LOOSE FILL POLYSTYRENE PACKAGING MARKET ANALYSIS

Loose fill packaging is important for safe shipping of packaged goods, as they fill empty spaces in the box and prevent products from moving during transportation. There are various types of loose fill packaging material available in the market including biodegradable, recyclable, and environmental friendly filling material. Rising awareness regarding environmental concerns has led to popularity of these grade of polystyrene loose fill packaging worldwide.

Global loose fill polystyrene packaging market was valued at US$ 405.00 Mn in 2021 in terms of revenue, exhibiting a CAGR of 3.04 % during the forecast period (2022 to 2030).

Drivers

Figure 1. Global Loose Fill Polystyrene Packaging Market Value Share (%), By Region, 2021

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Market Restraints

The dumping of the loose fill polystyrene packages in either of its form is challenging. These products are utilized only in the process of transportation of the products. Once the outer package is opened, the product loses its functionality. Although, these products are recyclable but at some point, of time, dumping is necessary. The hard and fast directives of the regulatory bodies aimed at governing the disposal of these packages is hindering this market. Stringent norms of the government aimed at the regulation of the loose fill polystyrene packaging market is negatively affecting this market. The adoption of various alternative modes of packaging is hindering the loose fill polystyrene packaging market.

Market Trends

Asia Pacific is expected to dominate this market in the forecast period. This progress is attributable to the growing e-commerce sector in the region and the immense craze for protective packing including loose fill polystyrene packages. The Asia Pacific region is projected to emerge as the fastest growing region in this market. The presence of emerging countries like India and China and there their broad market spectrum for loose fill polystyrene packaging is the fundamental reason behind such progress. Others factors that can be traced as the determinant of such rapid growth in this region are rising turnover and exports and imports in the automotive industry and the electronic sector, rapid urbanization and its consequent effect on the improvement of standard of living and soaring purchasing power.

Figure 2. Global Loose Fill Polystyrene Packaging Market value Share (%), By Application, 2021

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Recent Developments

• In July 2018, Free-Flow Packaging International Inc was acquired by Pregis LLC. This acquisition was aimed at the providing diverse product portfolio for e-commerce shipment packaging solutions.
• In October 2021, Storopack acquired the majority shares of OPITZ Packing Systems GmBH. OPITZ specializes in the manufacture of state-of-the-art automation solutions for packaging systems which greatly increases the efficiency of Storopack.
• In May, 2019, Sealed Air Corporation announced the opening of a new research and development lab in Singapore. The temperature assurance lab will help the company increase its support for food packaging and secondary product packaging.

Competitive Section

Major players operating in the global loose fill polystyrene packaging market include Alsamex Products Ltd., Nefab Group, XPAC Technologies Pte Ltd., Salazar Packaging Inc., Storopack Inc., Free-Flow Packaging International Inc., Imperial Dade, Samuel Grant Group Ltd., and Styro Tech Ltd