The molded pulp packaging market size is projected to grow from USD 3.5 billion in 2019 to reach USD 4.4 billion by 2024, at a CAGR of 4.4%.
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.
Molded fiber packaging competences also range from shipping wine bottles and retail packaging for cosmetics to protective packs for jarred candles, cushions for computers, and inserts for mobile phones. The increasing R&D effort with standardized design and testing practices are essential to meet the growing demand for eco-friendly packaging with high-quality features. The electronics segment, therefore, is expected to witness the highest growth during the forecast year.
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“The transfer molded packaging segment, by molded type, to gain the maximum share of the market”
The transfer molded packaging segment is projected to account for the largest share by 2024, mainly because of the growth in consumption of transfer molded packaging in the food, foodservice disposable, healthcare, and automotive industries. Transfer packaging is most commonly used in the manufacturing of egg cartons, trays as well as fruit, food, & serving trays in the foodservice industry. This is due to the rise in consumption of convenient, recyclable, and sustainable packaging products for which molded pulp packaging is used, especially in the emerging markets of Asia Pacific and South America. The increasing demand for sustainable food disposables from the foodservice disposable industry provides a growth opportunity for the molded pulp packaging market.
“The non-wood pulp segment, by source, to grow at a higher rate”
Raw materials or various types of sources such as wood pulp and non-wood pulp are used for the manufacturing of molded pulp packaging. The wood pulp segment accounted for a larger market share, in terms of value, in the molded pulp packaging market. Wood pulp is cost-effective, recyclable, and biodegradable, which offers a sustainable property to the packaging material; this segment is thus accounted for a larger share in the molded pulp packaging market. On the other hand, the non-wood segment is projected to grow at a higher rate during the forecast period. Non-wood pulp is generally made from agricultural food crop residues, grasses, and tree leaves that do not have immediate applications. It is processed and used as an excellent alternative for wood pulp, offering the same properties and benefits.
“Asia Pacific projected to be the largest shareholder in the molded pulp packaging market by 2024”
The molded pulp packaging market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is estimated to account for the largest share among all the regions in 2018 and is projected to grow at the highest rate from 2018 to 2024, in terms of value. This can be mainly attributed to the increase in demand for molded pulp packaging in China and India, coupled with the growth in the food packaging and healthcare industries in these countries. The urbanized population is shifting its preference to convenient, healthy, and safe packaged foods owing to the rise in disposable incomes.
The major players include 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). These companies have adopted strategies such as acquisitions, expansions & investments, and new product launches to cope with the increasing demand in the emerging markets.
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