DUBAI, U.A.E, Aug. 13, 2020 /PRNewswire/ -- Future Market Insights' recent study infers that the foamed plastics market is projected to be valued at over US$ 85 Bn by 2030.
Foamed plastics have gained significant ground, utilized to transport fragile and sensitive goods across the world. They are renowned for their high safety and shock -absorbing abilities. Moreover, they are highly reusable, thus making them an ideal choice amongst packaging and logistical companies. Also, foamed plastics are highly biodegradable.
As the volume of international trade increases, demand for foamed plastics has been keeping pace. Growing penetration of e-commerce platforms to conduct business has resulted in an uptick in the usage of foamed plastic packaging solutions, as consumers purchase goods from overseas which require to be transported safely.
"Rising adoption of sustainable packaging solutions by key end-use industries is increasing uptake of foamed plastic material, enabling them to concentrate more on increasing output and maximizing profit margins by reducing overheads," says the FMI analyst.
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Key Takeaways from FMI's Foamed Plastics Market Study
- Foamed plastics market shall expand at a CAGR of 6% throughout the 2020-2030 forecast period
- Construction to find extensive foamed plastics usage, applied in sealing windows and door profiles, floor covering and pipes
- Expandable polystyrene (EPS) is the most preferred foamed plastics material used in automotive manufacturing
- Booming e-commerce provides massive traction to foamed plastics adoption
Foamed Plastics- Key Trends
- Rising plastic pollution is stimulating increased foamed plastics usage
- The ability to thermal recycle foamed plastics makes them a favorite amongst packaging companies
- Surging volume of international trade is prompting foamed plastics manufacturers to expand their distribution networks across continents
- Electronics manufacturers shall make massive usage of foamed plastics due to their anti-static properties
- COVID-19 to restraint growth across the construction and manufacturing industries due to limited output
Foamed Plastics- Region-wise Analysis
- Asia-Pacific shall pivot market growth, capturing nearly half of the revenue pie
- The United States, China and India will be most extensive of foamed plastics, attributed to a booming construction industry
- Presence of a plethora of players makes the North American, Europe and Asian markets highly competitive
- Latin America is a relatively less competitive market due to limited penetration
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Foamed Plastics Market- Competitive Landscape
The global foamed plastics market consists of several vendors, some of which are as follows: UFP Technologies Inc., Sirap Gema S.p.A., Groupe Guillin SA, Pactiv LLC, Sealed Air Corportion, Berry Global Inc., Anchor Packaging LLC, Genpak LLC, D&W Fine Pack LLC, Tekni-Plex, Inc. and Dart Container Corporation.
The aforementioned players are concentrating on diversifying their product portfolio. Moreover, they are concentrating on broad basing their customer base by virtue of acquisitions. For instance, in 2019, RPC Group Plc was acquired by Berry Global, Inc. expanding the former's foothold in the foamed plastics market.
In 2020, Anchor Packaging acquired Panoramic Inc., a prominent manufacturer of thermoformed products used in fresh food applications, including bakery, confectionery and produce. More recently, the company has released its catalogue of brand new products.
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Foamed Plastics Market Taxonomy
Product Type
- Packaging
- Food Packaging
- Trays
- Clamshells
- Plates
- Bowls
- Cups
- Transport Packaging
- Wrapping
- Cushioning
- Insulation
- Construction
- Others
Material
- Polyurethane (PU) Foams
- Expanded Polystyrene (EPS) Foams
- Vinyl (Plastisol, PVC) Foams
- Others (PE Foam, PP Foam)
Sales Channel
- Direct Sales
- Indirect Sales
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retailing
Region/Country
North America
- U.S
- Canada
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Europe
- EU-5
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- ASEAN
- Australia
- New Zealand
- Rest of Asia-Pacific
Middle East & Africa
- GCC
- South Africa
- Turkey
- Northern Africa
- Rest of MEA
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More Insights on the Foamed Plastics Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global foamed plastics market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2028. The study reveals growth projections through three prominent segments across five regions. By perusing this report, stakeholders can glean valuable insights which can be incorporated to formulate future business expansion and consolidation strategies.
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