Foam materials make a mess in the sorting facilities (as do plastic bags), so are not recyclable with your bottles and containers.  Only rigid containers are acceptable in that stream.

Many pack-and-ship stores (UPS, Kinkos, FedEx, etc.) accept expanded polystyrene 'peanuts' and other packing materials for reuse. 
Insulation Technology, Inc, 35 1st St, Bridgewater, serves as a collection point for ReFoamIt (below).  Leave clean, bagged material in their foyer any time.
ReFoamIt, 25 Mohawk Dr., Warehouse 2, Leominster, MA, accepts and recycles the following CLEAN, DRY foam materials:sty-peanuts
  • #6 EPS Foam
  • White packing foam (recycling symbol is not required)
  • Colored packing foam (recycling symbol is not required)
  • Foam used with food and beverage items (recycling symbols #4,5, or 6 IS required)
  • Bubble wrap for reuse
  • Packing peanuts for reuse

ReFoamIt also runs one-day collections, click here for upcoming events.

When choosing packing material, bubble wrap is more easily recycled (with plastic bags) and reused.