Los Angeles, December 18, 2019 – QY Research has recently published a report titled, “Global Foam Protective Packaging Market Research Report 2019”, according to the report, the global foam protective packaging market was worth US$4691.58 mn in 2018 and is expected to rise to US$4977.9 mn by the end of 2025, registering a CAGR of 3.36% during the forecast period of 2019 to 2025.
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Demand for Protective Packaging for Goods to Boost the Global Market
Foam packaging provides high quality protective packaging solution against potential transit damage caused by vibration and shock. Regardless of the item being fragile, heavy, or awkward shape, the packaging adapts to the contours of the product. It is robust, resistant, and light in weight, which reduces the cost of transportation.
Players are manufacturing versatile packaging mediums that provide a range of strengths to suit the product’s fragility and weight. It is known to be impact resistant, offering perfect cushioning for items that have sharp edges. This allows safe transportation of items over long distances. It helps in providing protection from electrostatic, magnetic, and atmospheric damage. It also helps in weather resistance, UV resistance, blocking transmission of moisture, fireproofing, thermal insulation, and electrical insulation. Such myriad benefits of protective foam packing are expected to help the market penetrate untapped markets in the coming years.
Pharmaceutical and Medical Device Segment to Flourish as It Demands Maximum Protection
Pharmaceutical and medical devices segment is expected to lead the market. The demand for foam protective packaging will soar in the coming years as pharmaceutical and medical products and equipment requires strict and compliance standard to guarantee protection and maintain quality.
North America to Dominate Global Market as Pharmaceutical Companies Remain on the Rise
North America is expected to lead the global market as the U.S. is the single largest producer of pharmaceuticals and medical products. China is also expected to grow during the forecast period as it is the largest manufacturing sector of automobile and auto component.
Trend of Sustainable Foam Packaging to Rise as Government across Globe Seek Eco-Friendly Course of Action
Key players are coming up with innovative foam packaging to counter government ban on single-use foams that can be harmful to the environment. Manufacturers are investing in eco-friendly packaging materials, which is expected to create a renewed demand for the product.
The key players operating in the global foam protective packaging market are Rogers Foam Corporation, Atlas Molded Products, Pregis Corporation, Pregis Corporation, Sealed Air Corporation, Sonoco Products Company, Plymouth Foam, Foam Fabricators, and Tucson Container Corporation
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