($ 7,319.26 million by 2028) Paper and Cardboard Trays Market
New York, October 13, 2021 (GLOBE NEWSWIRE) – Paper and Cardboard Trays Market: Key Insights
According to our new research study on ‘Paper and Cardboard Boxes Market to 2028 – Global Analysis and Forecast – by Material and Application’, the Market size for paper and cardboard trays is expected to reach US $ 7,319.26 million by 2028 compared to US $ 4,942.09 million in 2021; it is expected to register a CAGR of 5.8% from 2021 to 2028.
Paper and Cardboard Trays Market: Competitive Landscape and Key Developments
Huhtamaki, Mondi, UFP Technologies, Pactiv LLC, Hartmann, Orcon Industries Corporation, International Paper, Arthena Superpack Private Limited, Papertech and Solut are among the major players in the paper and cardboard tray market. Large companies are focusing on strategies such as mergers and acquisitions and product launches to expand their geographic presence and consumer base globally.
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In 2020, Asia-Pacific held the largest share of the global paper and cardboard tray market due to the rapid expansion of the packaging industry, the growth of the retail industry and catering and growing consumer awareness of sustainable packaging solutions in the region. The restaurant industry in Asia Pacific is expanding due to the growth of the tourism sector and the improvement of consumers’ lifestyles, as well as increasing levels of disposable income. The food retail scenario in the region is also changing with the availability of modern storage capacities in supermarkets and convenience stores. Paper and cardboard trays are widely used to package take out food products and shelf foods. These trays provide padding for food products to protect them during transport.
Growing consumer interest in sustainability is leading to investments in new technologies and materials, such as paper bins, including those with recycled content. The growing consumer preference for greener packaging solutions is driving heavy investments in the paper and cardboard tray market. Anticipating the profitability of the paper bin market and future growth opportunities, manufacturers are introducing a more comprehensive line of paper bin designs, which is proving to be a winning product differentiation strategy for paper packaging companies. . For example, in 2021, Klabin, a Brazilian producer and exporter of paper for packaging and paper wrapping, announced investments of US $ 40 million in technology to apply dispersible barriers in cardboard used to produce various types. packaging present in everyday life. The solution provides a water, vapor and grease barrier directly to the plant and is accessible to industrial scale and composting features while providing a more sustainable alternative to currently available options.
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Paper and Cardboard Trays Market: Segment Overview
By material, the market for paper and cardboard trays is segmented into virgin fiber and recycled fiber. In 2020, the recycled fiber segment experienced a higher growth rate. Recycled fibers are obtained from post-industrial or post-consumer recycled materials. Post-consumer recycled fibers are obtained from paper products that have been used by end users. However, post-industrial recycled fibers are obtained by recycling paper products from industrial waste. Recycled fiber is widely used to make paper packaging products such as trays, corrugated boxes and cartons. Manufacturers widely use recycled fibers to make packaging products because recycled fibers are sustainable and environmentally friendly. For example, Huhtamaki, a manufacturer of paper and cardboard packaging products, collects and purchases post-consumer recycled paper to produce egg cartons, trays, cup holders and wine bottle protectors. However, multiple recycling cycles lead to inconsistencies, poor quality and poor performance of products made with recycled fibers. Therefore, manufacturers use a blend of virgin and recycled fibers in their products to improve their strength, quality and performance.
Based on the applications, the paper and cardboard trays market is categorized into food and beverage, consumer electronics, personal care and cosmetics, healthcare, and others. The healthcare segment is expected to experience the highest growth rate during the forecast period. Cardboard trays are flexible, economical and durable packaging solutions that are widely used in the healthcare industry. They are used to package vials, ampoules, syringes and medical devices. These trays are inserted into the folding box where this medical equipment is kept. The tightening provided by this box ensures the safety of medical equipment and devices during transport and mechanical loading. In addition, these trays are used to display and package dental tools and equipment. The growing need for sustainable and user-friendly packaging in the healthcare industry is expected to drive the demand for cardboard trays during the forecast period.
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Impact of the COVID-19 pandemic on the paper and cardboard trays market:
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans and business closures. The closure of various manufacturing plants in regions such as North America, Europe, Asia-Pacific, South America, Middle East and Africa has affected the global supply chain and had a negative impact on manufacturing capabilities, delivery schedules and sales of various products. The pandemic directly affected production and demand, resulting in supply chain and market disruption, and subsequently impacted the financial condition of businesses and the global economy. Packaging is one of the main industries suffering from severe disruption such as supply chain disruptions and production plant closures.
With the spread of COVID 19 across the world, most countries have declared a health emergency and halted non-essential movements, severely affecting the supply chain of goods. Disruptions in the supply chain have caused slowdowns. Manufacturing facilities have rushed to make changes due to social distancing, causing more disruption and slowdowns in throughput. The paper and board industry may continue to see weak or broken links in their supply chains. Additionally, self-isolation has resulted in a supply shortage and a plethora of manufacturing units source their supplies from supply chains far from China.
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