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. For instance, Topa Packaging, manufactures a biodegradable expanded polystyrene (EPS) loose fill material under the brand name Flo-Pak Green.
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.
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Rapidly growing packaging industry is propelling growth of the global loose fill polystyrene packaging market. For instance, according to the data provided by 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. Thus, the overall growth of the packaging industry is anticipated to support the market growth of loose fill polystyrene packaging market as well.
Asia Pacific held the dominant position, in terms of revenue share, in the global loose fill polystyrene packaging market in 2017 and represented a market share of 44.1%. Rapidly growing end-use industries such as pharmaceuticals, cosmetics, and personal care industry in the region is leading to growth of the market in the region. For instance, according to the data provided by the International Trade Administration (ITA), in Japan, total market for cosmetics and personal care products was valued at US$ 13.2 Bn, in 2015.
Furthermore, increasing demand for pharmaceutical products is majorly driven by steadily growing geriatric population in Asia Pacific. According to the World Bank, growth rate of the geriatric population in East Asia is higher as compared to other parts of Asia Pacific. In 2010, over 211 million residents were recorded under the category of geriatric population in East Asia, out of which, China accounted for 130 million residents. Growing pharmaceutical industry is anticipated to support demand for loose fill polystyrene packaging for application pharmaceutical sector.
Mergers & acquisitions, strategic business collaboration, and product development are the key business strategies adopted by major players in the market to retain their presence. For instance, in December 2015, Storopack Inc. announced a business deal with Sealed Air Corp. and CPI, to enhance its existing business of loose fill packaging in the U.S. and Canada.
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