Growing Product Innovation to Drive Molded Fiber Packaging Market
The global Molded Fiber Packaging Market is expected to exhibit a strong 4.9% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global molded fiber packaging market is mainly driven by the growing demand for environmentally viable packaging materials, according to the report. The report presents a comprehensive overview of the global molded fiber packaging market’s historical growth trajectory over the historical review period. This information is used to produce projections for the market’s likely growth trajectory over the forecast period from 2020 to 2027. Detailed projections for the market’s likely growth trajectory over the forecast period are provided in the report in order to help readers make sense of the global molded fiber packaging market’s movement. Major players operating in the global molded fiber packaging market are also profiled in the report in order to give readers an accurate overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global molded fiber packaging market is also assessed in detail in the report.
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Molded fiber packaging, also known as molded pulp packaging, is made from recycled paperboard or newsprint. Molded fiber packaging is usually used for protective packaging, where the thick paperboard packaging can serve fine, or for food service trays and beverage carriers. End caps, bowls, plates, and clamshell containers made from molded fiber packaging are also used all over the world. The demand from the molded fiber packaging market is growing day by day due to it being a recycled packaging solution. This makes it environmentally viable, which has become a key issue for end users all over the world. Recycled paperboard is also biodegradable, which makes molded fiber packaging doubly environmentally viable. The growing demand for sustainable, environment-friendly protective packaging solutions is likely to be a major driver for the global molded fiber packaging market.
Molded fiber packaging solutions can also be made waterproof by the relatively easy process of applying a spray or dip coating of wax to the packaging products. This makes molded fiber packaging usable in even more applications, including food and beverage applications where spillage can be a concern. Other protective packaging applications are also opened up to molded fiber packaging by the addition of waterproofing. This further increases the applicability of molded fiber packaging and is likely to remain a major driver for the global molded fiber packaging market over the forecast period. Other innovations in molded fiber packaging are also likely to come thick and fast over the coming years due to the increasing investment in product innovation from major producers of molded fiber packaging. This is likely to remain a major driver for the global molded fiber packaging market over the forecast period.
Market Segmentation
The molded fiber packaging industry can be segmented depending on type, source, product, and end-use industry.
The types of molded fiber packaging are transfer molded, thick-wall, processed pulp and thermoformed fiber. The lead has been taken by the transfer molded segment, on account of the widespread demand for packaging products like wine shippers, slipper pans, fruit and vegetable trays, end caps, egg trays and cartons, and more, across the globe.
Source-based market segmentation comprises wood pulp as well as non-wood pulp. The wood pulp stands as the dominating segment in the worldwide market, due to its recyclability properties.
The products covered during the market study are clamshell containers, trays, end cap, boxes, and others. The demand for trays generated in the market is the highest, because of the ease of storing and shipping processes.
The main end-use verticals in the market include personal care, food & beverage, healthcare, electronics, and others. The maximum share in the market belongs to the food & beverage segment, mainly because of the rising use of products like egg trays and cartons, plates, jellies, food & serving trays, bowls, fruit, vegetable trays, cup carriers, wine, clam-shell food containers, locator trays for bottled products, within the food & beverage industry.
Regional Study
The regional study of the molded fiber packaging market has been considered for South America, Asia Pacific or APAC, the Middle East & Africa or MEA, Europe and North America.
The easy availability and low cost of raw materials as well as labor are some of the factors that make APAC the leading market for molded fiber packaging. APAC is also touted to be the fastest-gaining market, given the tremendous development of the food & beverage industry and the expansive automotive sector. The region is a notable supplier and consumer of automobiles, which leads to high revenue generation for the molded fiber packaging market. China, backed by the stupendous growth of the automobile industry, can emerge as the top market for molded fiber packaging during the evaluation period.
The North American market for molded fiber packaging can make significant headway in the following years, as a result of the rampant demand for protective packaging and the mounting environmental concerns. These concerns are compelling most of the industries in the region, like food serving and retail sector to shed the use of plastic packaging and instead go for molded fiber packaging, which is more sustainable.
Competitive Leaderboard:
Leading players in the global molded fiber packaging market include Robert Cullen Ltd., Henry Molded Products Inc., UFP Technologies Inc., Brodrene Hartmann A/S, and Huhtamaki Oyj.
In May 2020, Huhtamaki announced the launch of its new fiber-based meal trays that are suited for both microwave and regular ovens for Waitrose & Partners to replace black plastic. These trays can be recycled and are also certified for home composting.
Similarly, in May 2020, Huhtamaki announced its plans to open a paper straw manufacturing facility in Northern Ireland. It manufactures paper straws using new, purpose-built machinery for delivering a premium product to improve the environmental friendliness of its products and introduce new, more sustainable packaging innovations.
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Industry News
Meredian Holdings Group Inc., working as a bioplastic corporation Danimer Scientific, and Danimer Scientific Inc., formerly identified as Live Oak Acquisition Corp., announced that they had concluded their originally scheduled corporate merger. The deal was widely acknowledged by the Board members of Live Oak and by a regular meeting of Live Oak shareholders. Live Oak changed its name to Danimer Scientific Inc. and started commercial operation under the symbol DNMR. Danimer focuses on the growth and manufacture of biodegradable.
February 2020
Genera is currently working on developing and manufacturing molded fiber food service-based products such as bowls, takeout containers and plates, which are expected to be completely biodegradable as well as compostable.
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