The molded fiber packaging market was valued at USD 3.61 billion in 2022, at a CAGR of 7.86% over the forecast period 2022 – 2031. The growing need for sustainable packaging made from renewable and recyclable materials is leading to renewed interest in the potential of Molded fiber packaging. Factors such as expanding demand in end-use industries and the application of environment-friendly protective packaging solutions are shooting the market.
Though, fluctuation in the cost of raw materials might hinder the market growth. More of the manufacturers, retailers, and customers in the market are adopting sustainable molded fiber packaging as its benefits vary from shipping wine bottles and retail packaging for cosmetics to protective packs for cushions for laptops, jarred candles, tablets, and inserts for mobile phones.
– The increasing urbanization and growing consciousness for better packaging and rising environmental consciousness amongst people are some of the determinants heading to the enhanced use of molded fiber packaging. Although the need for recycled packaging has been building for years, molded fiber has traditionally been linked with items such as cup carrying trays, box inserts, and egg carton packaging that had restricted consumer appeal.
– The transfer molded segment is expected to account for a significant share in the molded pulp packaging market worldwide in the future. Molded fiber packaging not only allows product protection but also avoids goods breakage across the supply chain. Even though the demand for recycled packaging is expected to rise in the future, molded fiber has conventionally been connected with products like cup carrying trays, box inserts, and egg carton packaging that are likely to have limited consumer appeal.
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Scope of the Report
The molded fiber is a packaging material that is utilized in making protective packaging for various products such as in electronics, food & beverage, and personal care sectors. Molded fiber is made from 100% recycled newsprint and is completely recyclable. It is biodegradable, recyclable, and sustainable and decreases input and disposal charges compared to petroleum-based materials.
Key Market Trends
The Electronics Segment to Drive the Molded Fiber Packaging Market
– Because of the inclination in the drift of sustainability, packaging developers are embracing multiple packaging solutions for a broad category of applications originating from recyclable molded fiber packaging. Thus, more manufacturers, retailers, and customers in the markets are using sustainable molded fiber packaging solutions. Electronics items are usually fragile and need packaging that can shield them from breakage during shipping and storage.
– Molded fiber pulp is widely accepted for the packaging of electronics items, as it gives excellent compression resistance, shock-absorbing, and thermal and atmospheric resistance characteristics during handling and transportation. Molded pulp packaging gives guarding functions such as void fill, cushioning, and blocking & bracing to the electronics items, thereby augmenting the requirement for molded pulp packaging in this sector.
The Asia Pacific to Dominate the Molded Fiber Packaging Market
-The Asia Pacific is predicted to be the quickest growing region in the molded fiber packaging market, in terms of utility. This is associated with the presence of a growing number of molded fiber packaging production units in countries such as India, China, Australia, Bangladesh, and Indonesia in the Asia Pacific region. Moreover, the changing lifestyle of customers is also improving their preferences for sustainability.
-In addition, these nations are the biggest exporters of packaging materials globally. Owing to inexpensive labor costs and the availability of domestically produced raw materials, companies prefer setting up production units for the production of the packaging industry in Asia Pacific countries. Apart from that due to changing spending preferences of the consumer are also connecting to accelerated urbanization and expanded annual disposable income.
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Competitive Landscape
The Molded Fiber Packaging Market is moderately competitive and consist of several major players. The key players present in this market are UFP Technologies, Inc., Huhtamäki Oyj, Brødrene Hartmann A/S, Moulded Fibre Products Ltd., Henry Molded Products Inc., and Cullen Packaging Ltd. among others. To have dominance in this market organizations are embracing several merger and acquisition strategies coupled with the launch of innovative products for multiple end-users. Moreover, augmentation in capacities at chief geographical areas such as the Asia Pacific and African countries are some of the additional approaches adopted by the market actors to gain regional opportunities.
– February 2019 – Huhtamäki Oyj’s Brazilian Fiber Packaging team co-developed a new egg-tray for 30 eggs, Multi-E. Using an existing new product as a base for development, they made it better suited for the specific needs in Brazil. Within the project, the company’s team also came up with a new raw material recipe and was created in close co-operation with a key customer and within the Huhtamaki global fiber team.
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