Foam Packaging Market Global Analysis, Segments, Size, Share, Industry Growth and Recent Trends by Forecast to 2026

Foam Packaging Market Global Analysis, Segments, Size, Share, Industry Growth and Recent Trends by Forecast to 2026

As per a research report by Global Market Insights Inc., the foam packaging market is projected to surpass $15.7 billion by 2026.

The foam packaging market is likely to witness exponential growth in the coming years owing to increasing product demand in the aerospace & defense sector. Estimated to be one of the fastest growing industries in the foam packaging market, the aerospace and defense sector is likely to record a CAGR of nearly 4.3% over the projected period.

Increasing defense expenditure by countries like China, Japan, U.S., India, etc. may favor product penetration. Citing an example, according to SIPRI, defense expenditure across the globe in 2018 was approximately $1,822 billion, witnessing a growth of nearly 2.6% over the previous year. Foam packaging is preferred in the aerospace industry owing to its properties like minimal damage, durability and shorter packaging time.

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Increasing aircraft manufacturing because of the expanding civil aviation and defense sector is likely to boost product demand over the projected timeframe. Furthermore, rising threat of terrorism and tension among Asian countries along with U.S. and China is likely to drive expansion activities in the defense sector, boost product demand.

Flourishing automotive sector and robust advancements in electrical & electronics industry of APAC is likely to boost the foam packaging market size. Increasing consumer inclination towards e-commerce platforms is driving the demand for electrical & electronics appliances as well as consumer packaging. P

Polyurethane-based foam packaging has been encountering robust growth over the past few years and is projected to grow with a 4.1% CAGR through the estimated period. The product is majorly utilized in personal care, consumer packaging and electronics due to its low cost.

Flexible foam meanwhile was slated to be one of the largest product segments in 2018, recording a market share of over 55%. Its anti-static feature makes flexible foam the most preferred packaging material for personal care, medical equipment, electronics, automotive parts, etc.

The medical and pharmaceutical industry is anticipated to register a CAGR of over 4% over the projected time period. High healthcare expenditure in the developed nations may favor foam packaging market growth. For example, as per MedTech Europe, European countries on an average spent nearly 10% of their GDP on healthcare. The Europe medical industry is considered to be second largest after the U.S.

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The MEA region represented a market share of nearly 10% in the foam packaging market in 2018 and will likely witness a CAGR of nearly 4% over the projected time period. Key attributes behind this growth may the increasing developments in the automotive & electronics, consumer packaging, and F&B industry backed by rising consumer spending. As per the Gulf Food Outlook, MEA soft drink market is anticipated to grow with a 4.9% CAGR and the hot drinks to record with a 5.7% CAGR.

On a global scale, UFP Technologies, Greiner, Smurfit Kappa, BASF, Foam Partner, SABIC, and Armacell among others are some of the key players operating in the foam packaging market. These organizations are engaging in strategies like new product development, merger and acquisitions to increase business reach.

About Global Market Insights:

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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