Molded Fiber Trays Market to Experience a Hike in Growth in Coming year
The intensifying need for eco-friendly packaging and protection materials world over has led to the rising preference of molded fiber or molded pulp packaging over other packaging types. The vast popularity of molded fiber trays in the packaging of various consumer durables and food & beverages is motivated by several benefits such as robust product presentation, efficient protection, and enhanced shelf-life. Molded fiber trays are also gaining wide adoption as a cost-effective biodegradable and flexible packaging of healthcare products, automotive and mechanical parts, and food service disposables components. The need for packaging materials that can be recycled and is biodegradable is a key factor stoking the demand for molded fiber trays in various parts of the world. Constant advancements in molding and processing technologies, such as 3D manufacturing, are notable factors accentuating the worldwide market.
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The global molded fiber trays market is projected to rise from a valuation of US$1,777.0 Mn in 2017 to reach US$2,422.8 Mn by the end of 2022. The market is anticipated to expand at a CAGR of 6.4% during the forecast period of 2017–2022.
A critical assessment of various factors and trends impacting the growth of the global molded fiber trays market is offered below:
The rising demand for sustainable and biodegradable packaging applications across numerous end-use industries such as electronics, food and beverages, healthcare, automotive, transportation and logistics is a key factor driving the market. The growing need for cost-effective production of packaging materials that are also less expensive than most plastic alternatives has bolstered the demand for molded fiber trays. The flexibility of myriad designs possible with molded pulp materials is a crucial factor boosting the popularity of molded fiber trays in several packaging applications. The advent of a variety of fibers such as that of sugarcane, palm, and bamboo is a key factor catalyzing the growth of the molded fiber trays market.
The burgeoning demand for eggs and beverages in several countries is a key factor expected to fuel the demand for molded fiber trays. In addition, the growing demand for molded fiber trays for packing goods that need to be transferred in humid and high temperature conditions has bolstered the uptake. The marked ease of handling molded fiber trays is a crucial factor spurring its demand for a variety of packaging applications. The mounting concern of non-degradable packaging materials such as those by plastics is a key factor likely to bolster the demand for molded fiber trays in various regions.
The various pulp type used for making molded fiber are transfer molded, thick wall, thermoformed fiber, and processed pulp. Of these, the demand for transfer molded fiber is expected to be dominant throughout the forecast period. Growing at a value of US$76.3 Mn annually during 2017–2022, the segment is projected to hold a share of 55.6% in the market by the end of the forecast period.
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Regionally, Europe is the most lucrative market for molded fiber trays and is estimated to hold dominant shares throughout the assessment period. The vast advances in processing and packaging technology in recent years and the growing demand for sustainable packaging in several parts of the region are key trends fueling the regional market. The Europe molded fiber trays market is projected to create an opportunity pegged at US$231.2 Mn between the forecast timeline.
Competitive Dynamics
Several prominent players are focused on developing an extensive range of recyclable molded pulp products. They are offering specialty packaging for a variety of end-use applications, in order to gain a better foothold in the market. Some of the leading players operating in the global molded fiber trays market are Brødrene Hartmann A/S, UFP Technologies, Inc., Huhtamaki, Oyj, Henry Molded Products, Inc., Pactiv LLC, Fibercel Packaging LLC, Orcon Industries Corporation, and Vernacare Limited.
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