Dublin, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The "Packaging Foams Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global market for packaging foams is expected to grow at a CAGR of over 5% during the forecast period. The major factor driving the market studied is a growing e-commerce industry. On the flip side, the availability of close substitutes and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
The rapid growth of the smart electronic industry is expected to give opportunities to the market studied.
The industrial packaging service segment is expected to dominate the market studied during the forecast period.
Asia-Pacific is expected to dominate the global packaging foams market and is also forecasted to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, and India.
Key Market Trends
Increasing demand from the Industrial Packaging Sector
Industrial packaging accounts for the largest share in terms of services for the packaging foams market.
Packaging foams are used for the protection of the product against the logistical environment as well as protect it from mechanical damage.
An extremely high proportion of industrial products are sold in packages, either due to stability requirements for storage and transport or for aesthetic reasons.
Additionally, owing to the huge increase in e-commerce and rising exports-imports, the demand for packaging foams in the industrial sector is expected to grow in the coming years.
According to a report published by PMMI, the Association for Packaging and Processing Technologies, growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021, owing to the rising population, growing sustainability concerns, more spending power in developing regions, rising demand for smart packaging, and others.
Thus, with such robust growth of the packaging industry and increasing demand for foams in industrial packaging, the market for packaging foams is expected to grow in coming years.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region represents the largest market for packaging foams and is also forecasted to be the fastest-growing market over the forecast period.
In China, increasing demand for consumer products, such as food, beverages, and pharmaceuticals are finding applications ranging from single-used to batch packing. The Chinese packaging industry is expected to witness a growth rate of 5.9% in 2020.
Similarly, the packaging industry in India is also increasing at a rapid rate, owing to the expanding food & beverage and retail industries. The packaging industry is the 5th-largest sector in India's economy and is currently one of the fastest-growing sectors in the country.
Furthermore, Japan holds the second-highest packaged food consumption share, next to China in the region. The demand for packaged food in the country in high. Therefore, there are opportunities await for investors and international brands to enter the packaging market to introduce new food packaging preferences for local consumption.
Hence, with the rapidly growing packaging industry in Asia-Pacific region, the demand for packaging foams is also expected to rapidly increase over the forecast period.
The global packaging foams market is partially fragmented in nature. The major companies are Armacell LLC, Borealis AG, Zotefoams PLC, Sealed Air, and Foampartner Group among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing E-commerce Industry
4.1.2 Other Driver
4.2.1 Availability of Close Substitutes
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.3.1 Food Packaging
5.3.2 Industrial Packaging
220.127.116.11 Electrical & Electronics
18.104.22.168 Personal Care
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.4.4 South America
18.104.22.168 Rest of South America
5.4.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AFP, Inc.
6.4.2 Armacell LLC
6.4.3 Atlas Roofing Corporation
6.4.4 Borealis AG
6.4.5 Foamcraft Inc.
6.4.6 Foampartner Group
6.4.8 Sealed Air
6.4.9 Williams Foam
6.4.10 Zotefoams PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rapid Growth of Smart Electronic Industry
7.2 Other Opportunity
For more information about this report visit https://www.researchandmarkets.com/r/mm0gcp
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