Molded Pulp Packaging Market Size, Share & Trends Analysis Report By Source (Wood, Non-Wood), By Molded Type (Thermoformed, Transfer), By Product (Clamshells, Trays), By Application, And Segment Forecasts, 2021 - 2028
New York, June 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Molded Pulp Packaging Market Size, Share & Trends Analysis Report By Source, By Molded Type, By Product, By Application And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06096552/?utm_source=GNW
Molded Pulp Packaging Market Growth & Trends
The global molded pulp packaging market size is expected to reach USD 6.1 billion by 2028., expanding at a CAGR of 6.1% over the forecast period. Growing demand for eco-friendly sustainable packaging from the end-user segments owing to growing awareness regarding the adverse effects of plastic pollution is expected to be the key driver for the market.
The Covid-19 pandemic has benefitted the molded pulp packaging owing to increased demand for eggs from the retail segment.In addition, increasing demand for home deliveries of fresh food, vegetables, and other grocery items owing to restrictions on the movement of the public also supported the market growth.
However, shortages of raw material owing to supply chain disruption have increased the prices of the packaging products.
Molded pulp packaging usage was limited to the transportation and distribution of eggs but owing to increased demand for recyclable, eco-friendly packaging, the penetration of these products in electronics, healthcare, and other industrial applications is also on the rise, which is expected to drive the market over the forecast period.
Molded pulp products are made of pulp obtained from virgin wood, discarded corrugated & folding boxes, recovered or wastepaper, and other sources. The aesthetic appeal and geometry of molded pulp products are not consistent when compared with plastic products. whereas plastic molded products offer excellent finishing & product appeal and shape consistency. Rapid development in bioplastic and biodegradable plastics is expected to create challenges for the market players.
The industry players are adopting several strategies including mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in January 2020, Sonoco Products Company acquired Plastique Holdings, Ltd. and Thermoform Engineered Quality LLC, together known as TEQ, a manufacturer of thermoformed packaging products. It was acquired from ESCO Technologies, Inc. for an amount of USD 187 million. This acquisition has further widened the product offerings from Sonoco Products Company.
Molded Pulp Packaging Market Report Highlights
• The wood pulp segment dominated the market in 2020 due to the abundant availability of virgin wood and wastepaper at a lower cost
• The transfer type segment accounted for the highest revenue share in 2020 owing to the high penetration of transfer molded pulp products, such as clamshells and trays, for fruits and eggs packaging
• Trays emerged as dominating product segment in 2020 on account of high demand for transport of fragile products including glass beverage bottles, wine bottles, eggs, etc. due to their easy availability, low cost, and good shock absorption capabilities
• The electronics end-use segment is anticipated to register the fastest CAGR over the forecast period
• Several electronic products, such as modems, set-up boxes, refrigerators, inverters, and printers, are packaged using molded pulp packaging products, such as end caps as they protect electronic devices during storage and transportation
• New product developments coupled with mergers & acquisitions, and capacity expansions are some of the key strategies adopted by market participants
• For instance, in December 2019, Huhtamaki launched a packaging product line called Future Smart Duo Fiber Lid suitable for cold and hot beverages. It is a sustainable solution produced using a mixture of bagasse and wood fibers
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