructure projects, healthcare facilities, education, and social infrastructure.
Sustainability Concerns: A Catalyst for Change
While concerns regarding the use of expanded polystyrene foam exist in regions like Europe and North America, the market is witnessing a positive shift towards sustainability. Recycling and reusing foamed plastics to create new products is gaining traction, presenting lucrative opportunities for manufacturers.
Tackling Recycling Challenges
One challenge to overcome is the efficient sorting of foamed plastic waste. Effective sorting by material type reduces recycling costs. Additionally, innovative solutions such as using limonene to dissolve foamed plastic for reuse are emerging.
Thermal Recycling: A Sustainable Solution
Burning foamed plastics in municipal incinerators with proper controls can yield clean energy in the form of heat and carbon dioxide. This “waste-to-energy” approach offers a sustainable alternative for managing foamed plastic waste.
A Brighter Future for Foamed Plastics
The foamed plastics market presents a promising outlook. With a focus on innovation, addressing sustainability concerns, and catering to the evolving needs of the e-commerce and construction sectors, the foamed plastics market is well-positioned for continued growth.
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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.
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.
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)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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