Packaging foam is commonly used for protecting items during shipping, transportation and storage. It's an extremely light-weight, versatile and cost-effective product that is suitable for all kinds of packaging applications.
The most common types of foam that are used for packaging are polyurethane, polyethylene and expanded polystyrene foam (EPS). Packaging foam is typically available in various sizes and thicknesses in the form of rolls, sheets, blocks or pouches.
The rise in ecommerce, increase in imports-exports and growing demand in ready-to-eat and takeaway foods are the key factors driving the growth in the packaging foam market.
Although the packaging industry saw a slowdown in 2020 due to COVID-19, the market has seen exceptional recovery since 2021.
GLOBAL PACKAGING FOAM INDUSTRY - KEY TRENDS & STATISTICS
The market value of packaging foams worldwide in 2022 will be 17.21B US Dollars.
The packaging foams market size is expected to grow at a compound annual growth rate of 8.50% for the forecast period of 2021 to 2028.
The growth in e-commerce has led to the exponential growth of the packaging sector, with the rising awareness and use of green packaging, therefore expected to have a potentially positive impact on the packaging foam market in the coming years.
Asia-Pacific dominated the global market share with around 40%, primarily due to the growing demand for packaging in logistics, the growing aerospace manufacturing industry, and other manufacturing operations.
China is one of the major contributors to the packaging foams market globally, especially in Asia-Pacific.
North America is expected to expand at a significant growth over the forecast of 2021 to 2028 due to rise in disposable incomes.
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