Investments & expansions was the key strategy adopted by the market players to achieve growth in the packaging foams market. This strategy accounted for the largest share of all the development strategies adopted by the market players to expand their global presence and increase their market shares in the packaging foams market from 2010 to 2017. The current increasing demand for online shopping for relatively small items worldwide is driving the packaging foams market. The demand from end-use services encouraged companies to adopt various growth strategies in the packaging foams market. Some of the leading packaging foam manufacturers are Armacell (Germany), JSP (Japan), Zotefoams Plc. (U.K.), BASF (Germany), Borealis Ag (Austria), and Sealed Air Corporation (U.S.), among others. These companies adopted various organic and inorganic growth strategies to improve their businesses and maintain their market shares, globally.
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Companies adopted strategies such as investments & expansions, new product launches, mergers & acquisitions, and partnerships, agreements, contracts & joint ventures to increase their market shares and expand their distribution networks, globally. These strategies accounted for a significant share of the total number of growth strategies adopted by players in the packaging foams market between 2010 and 2017.
Two major players in the packaging foams market are, BASF (Germany), and Sealed Air Corporation (U.S.). In the past two years, BASF (Germany) and Sealed Air Corporation (U.S.) adopted investment & expansion as their major strategies for growth.
In November 2016, BASF expanded its compostable foam solutions, Ecovio EA. This is bio-based and it supports the biological cycle through certified composability. Similarly, in September 2015, Sealed Air Corporation expanded facilities for research & development center in Mumbai.
The packaging foams market is estimated to be USD 12.81 billion in 2017, and is projected to reach USD 17.21 billion by 2022, at a CAGR of 6.09% from 2017 to 2022.
The growth of the packaging foams market is attributed to its reasonable cost, increased acceptance from various end-use services such as food packaging and protective packaging, and increasing demand from emerging countries. Packaging foams are used mainly in end-use services such as food service and protective packaging. Technological advancements in packaging and transportation techniques is driving the growth for the packaging foams market.
Asia-Pacific is the fastest-growing market for packaging foams. The countries in this region such as, China, Japan, South Korea, India, Indonesia, and Thailand are witnessing a gradual increase in the use of packaging foams in food and protective packaging services.
China leads the market for packaging foams in the Asia-Pacific region. It is projected to be a high growth market, owing to its growing economy, rapid technological advances, and expanding manufacturing capabilities. China is the fastest-growing market for packaging foams in Asia-Pacific. The emerging e-commerce sector and ensuring quality of products after transportation favors the growth of the packaging foams market in this country.
The flexible foam segment is the fastest-growing structure type of packaging foams in the Asia-Pacific region. It is mostly used in protective packaging end-use services. Flexible foam’s anti-static feature makes it the preferred packaging option for electronics parts and in medical tools & equipment, and sporting goods.
Companies operating in this market are strengthening their R&D capabilities to provide cost-effective products. These products are manufactured by adhering to the regulations set by various associations and governments. All these developments are expected to lead to the sustainable growth of the packaging foams market during the next five years. Armacell (Germany), JSP (Japan), Zotefoams Plc. (U.K), BASF (Germany), Sealed Air Corporation (U.S.), Synthos SA (Poland), Rogers Corporation (U.S.), Kaneka Corporation (Japan), Arkema (France), Total (France), Recticel (Belgium), and Foampartner Group (Switzerland), among others, are the active players in the packaging foams market.
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