(Entertainment-NewsWire.com, September 07, 2018 ) Global Loose Fill Polystyrene Packaging Market was valued at US$ 334.4 million in 2016, according to Global Loose Fill Polystyrene Packaging Market Report, by Application (Consumer Goods Packaging, Pharmaceutical Packaging, Cosmetics & Personal Care Products Packaging, Others) published by Coherent Market Insights. Loose fill polystyrene packaging market is expected to register a CAGR of 4.1% over the forecast period (2018-2025), reaching US$ 469.1 million by 2025.
Major factor propelling growth of this market include steadily rising packaging industry. According to the Central Government of India, the packaging industry was pegged at US$ 25 Bn in 2016 and is expected to reach US$ 30 Bn by 2020, at a growth rate of 15% per annum. Moreover, China's consumer goods market witnessed a growth of 4.3% in value terms in 2017 from 3.6% in 2016. This further enhances the overall packaging industry in China and thereby, supporting growth of the overall loose fill polystyrene market.
Furthermore, growing demand for protective packaging is considered as another key factor for the market growth, as loose fill polystyrene packaging is a type of protective packaging. According to the study by Coherent Market Insights, in 2017, protective packaging accounted for 33.23% market share in the global e-commerce packaging market.
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Key Trends and Analysis of the Global Loose Fill Polystyrene Packaging Market:
Based on application, the cosmetics & personal care products packaging segment is anticipated to record the fastest growth, representing a CAGR of 4.4 % during the forecast period. Steadily growing cosmetics and personal care industry worldwide is the major a factor contributing to this segment growth. For instance, according to the National Association of Perfumery and Cosmetics (STANPA), the cosmetics and perfumery industry was estimated to be valued at US$ 6.8 Bn in 2015, with a growth of 1.5% over the previous year
Key Takeaways of the Market:
North America was reported as the second largest market with a market value of US$ 83 Mn in 2017. The steadily growing retail e-commerce sales in the region, is fuelling growth of e-commerce packaging and supporting demand for loose fill polystyrene packaging for safe shipping of the products. For instance, according to the data provided by U.S. Department of Commerce, retail e-commerce sales for the second quarter of 2018 was totaled at US$ 120.4 Bn, representing an increase of 6.4% from the first quarter of 2018.
Furthermore, increasing use of various electronic devices such as mobile phones, tablets, and laptops, is anticipated to support growth of e-retailing, which in turn is expected to support growth of the market as well. For instance, according to the U.S. General Services Administration, tablet and smartphone device usage is significantly increasing in the U.S. In 2015, around 378 million tablet and smartphone were in use in the U.S. Moreover, according to Consumer Technology Association (CTA), unit volume shipping of smartphones in the U.S. is expected to increase by 2% to reach 189 million in 2018, while revenue is expected to increase by 3% to reach US$ 62.9 billion in 2018 in the U.S
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.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
