The global packaging foams market is expected to grow at a CAGR of 6.09% in the 2017-2022 period, hitting U.S. $17.21B by 2022; market driven mainly by online shopping and restrained by volatile raw material price, according to the report "Packaging Foams Market - Global Forecast to 2022" by Research and Markets (researchandmarkets.com).
The packaging foams market is mainly driven by the increased online shopping of products. Technological advancements in packaging and transportation techniques is also increasing the use of foams. However, volatility in raw material prices affects the cost structure of the products can restrain the packaging foams market growth.
Flexible and rigid are the two main structure type of packaging foams. The flexible foams segment accounted for a larger share of the packaging foams market in terms of value in 2016. Flexible foam such as PE foam, sub-type of PO foam and PU foam material is recommended for high-value products of over 10 kilograms; this material also helps in the production of cost-effective cartons, thereby reducing shipping costs.
The packaging foams market in Asia-Pacific is anticipated to witness significant growth during the forecast period, owing to availability of inexpensive raw materials, low cost of production, and ability to cater to the local emerging market. In addition, increased demand for premium and better-quality products has contributed to the growth of the packaging foams market in this region.