Paper and paperboard trays have gained wide popularity in flexible packaging applications for food and beverages, consumer durables and electronics, personal care, and homecare and toiletries. Considered as semi-rigid structures, these containers are increasingly in demand for cost-effective applications, especially for the food and beverages and fast-moving consumer goods sectors. The striking sustainability and recyclability of paperboard trays makes them suitable for various packaging applications in the e-commerce sector in various parts of the world. These containers allow amazing grease resistance and moisture barrier, significant sealability, and low pricing. The marked structural rigidity possible with a variety of polymer coating is a notable factor opening up exciting applications of paper and paperboard trays. A number of manufacturers are focused on improving the operational efficiency in the supply chain by adopting innovative technology and material innovations.
The global paper and paperboard trays market is projected to rise from a valuation of US$4,444.3 Mn in 2017 to reach a valuation of US$5,893.9 Mn by 2024 end. The market is forecast to clock a CAGR of 5.8% from 2017 to 2024.
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The various materials types used in making paper and paperboard trays are corrugated board, boxboard/carton, and molded pulp. Of these, the corrugated board segment leads, holding a major share 57.5% in 2017, with an estimated valuation of US$2,553.5 Mn. Expanding at a CAGR of 5.5%, the segment is expected to retain its dominance and reach US$3,344.1 Mn by 2024 end, representing the leading share of 56.7%. The annual growth is pegged at US$158.1 Mn over the course of the assessment period, representing an absolute growth higher than all other segments. The vastly rising demand for corrugated boards can be attributed to the marked recyclability of these containers and their versatility of applications. In addition, substantial advancements made in coating technologies also bodes well for the growth of this segment.
Asia Pacific excluding Japan to be at Forefront of Global Market
North America, the Middle East and Africa (MEA), Latin America, Asia Pacific excluding Japan (APEJ), Japan, and Europe are the various regional markets for paper and paperboard trays. Of these, Asia Pacific excluding Japan (APEJ) holds the leading share in 2017, vis-à-vis revenue, and is projected to stay ahead of the pack throughout the forecast period. The APEJ paper and paperboard trays market is predicted to register a CAGR of 6.2% from 2017 to 2024. The dominance of this regional market may be attributed to the rapidly rising demand for environmental-friendly, cost-effective, and recyclable packaging applications for various end-use industries.
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North America to Rise at Leading Growth Rate in Coming Years
North America market for paper and paperboard trays is projected to rise at the dominant CAGR of 6.4% during the assessment period. The regional market is forecast to rise from US$895.5 Mn in 2017 to US$1,223.8 Mn by 2024 end. The growth of the regional market is fueled by the vastly rising demand for resilient and customizable paperboard packaging in the various parts of the region. In addition, recent innovations made in the packaging industry is also providing a robust impetus to the market.
Meanwhile, MEA is one of the most attractive regional markets, rising at a CAGR of 5.6% from 2017 to 2024.
Competitive Analysis
Several players are focused on developing high-performance paperboard trays for customizable and versatile applications, in order to strengthen their market positions. Prominent players operating in the market include International Paper Co., Huhtamaki Oyj, Mondi Group plc., ESCO Technologies Inc., Brodrene Hartmann A/S, UFP Technologies, Inc., Henry Molded Products, Inc., Pactiv LLC, OrCon Industries Corporation, and Fibercel Packaging LLC.
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