Foam Packaging Market Size to Hit US$ 15.5 Billion by 2026

LOS ANGELES, Jan. 22, 2020 /PRNewswire/ -- The global foam packaging market size is expected to hit around US$ 15.5 billion by 2026.

Worldwide foam packaging market is anticipated to grow at a CAGR of around 3.9% over the forecast period 2019 to 2026.

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Geographically, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the maximum share of the market in 2018. However, Asia Pacific is anticipated to boost the market growth at the fastest rate. This can be attributed to growing disposable income and improving living standards in emerging countries in the region such as India, China, Malaysia, and Indonesia. Growth in the pharmaceutical, medical devices, automotive, and e-commerce industry in the Asia Pacific region is anticipated to observe the significant growth during the forecast period.

Based on the type of material, the market has been segmented into polystyrene, polyethylene, EPS, polyurethane, and others. In 2018, polyurethane accounted for the largest share of the market due to the wide range of applications in various industries such as personal care, electronics, and consumer packaging. The low cost of polyurethane is another key reason for large usage in foam packaging. About 70 to 80% of commercial foam packaging materials are made from polyurethane, polystyrene, and polyvinyl chloride. Apart from packaging the foam is utilized for cushioning, mattress, insulation, and many other applications. Polystyrene foam generates a lot of waste as it is extensively used in the food & beverages industry to manufacture trays and cups due to its lightweight. Moreover, it is not degradable and may break into small pieces hence it may hamper the market growth.

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Based on the industry, the market is segmented into food & beverages, medical & pharmaceutical, aerospace & defense, electrical & electronics, automotive, consumer packaging, personal care, and others. The automotive industry held the highest share of the market in 2018 due to the high demand for vehicles from China and India. However, the electrical & electronics industry observed the fastest growth during the forecast period. This can be attributed to the introduction of new technology, reduced product prices in emerging countries, and high demand across the world. The personal care industry is also observing significant growth during the forecast period.

Key players operating in the foam packaging market are American Foam Corporation, Armacell LLC, Atlas Roofing Corporation, BASF SE, Clark Foam Products Corporation, Foam Packaging Specialties, Foam Partner, Greiner Multi Foam, SABIC, Sealed Air Corporation, Smurfit Kappa, Storopack, and UFP Technologies. Major industry players are adopting various strategies to expand their technical as well as geographical presence. Acquisition, mergers, product launch, and collaborations with pharmaceutical, automotive, and other industries were some of the activities that were carried out by companies for the last few years.

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Some of the key observations regarding the foam packaging industry include:

• In October 2019, Zotefoamsplc presented its three launched products in 2019 during K 2019, October in Düsseldorf, Germany. The company presented a range of recyclable high-density polyethylene with oxygen and moisture barrier properties for the food industry which is designed by using ReZorce technology. In addition to ReZorce technology, Zotefoams launched thermoplastic elastomer foams with energy-saving and very light density properties. 
• In July 2019, Huntington Solution acquired Texas Foam, a manufacturer oftemperature-sensitive protective foam packaging solutions for the instrumentation, medical, food and beverage industries, and pharmaceutical among others.With the acquisition of Texas Foam, Huntington substantially broadens its production capabilities in the fastest growing market that is temperature-sensitive foam packaging.
• In August 2019, Sealed Air acquired Austin Foam Plastics, Inc. (AFP, Inc.). In the specialty foams area, Sealed Air is one of the leading materials suppliers but did not have the fabrication abilitynecessary to design and deliver solutions directly to customers. Through the acquisition of AFP, Sealed Air is advancing its ability to work with customers to fabricate, design, and deliver custom packaging solutions that remove damage, decrease freight shipping cost, improve resource and labor efficiency, softenthe environmental impact, and enhance consumer experiences.
• In January 2018, Packaging Design & Manufacturing, Inc., a designer and manufacturer of custom foam packaging solutions, acquired by Signode Industrial Group. The management team and experienced staff were strong additions to the SIG Organization.
• In January 2018, McDonaldpromised to eliminate polystyrene foam packaging by the end of the year. The environmental impact of McDonald's packaging is a top priority. Polystyrene widely used for single-use containers around the world, but in recent years its negative environmental and health impacts have led major companies to avoid its use.

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