The polyethylene foams market size is estimated to be USD 3.3 billion in 2020 and is projected to reach USD 4.5 billion by 2025, at a CAGR of 6.1% between 2020 and 2025. The market is driven by increasing demand from packaging, automotive, and building & construction industries. The emerging economies, such as India, China, Brazil, Southeast Asia, and Mexico, are expected to be the most lucrative destinations for the market in the near future.
Overexposure to VOCs is hazardous to health and can cause skin, eye, nose, throat, and lung irritation. The use of chlorofluorocarbons (CFCs) as a blowing agent during the manufacturing process of foams is a major factor behind the depletion of the ozone layer. Hence, regulators such as Control of Substances Hazardous to Health (COSHH), European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA) in Europe and North America regulate the use of foams in various applications. It is a challenge for the market players to develop cost-effective, eco-friendly polyethylene foam products to cater to the demand while complying with stringent environmental regulations.
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APAC is the most promising market for PE foam and is projected to remain the same in the coming years. The growth of the market is propelled by the increasing use of PE foam in packaging, automotive, footwear, sports & recreational, and building & construction industries. The continuous growth in the manufacturing of products for domestic use, as well as exports, drives the demand for PE foam in the region. Its growing middle-class population plays an important role in driving various industries, which has led to industrialization and the manufacturing of various products that require PE foams.
Protective packaging was the largest application of polyethylene foams, in terms of both volume and value, in 2019. Protective packaging is used in a wide variety applications including fruits and vegetables, automotive, aerospace, appliance, electronics, and pharmaceuticals. The aggressive growth of e-commerce, along with technological improvements in material options, is changing the way how most companies are picking their protective packaging solutions. Economic growth and demographic change are major factors driving the packaging industry. Incomes are expected to rise, which will lead to an increase in consumer spending on packaged goods as well as strengthening the middle-class population to engage in global brands and shopping habits.
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Continuous developments in the market, including new product launches, investment & expansion, partnership & agreements, and merger & acquisitions, are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of polyethylene foams by manufacturers for different applications. Investment & expansion helped companies enhance their global presence.
