In the forecast period of 2019-2027, the Compound Annual Growth Rate (CAGR) for the global packaging foam market would be steady. This would translate to plenty of growth opportunities, ready to be tapped by market players.
Then, there is also a rise in demand from food and e-commerce segments for packaging foam. As people see rising incomes, they don’t just order goods from their own countries but also abroad. And, as this demand increases, better logistics and packaging becomes imperative, propelling growth in packaging foam market.
Global Packaging Foam Market: Competitive Landscape
The global packaging foam market is rife with developments that are not just crucial for players to take note of but also to understand how the market would operate over the coming years. An in-depth dive in can be had in our upcoming report.
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The global packaging foam market is slightly fragmented and prominent players in the market include 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). Players are focusing on improving their products to make them suitable for a wide applicability. And, in order to stay ahead of their competitors, they resort to mergers and acuiqsitions. Also, strategic collaborations and partnerships are often witnessed.
Global Packaging Foam Market: Key Trends and Drivers
Certain factors are shaping the growth curve for Global Packaging Foam Market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- Increase in online shopping is going to be a major factor behind growth in global packaging foam market. As more goods, due this trend, are now dependent on logistics, the packaging foam industry gets a place of prominence. It is mainly because safety of products gets more significance, as it is not just clothes that are shopped but also delicate and fragile objects, sometimes even very expensive objects like tablets, glassware and the like. It is a result of a change in lifestyle noted world over that revolves around comfort – getting what you want at the convenience of a click. Also, again this in turn is a result of hectic schedules where work days are longer and thus, need to go out for shopping sprees are not as attractive as they used to be.
- Rise in disposable incomes, combined with good economic growth, especially in developing economies is driving the market to higher growth trajectories. As industrial output increases owing to robust economic growth, so would the packaging foam market. More products equal to more packaging material required to ensure safety of products.
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Global Packaging Foam Market: Geographical Analysis
The region that will show the most tremendous growth numbers is the Asia Pacific (APAC) region. It also accounted for a major share in terms of both value and volume in the year of 2016. Thus, it does not really come as a surprise that the region is set to chart one of the highest CAGRs over the forecast period of 2019-2027. It is primarily attributable to easy access to raw materials and rise in disposable incomes in the region, owing to stellar economic growth experienced by most emerging nations in particular, creating new opportunities. There is also a notable rise in investments in the market observed in the region.
Another high growth area region will be North America, followed by Europe, owing to high levels of industrial activity and presence of prominent market players.
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