[138 Pages Report] The Molded Pulp Packaging Market is projected to grow from USD 3.5 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 4.4% from 2019 to 2024. The molded pulp packaging market is expected to witness high growth due to factors such as the rise in the middle-class population; growth in demand from the food packaging, electronics, healthcare sectors; and preference for convenient & sustainable packaging in the market.
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The transfer molded segment, by molded type, is projected to dominate the molded pulp packaging market throughout 2024
The transfer molded segment is projected to account for the largest share in the molded pulp packaging market, in terms of value and volume, from 2019 to 2024. The rising urbanization and increasing consciousness for better packaging and increasing environmental awareness among people are some of the factors leading to the increased use of molded fiber packaging. Molded fiber packaging not only provides protection but also prevents breakage during transit across the supply chain. Although the demand for recycled packaging has been growing for years, molded fiber has traditionally been associated with items such as box inserts, cup carrying trays, and egg carton packaging that had limited consumer appeal.
The bowls segment, by product type, to register the highest growth in the molded pulp packaging market during the forecast period
The tray segment is expected to retain its dominance throughout the forecast period, owing to the expected increase in the consumption of eggs and fruits in the near future along with its attributes such as less weight and recyclability. The numerous advantages of molded pulp packaging with respect to sustainability, recyclability, and sturdiness for various applications is widely accepted in the foodservice industry. The increasing demand for eco-friendly, recyclable, and sustainable bowls making it grow at the highest CAGR in the molded pulp packaging market, during the forecast period.
The electronics segment, by end-use industry, to register the highest growth in the molded pulp packaging market during the forecast period
Following the trend in the direction of sustainability, packaging developers are adopting various packaging solutions for a wide variety of applications made from recyclable molded fiber packaging. Thus, more retailers, manufacturers, and consumers in the markets are adopting sustainable molded fiber packaging solutions. Electronics items are generally fragile and require packaging that can protect them from damage during transportation and storage. Molded fiber pulp is widely accepted for packaging of electronics items, as it provides excellent shock absorbing, compression resistance, and thermal and atmospheric resistance properties during handling and shipping. Molded pulp packaging offers protective functions such as cushioning, void fill, and blocking & bracing to the electronics items, thereby increasing the demand for molded pulp packaging in this sector.
The Asia Pacific molded pulp packaging market is projected to register the highest CAGR during the forecast period
Asia Pacific is projected to be the fastest-growing region in the molded pulp packaging market, in terms of value. This is attributed to the presence of an increasing number of molded pulp packaging manufacturing units in countries such as China, India, Australia, Indonesia, and Bangladesh in the Asia Pacific region. In addition, these countries are the largest exporters of packaging materials globally. Due to cheap labor costs and availability of domestically produced raw materials, manufacturers prefer setting up manufacturing units for the production of the packaging industry in Asia Pacific countries.
Key Market Players
The molded pulp packaging market is dominated by large players such as Brødrene Hartmann A/S (Denmark), UFP Technologies (US), Thermoformed engineered Quality (TEQ) LLC (US), Genpak LLC (US), and Eco-Products (US). Other players include Pro-Pac Packaging (Australia), PrimeWare-by PrimeLink Solutions (US), Fabri-Kal (US), Henry Molded Products (US), EnviroPAK Corporation (US), Pacific Pulp Molded (US), Sabert Corporation (US), Protopak Engineering Corporation (US), and Cellulose de la Loire (France)
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