The global paper and paperboard trays market features a highly competitive vendor landscape with numerous key players focused on developing versatile and high-performing applications, reports Transparency Market Research. Prominent players in the market comprise Mondi Group plc, Brodrene Hartmann A/S, International Paper Co., UFP Technologies, Inc., Pactiv LLC, Fibercel Packaging LLC, and ESCO Technologies Inc. These companies are focused on new product developments and customizing their products to strengthen their position in the market. Moreover, they are leveraging the power of latest technologies to increase their revenue share in the paper and paperboard trays market.
As per expert analysts, the global paper and paperboard trays market is anticipated to usher at a steady CAGR of 5.8% during the forecast period which is 2017 to 2024. Rising at this rate, the market is expected to rise from its initial value of US$4,444.3 Mn to reach a valuation of US$5,893.9 Mn by the end of 2024.
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On the basis of materials, the global paper and paperboard trays market is segmented into boxboard/carton, corrugated board, and molded pulp. Of them, the corrugated board segment holds dominance over the market holding nearly 57.5% of the market’s share in 2017. There is a high demand for corrugated boards owing to the recyclability and versatility they offer.
Based on geography, the global paper and paperboard trays market is divided into the Middle East and Africa, North America, Latin America, Europe, Asia Pacific excluding Japan. Of them, Asia Pacific excluding Japan accounts for a prominent share in the market in terms of revenue. This is on account of an expansion in the recyclable packaging applications.
Focus on Recyclability to Enhance Growth Prospects
Governments are highly emphasizing the use of recyclable products owing to the rising environmental concerns. They have laid down stringent regulations pertaining to the same. This is one of the prominent factors driving the growth of the paper and paperboard trays market. Moreover, the need for flexible packaging applications in numerous industrial sectors such as food and beverages, personal care, and electronics has supplemented the paper and paperboard trays market’s expansion.
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In addition to the drivers mentioned above, focus on new product developments and innovations to improve the sustainability of paper and paperboard trays has caused a spur in the market’s growth. Additionally, the rapidly expanding e-commerce sector has contributed to an increase in demand for these products as they offer splendid grease resistance. This has impacted the global paper and paperboard trays market favorably, thus augmenting its growth.
Furthermore, the structural firmness offered by these trays has facilitated market’s expansion. In addition to these, paperboard trays are highly flexible and cost-efficient which has further benefitted the market’s growth. Moreover, researchers are working on developing new molding technologies which may add on to the efficiency of the product.
On the downside, there are a few constraints that may cause a shortfall in the global paper and paperboard market. Concerns related to supply chain and costs may confine the market’s growth. Nonetheless, strict food safety regulations implemented by governments may reduce the effects of the restraints.
Development of Gas-tight Paper Trays to Present Growth Opportunities
AR Packaging has recently developed new gas-tight paper trays using the new tray pressing technology. They have enabled the modified atmosphere packaging application in these trays, thus providing a sustainable alternative to plastic trays. Moreover, it is manufactured using renewable materials and offers an attractive look and feel. This product has gained immense popularity in the food and beverages industry, thereby fortifying the global paper and paperboard market’s growth.
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