Packaging foams or foam peanuts are fill packaging and cushioning material used to prevent damage to fragile objects during transport. Packaging foams are shaped to interlock when compressed and flow freely when not compressed and are commonly used in electronics, and glass packaging. The global packaging foams market is anticipated to grow to USD 17.3 billion market at a 6 % CAGR by the end of forecast period of 2023.
The prominent players of the global packaging foams market are Armacell (Germany), Synthos SA (Poland), JSP (Japan), Kaneka Corporation (Japan), Zotefoams Plc. (U.K.), Foam partner Group (Switzerland) BASF SE (Germany), Sealed Air Corporation (U.S.), Rogers Corporation (U.S.), Arkema (France), and others.
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Growing logistics and international trade in consumer goods expected to drive a substantial demand
There has been an explosive growth of business in shock sensitive products such as electronics, glass, toys, and others. For example, the U.S. total exports of electronics increased by USD 6.4 billion in 2014 to USD 267.6 in 2015, while general imports increased from USD 16.5 billion to USD 438.2 billion. The concurrent increase in demand for packaging foams is expected to drive the market. Growing global supply chains has resulted in long traveling distances and times which has created a need for product safety.
Increasing warranty agreements and fragile customer loyalty expected to influence the market positively
Increasing cost of non-compliance owing to growing warranty agreements and customer awareness is another driver of the market. Rising cost of litigation arising from customer claims, insurance companies, and increasing complexity of purchase agreements has added to increased demand for the market.
Product differentiation strategies afforded by packaging and company image improvement leading to higher customer satisfaction and brand loyalty and growing value of intangible goods such as brand awareness and the increasing importance of market position are other drivers of the market. Thus owing to cut-throat competition, there has been increasing concern for customer switching due to loss of faith due to damaged goods.
Increasing e-commerce and investment is the most influential driver of the market
The increase in online shopping owing to the adoption of information technology has resulted in the growth of packaging foams market. Increased investment in packaging technology and development of packaging functions as a specialized entity coupled with falling cost of packaging foam are other market determinants of the global packaging foams market.
Concerns over the environmental damage caused by plastic waste and the inflammable nature of most packaging foam material are the most significant constraints of the market. Thus, non-inflammable packaging foam is the most significant unmet need of the market.
Asia-Pacific region is expected to account for the largest market, owing to the extensive and growing economy, growing industrialization and large population. The Asia Pacific region is supposed to be led by China and India due to increase in the foreign investment in these countries. The growing availability of stock material owing to the development of oil and gas industry coupled with the development of shale gas has triggered low-cost production of packaging foam.
North America led by the U.S. holds the second largest market followed by Europe. Germany, France, and the U.K. are the leading European markets owing to their larger economy. The Middle East and Africa region is expected to be led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
To generate a bird’s view of the global packaging foams market the report has been segmented by structure, material, service and region.
Based on the structure segment, the market has been segmented by flexible foam and rigid foam.
Based on the material segment, the market has been segmented by polystyrene, polyurethane, and others.
Based on the service segment, the market has been segmented by food service, protective packaging, and others
Based on the region segment, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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