Foamed Plastic Market to surpass USD 78.3 billion by 2034, Says Future Market Insights, Inc.

Automotive Industry Embraces Foamed Plastics! FMI Analysis Unveils How Automakers Utilize Foamed Plastic for Lightweighting Vehicles, Enhancing Fuel Efficiency and Performance

NEWARK, Del, Aug. 06, 2024 (GLOBE NEWSWIRE) — The foamed plastic market is poised to expand from USD 53.9 billion in 2024 to USD 78.3 billion by 2034. This stable increase reflects a CAGR of 3.80% through 2034. The foamed plastic industry is driven by the growing demand from various end-user industries such as construction, automotive, packaging, and electronics. The lightweight nature of foamed plastics, coupled with their excellent insulation properties, makes them an attractive choice for insulation, packaging materials, and automotive components. Additionally, advancements in manufacturing technologies have enabled the production of foamed plastics with enhanced properties, further fueling their adoption across different applications.

Despite its growth prospects, the foamed plastic industry faces certain challenges, including environmental concerns associated with the disposal and recycling of foamed plastic products. The non-biodegradable nature of many foamed plastics raises concerns about their long-term impact on the environment, leading to regulatory pressures and consumer backlash. Additionally, fluctuations in raw material prices, especially for petrochemical-based foamed plastics, can affect the profitability of manufacturers.

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The foamed plastic industry presents significant opportunities for innovation and growth, particularly in the development of sustainable and eco-friendly foamed plastic products. Manufacturers can capitalize on the growing demand for bio-based and recyclable foamed plastics by investing in research and development initiatives. Furthermore, the expansion of end-user industries such as construction, automotive, and packaging in emerging markets offers new avenues for market penetration and expansion.

Recent trends in the foamed plastic industry include the increasing adoption of advanced materials and technologies to enhance the performance and sustainability of foamed plastic products. Manufacturers are focusing on developing lightweight and high-performance foamed plastics with improved insulation properties for applications in the construction and automotive sectors. Moreover, there is a growing emphasis on the use of recycled and bio-based materials in foamed plastic production to address environmental concerns.

“The market is ripe with opportunities waiting to be seized by forward-thinking entrepreneurs and businesses willing to innovate and adapt. With the increasing demand for sustainable solutions and technological advancements, there’s never been a better time to capitalize on emerging trends and carve out a niche in the competitive landscape. Those who embrace change and leverage market dynamics stand poised to reap the rewards of untapped potential and drive meaningful impact in their respective industries. “Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

Category-Wise Insights

“Construction Industry to lead the Foamed Plastic Market”

Foamed plastics are highly used in the construction industry. They have great flexibility and versatility as well as strength, cost-effectiveness, and durability, and are subject to low maintenance, which makes them an attractive choice for the construction sector. Foamed plastics find their use in seals, window and door profiles, pipes, floor covering, and insulation.

With rising investments in the construction industry through public and private routes, the industry is expected to grow in the years to come. The growth is anticipated to be driven by countries including China, India, and the United States. Transition to a consumer and services-driven economy provides an opportunity for growth in the construction of healthcare, education and social infrastructure, and the other consumer end-markets.

The growth of the construction industry is likely to have a prominent impact on the foamed plastics market, as it is the key end-user of foamed plastics. The construction industry is likely to generate gains for the foamed plastic market during the forecasted period.

What’s with Manufacturing Activities?

“Increasing Manufacturing Activities Burgeoning Demand for Foamed Plastics”

Increasing manufacturing capabilities have a major impact on increasing demand for foamed plastics packaging. They contribute to boosting the export of products across borders and create new market revenue-generating opportunities for the manufacturers. Foamed plastics manufacturers need to evaluate and fulfil the requirement of protection and damage-free product transit.

Besides, automotive industries are more inclined towards using foamed plastics in manufacturing activities, which further increases their demand. Expandable Polystyrene (EPS) is highly preferred in the production of exterior and interior as well as seating arrangements in vehicles. The foamed plastics market is expected to expand in the automotive sector as it greatly contributes to passenger safety.

For Instance, according to Sealed Air Corporation, the company works in partnership with automotive manufacturers to determine the most effective foamed plastic packaging solution to meet their requirements.

Furthermore, as foamed plastics are anti-static, there are increasing opportunities in the electrical and electronics industries. Consistently increasing demand for foamed plastics is witnessed as it helps to make electronic devices shockproof. The consumption of electronic equipment is more in North America and Europe, which results in increased consumption of foamed plastics in these regions.

