The molded fiber pulp packaging market is anticipated to grow steadily reaching a substantial US$ 13 billion by the end of 2030. The coronavirus pandemic is likely to negatively impact the short-term prospects of the molded fiber pulp packaging market. Reduced demand in automotive, logistics, cosmetics, and the food service sectors are likely to hurt market players. However, the market is likely to display steady recovery towards 2021 as governments take steps to gradually relax lockdown regulations in the near future.
"Molded fiber pulp packaging provides superior compression, thermal, and shock resistance in addition to a number of protective functions which is generating scope of niche applications amidst electronics manufacturers contributing to long term prospects of the industry," says the FMI study.
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Molded Fiber Pulp Packaging Market - Leading Takeaways
Non-wood fiber pulp as a source will display relatively faster growth owing to the abundant availability of inexpensive plant options for raw materials.
Thermoformed molded packaging types will register a high rate of growth with widespread use in the electronics and food & beverage sectors.
Asia Pacific is a dominant regional market due to high demand in the food industry, catering to a vast and rapidly growing population in the region.
Molded Fiber Pulp Packaging Market - Growth Factors
Growing environmental awareness among consumers and preference for recyclable and renewable resources is a major market influencer.
The transition in the global packaging industry from materials such as plastics and Styrofoam has contributed to an increase in adoption.
Molded Fiber Pulp Packaging Market - Constraints
The highly competitive market with numerous small and medium scale players has reduced the scope of profitability in the molded fiber pulp packaging industry.
New automation technologies for the production of molded fiber pulp products are cost-effective, limiting advancements in the industry.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has had an adverse impact on the molded fiber pulp packaging market. Lockdown restrictions on automotive, electronics, food service, and other end use industries has hurt short term demand.
Also, changes in consumer spending aimed towards essential commodities has also limited demand during the crisis. On the other hand, applications in the healthcare packaging sector, and food packaging sector for retail will provide sales opportunities, which will help to minimize losses, and aid a faster recovery in the months ahead.
Some of the leading manufacturers participating in the molded fiber pulp packaging market are UFP Technologies Inc., Henry Molded Products Inc., ESCO Technologies Inc., Brodrene Hartmann, EnviroPAK Corporation, ProtoPak Engineering Corporation, Huhtamaki Oyj, Keiding Inc., and Pacific Pulp Molding LLC among others.
Leading players in the molded fiber pulp packaging market have been increasingly interested in expanding portfolios in addition to strategic collaborations to widen scope of expertise and applications for their offerings.
For instance, Acorn Pulp Group - a joint venture between strategic investors and Oak Paper Products Co. is acquiring a cutting-edge molded fiber manufacturing machine from Southern Molded Pulp and Molded Fiber Technologies, to improve production in tech, agriculture, food and medical sectors. Also, HP has partnered with Pulp Molding Dies Inc. to unveil HP Molded Fiber Advanced Tooling Solution for electronic packaging applications. Further, Sonoco has announced the acquisition of TEQ Thermoform Engineered Quality to merge manufacturing locations around the world including molded fiber products.
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More on the Report
FMI's provides in-depth insights on the molded fiber pulp packaging market. The market is segmented in terms of product type (trays, drink carriers, boxes, end caps, plates, bowls, cups, clamshell containers), application (primary packaging, secondary packaging, and edge protectors), molded pulp type (thick wall, transfer molded, thermoformed fiber, and processed pulp), and end use (CDEG, Food & Beverage, Cosmetics, Food Services, Healthcare, Automotive, Logistics, and others) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89004853