The Foamed Plastics Market anticipates robust future growth, poised to reach a substantial valuation of US$ 84.2 billion by 2030, propelled by a steady 5.8% CAGR between 2022 and 2030. The consistent demand for foamed plastics, driven by their contamination-free storage applications in both industrial and non-industrial sectors, remains a primary growth catalyst. With Asia Pacific projected to dominate the market, accounting for approximately 48% market value share, the surge in e-commerce platforms and the escalating need for protective packaging offer lucrative opportunities for foamed plastics manufacturers.
The industry is expected to expand 1.7 times its current market value, experiencing a peak Y-o-Y growth of 6.6% during the forecast period. As industries like construction, automotive, and electronics recognize the desired characteristics of foamed plastics, coupled with the flourishing e-commerce landscape, the Foamed Plastics Market is poised for sustained growth in the coming years.
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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.
Business Growth Opportunities in the Foamed Plastics:
- Sustainable Solutions: Embrace and invest in sustainable foamed plastics products and processes to meet the growing demand for eco-friendly alternatives, driven by increasing environmental awareness and regulations.
- Technological Advancements: Explore and adopt innovative technologies such as advanced foaming agents, manufacturing processes, and material enhancements to improve product performance, cost-effectiveness, and market competitiveness.
- Customization and Product Diversification: Offer a diverse range of foamed plastics products tailored to specific industry needs and applications. Customization and diversification can open up new markets and attract a wider customer base.
- Global Market Expansion: Target emerging markets and regions with increasing industrialization and construction activities. Expanding globally can tap into new customer bases and mitigate risks associated with regional economic fluctuations.
- Collaboration and Partnerships: Foster collaborations with suppliers, research institutions, and other industry players to leverage shared resources, expertise, and R&D efforts. Strategic partnerships can accelerate product development and enhance market penetration.
Trends in the Foamed Plastics Industry:
- Bio-based Foamed Plastics: Growing emphasis on sustainability is driving the adoption of bio-based foamed plastics made from renewable sources, reducing reliance on fossil fuels and lowering environmental impact.
- Circular Economy Practices: Increasing awareness of the circular economy is promoting recycling and reusing of foamed plastics. Companies are focusing on closed-loop systems, recycling initiatives, and sustainable end-of-life solutions for their products.
- Lightweighting in Automotive Sector: The automotive industry is witnessing a trend towards lightweight materials to improve fuel efficiency and reduce emissions. Foamed plastics, with their lightweight properties, are gaining traction as a preferred material for automotive applications.
- Smart Packaging Solutions: Integration of smart technologies in foamed plastics packaging, such as RFID tags and sensors, is enhancing supply chain visibility, product traceability, and overall efficiency in the packaging industry.
- Regulatory Compliance and Standards: Increasing regulations and standards related to the use of plastics, especially single-use plastics, are influencing the foamed plastics market. Companies need to stay abreast of evolving regulations and adapt their products accordingly to remain compliant and competitive.
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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.
“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.
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)
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.
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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