Key Takeaways from the Market Study

• Foamed polyurethane emerges as the predominant player in the foamed plastics market, comprising approximately 66.2% in 2024.
• Polyurethane (PU) foams dominate the foam market due to their exceptional performance and versatility.
• The expansion of the construction sector, representing 46.1% in 2024, stands as a crucial driver for the growth of the foamed plastics market.
• The foamed plastics market in the United States is projected to maintain a steady growth rate of 1.6% until 2034.
• The foamed plastics market in the United Kingdom is expected to experience gradual growth at a rate of 1.3% through 2034.
• China’s foamed plastics market is poised to be the fastest-growing globally, with an anticipated CAGR of 4.4% until 2034.
• The foamed plastics sector in Germany aims to strike a balance between performance and regulatory compliance, with an expected CAGR of 1.0% until 2034.
• India’s foamed plastic industry is forecasted to demonstrate remarkable growth, with an impressive CAGR of about 5.5% until 2034.

Competition Outlook of the Foamed Plastic Market

The foamed plastic market is witnessing intense competition driven by various factors influencing supply and demand dynamics. Established players are constantly innovating their product offerings to maintain their market share while new entrants are striving to carve out a niche with innovative technologies and sustainable practices.

Key players in the foamed plastic market, such as BASF SE, Dow Chemical Company, and Sealed Air Corporation, are investing heavily in research and development to introduce advanced foam materials with enhanced properties such as lightweight, durability, and recyclability. This competitive landscape fosters technological advancements and drives the adoption of eco-friendly foam solutions.

Strategic collaborations and mergers and acquisitions are common strategies employed by companies to strengthen their market position and expand their geographic presence. With increasing consumer awareness about environmental sustainability, companies are also focusing on developing bio-based foamed plastics, adding another dimension to the competitive dynamics of the market.

Recent Developments:

• ExxonMobil’s methods were certified by ISCC PLUS on February 22, 2024, a manufacturer of protective packaging solutions, credited them with creating innovative protective foam packaging integrating certified-circular polyethylene (PE) resins.
• Sekisui Plastics USA, located in Mount Pleasant, Tennessee, will formally launch a new USD 7 million production plant in Valle de Santiago, Mexico, in July 2023. The factory, which has a monthly molding capacity of roughly 60 tonnes of Piocelan hybrid moldable foam resin, is well-positioned for future expansion.
• On July 27, 2023, Magna, a Canadian car parts manufacturer, debuted a new product line composed of mono-material polyethylene terephthalate (PET). The EcoSphere product line comprises trim materials and cushioning for car seats, as well as a base foam manufactured from up to 60% recycled PET.
• WinCup, a leading national manufacturer of disposable foodservice products, has announced that it will transition core traditional products, such as foam cups, food containers, bowls, lids, and polypropylene straws, to its Vio® biodegradable* technology platform.

Key Companies in the Market

• Berry Global Inc.
• Dart Container Corporation
• Sealed Air Corporation
• Pactiv LLC
• Tekni-Plex, Inc.
• Groupe Guillin SA
• D & W Fine Pack LLC
• Genpak, LLC
• UFP Technologies, Inc.
• Sirap Gema S.p.a

Key Coverage in the Foamed Plastic Industry Report

• Foamed Plastic Insulation Products Market Outlook
• Foamed Plastics (Polyurethane) Market Analysis
• Demand Analysis of Plastic Foams
• Europe Foamed Plastic Market Forecast
• Polymer Foam Market Size

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Key Segments

By Material:

• Polyurethane (PU) Foams
• Expanded Polystyrene (EPS) Foam
• Vinyl (Plastisol, PVC) Foams
• Others (PE Foam, PP Foam)

By Product Type:

• Packaging
• Construction
• Other Industrial

By Sales Channel:

• Direct Sales
• Indirect Sales
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online Retailing

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

Authored by:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

Have a Look at Trending Research Reports on Packaging Domain:

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The global packaging foam market sales is projected to grow at a CAGR of 5.9% between 2023 and 2033, totaling around USD 12.3 billion by 2033.

The industrial drum market size is projected to witness a valuation of USD 20.4 billion by 2034, registering a moderate CAGR of 5.1%.

The global plastic pail market valuation is expected to reach USD 859,308 million by 2033. The global market is likely to capture a CAGR of 4.2% during the forecast period.

The global pails demand is subjected to accelerate at a CAGR of 4.6%. The market revenue growth of USD 3.1 billion by 2033.

The metal pail market sales is poised to grow at a modest CAGR of 4.10% for the forecast period. and valuation to a predicted USD 6.66 billion by the end of 2034

Sustainability and eco-consciousness consumer concerns to propel reusable box emerging trends in this ecosystem point to a USD 30.8 billion valuation by 2034 with going high in demand with a 5.70% CAGR from 2024 to 2034.

The global high barrier packaging films market sales is likely to witness a moderate CAGR of 3.9% in the estimated time frame (2023 to 2033). The market is projected to be valued at USD 33.6 billion by 2033. 

The polyvinyl chloride (PVC) packaging film market size is stretching at a relatively higher CAGR of 2.40% from 2024 to 2034 than the previous assessment period. In addition, incremental gains of USD 17.3 billion projected for 2034 fuel their growth efforts

The recyclable plastic films market size is expected to rise to USD 39,785.0 million by 2033. The sales of recyclable plastic films are expected to record a significant CAGR of 5.1% during the forecast period.

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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