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 thermocol packaging industry refers to the use of thermocol also known as expanded polystyrene (EPS) foam for packaging and insulation purposes. It includes the production and distribution of thermocol packaging products such as boxes, sheets, trays, and containers. There are several end-user industries that leverage the advantages of thermocol packaging. Some of these sectors include food and beverage, pharmaceuticals, electronics, and consumer goods.

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The rise in the application of EPS foam is mainly driven by the cost-effectiveness of the packaging material. The product also offers versatility and is lightweight which further adds to the factors leading to a higher preference for thermocol. The rise in the e-commerce platform is one of the crucial reasons for the growth that the thermocol packaging industry has witnessed in recent times and it is expected to continue acting as an integral contributor. During the forecast period, the market players can expect a steady flow of income but they may also have to deal with certain restrictions and challenges.

The global thermocol packaging market is projected to grow owing to the increasing demand for convenience food products such as ready-to-eat meals, frozen foods, and fast food items. Most of the companies make use of thermocol-based packaging to safely secure the items during its storage period or while transportation. Furthermore, using thermocol packaging allows food makers to limit product weight. This type of packaging solution can be customized as per client needs which leads to higher demand in the commercial market. In addition to this, growing emphasis on the use of sustainable packaging could lead to more industry players adopting thermocol packaging.

Although EPS foam is not biodegradable, it can be recycled. However, the process of using recycled products can be cost-intensive which has led to multiple startups working toward reducing the associated costs. If these companies are successful in lowering the recycling cost of thermocol, the thermocol packaging market has tremendous growth potential. Furthermore, increasing the use of thermocol packaging in one of the rapidly growing sectors which is the construction industry could lead to more revenue during the forecast period.

The global thermocol packaging market also faces growth restrictions. One of the leading limitations is the dynamic nature of the surrounding government regulation due to the associated environmental impact of using thermocol packaging. For instance, there are several countries that have currently banned the use of thermocol in certain applications such as packaging and the food sector. Furthermore, the increasing availability and marketing of substitutes that provide the same result as thermocol packaging but are also more environmentally friendly could lead to a loss of revenue. Other factors such as lack of awareness along with fluctuating prices of raw materials act as added restraints.

The growing innovation could provide growth opportunities while the strict environmental guidelines may challenge market growth.

The global thermocol packaging market is segmented based on industry, type, and region.

Based on industry, the global market segments are marine industry, agriculture industry, construction industry, pharmaceutical industry, electronics industry, and others. In 2022, the industry witnessed the highest growth in the electronics sector followed by the pharmaceutical industry. The electronic items being delivered to customers need to be stored and transported in a secure environment. They have to be handled with care. With the growing revenue in the electronics industry especially due to the surging sales from e-commerce portals, the demand for thermocol packaging in this sector is higher. On the other hand, the pharmaceutical industry uses thermocol packaging to transport and store temperature-sensitive drugs and other medical supplies. A report by the Ellen MacArthur Foundation claims that almost 165 billion packages are shipped each year globally.

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Based on type, the global market segments are thermocol blocks, thermocol sheets, and others. The thermocol packaging industry witnessed the highest growth in the thermocol blocks segment. They are used in packaging and cushioning heavy or fragile products, particularly in the electronics, automotive, and industrial sectors. Thermocol sheets are used for several applications such as insulation, construction, and packaging. This type of packaging is lightweight. They also have good thermal insulation properties and hence are a preferred choice in the construction industry for insulation and as a building material. Additionally, they are also used as protective packaging material to cushion and protect construction products during shipping. In New York City alone, more than 14 million tons of waste is generated every year.

The global thermocol packaging market is expected to witness the highest growth in Asia-Pacific with China and India acting as the largest contributors. The main reason for higher regional growth is the growing population of the country which directly translated to higher consumption in the end-user verticals such as pharmaceuticals and food & beverage. In April 2023, India’s population reached more than 1.4 billion. Furthermore, China is the second largest most populated country in the world. Both these regions along with neighboring countries are witnessing high demand in the food sector leading to more consumption of thermocol packaging. Furthermore, the rapidly growing regional e-commerce industry along with the electronics sector is yet another crucial contributor to regional expansion. In North America, the growth is mainly due to the high use of thermocol packaging in the construction sector.

Recent Developments:

 

  • In October 2021, Godrej Interio, in association with its ‘Greener India’ announced that it will use honeycomb boards for protective packaging and replace close to 100 tons of thermocol that the company used in packaging solutions
  • In February 2022, Jharkhand Pollution Control Board announced the ban on using plastic and thermocol-based items starting 1st July 2022 in the state of Jharkhand, India

 

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Thermocol Packaging Market: Competitive Analysis

The global thermocol packaging market is led by players like:

 

 

The global thermocol packaging market is segmented as follows:

By Industry

 

 

By Type

 

  • Thermocol Blocks
  • Thermocol Sheets
  • Others

 

By Region

 

  • North AmericaThe U.S.Canada
  • EuropeFrance The UKSpainGermanyItalyRest of Europe
  • Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
  • Latin AmericaBrazilMexicoRest of Latin America
  • Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa

 

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