The global thermocol packaging market size was worth around USD 14.98 billion in 2022 and is predicted to grow to around USD 24.03 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.09% between 2023 and 2030.
The study examines the growth opportunities, demand restrictions, and growth projections in the global thermocol packaging industry. The paper also investigates new possibilities in the thermocol packaging market.
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Market Analysis of Thermocol Packaging
Thermocol packaging is the business sector concerned with the widespread application of expanded polystyrene foam (EPS), more often known as Styrofoam, for packaging purposes. Since this package style has several benefits, it has become increasingly popular in recent years. Polystyrene has many useful qualities, including being lightweight, insulating, and shock-absorbing. Thermocol packaging is most commonly used in stores to protect fragile things like electronics, glasses, and other merchandise. Manufacturers and suppliers of EPS foam blocks, sheets, moulded trays, and other specialised packaging solutions are included in the thermocol packaging sector. The demand from various end-user verticals is anticipated to keep the market expanding over the forecast period.
Key Takeaways:
• Our research analyst projects that, between 2023 and 2030, the global thermocol packaging market will expand at a compound annual growth rate (CAGR) of about 6.09%.
• The global thermocol packaging market size was estimated at roughly USD 14.98 billion in 2022, and is expected to reach USD 24.03 billion, by 2030, in terms of revenue.
• Rapid expansion of the online retail sector is expected to fuel the thermocol packaging market.
Increasing use in the e-commerce sector fuels market expansion.
The rising demand for thermocol packaging from the e-commerce industry is expected to boost the global thermocol packaging market. Although the online sales platform has had huge growth in the last decade, the sector received greater impetus following Covid-19, with more consumers transferring to the e-commerce industry for purchasing both commonplace commodities and luxury ones like electrical equipment. This upward tendency might be attributed to a number of causes.
E-commerce businesses, for instance, have made steady strides towards enhancing the sector’s twin pillars of success—the supply chain and customer service. Products purchased from an online store can now be delivered the day of purchase. There’s also the fact that internet marketplaces typically attract more customers than traditional storefronts do. Demand for sturdy packaging solutions like thermocol packaging is expected to increase as the e-commerce sector continues to grow throughout the forecast period.
Market growth will be hindered by high environmental concerns.
Thermocol packaging is popular because it is cheap and lightweight, however the materials used to make it are not biodegradable. The end product has little utility and cannot be recycled readily. Since discarding thermocol packaging can lead to piling of non-biodegradable debris that may take more than 100 years to degrade, such issues have prompted a rise in environmental concerns. The increasing variety of commercially available substitutes may also encourage people to make environmentally friendly choices.
Opportunities for expansion thanks to rising rates of innovation
Investment in innovative package design to improve performance and sustainability is predicted to create more potential for growth in the global thermocol packaging market. The environmental concerns can be managed, for instance, if the business explores the use of bio-based components or alternative forms of EPS foam, making the product more eco-friendly and easily recyclable.
Environmental regulations will be a hindrance to commercial expansion.
As governments throughout the world come to terms with the environmental toll of economic activity, they are enacting stricter rules regarding the use and disposal of environmentally unfriendly products like thermocol packaging solutions. Since this could increase production costs, it poses a potential difficulty for businesses operating in the worldwide thermocol packaging market. In addition, a decline in earnings is possible because of the growing demand for environmentally friendly alternatives to conventional packaging materials.
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The Global Thermocol Packaging Market is segmented based on product, application and region.
Global Thermocol Packaging Market: Product Segment Analysis
● Thermocol Blocks
● Thermocol Sheets
● Others
Global Thermocol Packaging Market: Application Segment Analysis
● Marine
● Agriculture
● Construction
● Pharmaceutical
● Electronics
● Others
Recent Changes:
• The Pune Municipal Corporation (PMC), in the Indian state of Maharashtra, stated in September 2021 that it will begin testing a programme to recycle thermocol garbage. Together with K K Nag Pvt Ltd and SWaCH cooperative, PMC has launched a long-term thermocol recycling initiative in the Indian city of Pune, in the state of Maharashtra. The initial run of the pilot programme will last for 5 months.
• Stubble burning is a major environmental concern, but in March 2023, Dharaksha Ecosystems, led by an IIT alumnus, revealed the creation of a biodegradable thermocol that is projected to prevent such burning. The corporation has already purchased 250 tonnes of rice stubble from farmers for INR 2,500 per acre in order to meet its production targets.
The global thermocol packaging market is led by players like:
● BASF SE
● Sealed Air Corporation
● Sonoco Products Company
● Synthos S.A.
● Styropack
● Drew Foam Companies Inc.
● Ineos Styrolution Group GmbH
● Kaneka Corporation
● Alpek SAB de CV
● Nova Chemicals Corporation
● Total SA
● Styron LLC
● S C Johnson & Son Inc.
● Flint Hills Resources LLC
● Sunpor Kunststoff GmbH
● Styrochem
● Samsung Fine Chemicals Co. Ltd.
Maintaining Asia-Pacific Dominance
The Asia-Pacific region is expected to develop at the fastest rate in the worldwide thermocol packaging market because thermocol is widely used as an integral packaging solution by some of the fastest-growing end-users in the region. Because of their massive populations, rapidly growing middle classes, and rising per capita incomes, China and India are expected to play a disproportionate role in driving the sector forward.
Markets for thermocol packaging are expected to develop steadily in Europe and North America due to rising demand from the electronics and food and beverage sectors. As concern for environmental impact increases, however, the region can anticipate an increase in the manufacture of recyclable and biodegradable thermocol packaging solutions.
The rising demand for thermocol packaging materials across industries including pharmaceuticals, electronics, and manufacturing is fueling expansion in emerging markets like Latin America, the Middle East, and Africa.
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