Foam Protective Packaging Market: Snapshot
The global foam protective packaging market is projected to gain high amount of revenues in forecast period. One of the key factors supporting this projection is growing need to prevent physical damages to packaged goods during shipping. Foam protective packaging offers protection to packaged goods and eliminates the possibility of damage during transportation.
One of the key factors pushing the global foam protective packaging market is increased consumer spending on packaged goods. Besides, increased production of various products from global manufacturing sector is poised to support the market growth. In recent times, vendors engaged in the global foam protective packaging market have increased their efforts to incorporate advanced technologies in their manufacturing processes. This move is helping them to offer customized products as per the need of end-users. As a result, the foam protective packaging market will see profound growth during forecast period.
Rising demand from various industries is projected to fuel the global foam protective packaging market. Some of the key end-user industries are pharmaceuticals, medical devices, electronics, appliances, and consumer product manufacturing. Besides, E-commerce is one of the important industries anticipated to push the demand during upcoming period.
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However, there are some factors hindering the foam protective packaging market growth. One of them is stringent industrial regulations by governments of many counties. All these regulations are focused on prohibiting the use of foam materials while packaging the products.
Global Foam Protective Packaging Market: Snapshot
Increasing incidence of physical damages caused to packaged goods due to improper shipping has propelled the demand for protective packaging, wherein foam materials have played an instrumental role. Developing foam protective packaging products continues to be cost-intensive task as companies are subjected to offer prototype sampling and custom fabrication. Moreover, designs of the foam protective packaging products continue to change on the basis of the dimensions of shipping containers and package sizes. In the foreseeable future, manufacturing foam protective packaging products is expected to be a challenge task as industrial regulations across the globe will continue tighten their grip on banning the use of foam materials in packaging products.
In addition, the environmental protection agencies across the globe have been emphasizing the need to recycle and reuse the foam materials. This has led the foam protective packaging market players towards divesting their capital in procurement of used products, which has also impacted on their overall profit margins. Several companies are withdrawing their presence in the global foam protective packaging market for not being able to meet their sustainability targets. Factors as such are addressed as the key restraints that will impede the growth of the global foam protective packaging market in the foreseeable future. Transparency Market Research’s latest report has analyzed several factors and developed an insightful forecast on the global foam protective packaging market. Key findings from the report reveal that the global foam protective packaging market will reach a US$ 5.3 Bn valuation by the end of 2026. During the forecast period, 2017-2026, the global foam protective packaging market is estimated to reflect a sluggish growth at 3.2% CAGR.
Urethane Materials to be Predominantly Used in Production of Foam Protective Packaging Solutions
Advantage of urethane materials in terms of adapting to custom modifications in design and providing flexibility through advanced cushioning functionalities have driven their use in the global foam protective packaging market. In 2017, foam protective packaging products made of urethane have brought in over US$ 1.6 Bn in global revenues. The report further estimates that demand for neoprene materials is expected to gain traction. Over the forecast period, foam protective packaging products made of neoprene materials are slated to register revenue growth at the highest CAGR of 4.6%.
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High End-use in E-commerce; Cushioning and Void Fill Applications to Translate Lucrative Market Growth
The report further estimates that the e-commerce will be the largest and most lucrative end-use industry in the global foam protective packaging market through 2026. By the end of the forecast period, more than one-fourth share of global foam protective packaging market value will be accounted by e-commerce end-uses. The report also observes electronics & appliances, pharmaceuticals & medical devices, and consumer product manufacturing as lucrative end-use industries for the future of foam protective packaging. With respect to the applications, more than half of foam protective packaging products being manufactured will be used for cushioning and void fill applications collectively. The report estimates that the void fill applications of foam protective packaging will register highest revenue growth, and will bring in nearly US$ 1.5 Bn by 2026-end.
Global Foam Protective Packaging Market: Key Companies
Key companies partaking in the expansion of the global foam protective packaging market have been profiled in the report. The study observes Sonoco Products Company, Plastifoam Company, Pregis Corporation, Sealed Air Corporation, DRB Packaging, Volk Packaging Corporation, Wisconsin Foam Products, Rogers Foam Corporation, Tucson Container Corporation, and Armstrong Brands, Inc. as leaders in the global foam protective packaging market for the forecast period.
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