According to Stratistics MRC, the “Global Thermoformed Shallow Trays market” is expected to grow from $4.05 billion in 2016 to reach $5.98 billion by 2023 with a CAGR of 5.7%. Growing acceptance of thermoformed packaging, increasing range of applications in pharmaceutical industry, high usage of thermoformed shallow trays in bakery applications and improved preference of manufacturers towards non-petroleum-based polymers are some factors which are anticipated to stimulate the market growth globally. However, limited scope for the usage of thermoformed shallow trays for liquid packaging is restricting the market.
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Thermoformed shallow trays are essentially the shallow thermoformed trunks or holders utilized for packaging. These trays are prepared by plastic and laminates dependent on paper with the help of the thermoforming technique in which, a paper-based laminate sheet or plastic of specific size is compressed in place, forced against a mould with the help of vacuum pressure or mechanical means and heated to a softening temperature.
Driver: Cost and lead time benefits over injection molding driving the market growth.
Cost and time profits by the thermoforming technology are better compared with the conventional injection molding technology; there is an immense demand in the utilization of these trays in bakery fields, and the easiness of customization by these trays. Tooling cost involved in thermoforming is less expensive than tooling during procedure of injection molding. Moreover, lead times in the thermoforming procedure are 2-3 time shorter than in the procedure of injection molding.
Opportunity: Non-petroleum-based Products to provide opportunities for market growth.
High preference of key players for non-petroleum-based polymers for thermoformed shallow trays is providing opportunities to the market growth. Sugarcane-based bio-degradable materials have increased significance due to their properties of resistance to oil, compatibility with food stuff and high visual appeal. Thermoform packaging manufacturers are further focusing non-petroleum based packaging materials to lessen their carbon footprint and receive environment friendly approach in their strategic practices.
By application, the food segment is expected to grow at the significant market share during the forecast period as standard trays with covering and snap devices are largely utilized in the food application to pack fresh and processed foods.
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By geography, Asia Pacific region is anticipated to hold considerable market share during the forecast period due to growth of opportunities arising from the thriving retail and foodservice sectors which is attracting companies to invest in the market.
Some of the key players in this region include D&W Fine Pack LLC, Anchor Packaging, Inc., Placon Corporation, Pactiv LLC, Huhtamaki Oyj, First Pack LLC, Display Pack, Inc., Bemis Company, Inc., Tray-Pak Corporation and Sonoco Products Company.
Placon Corporation: In Aug 2016, Placon Corporation acquired Brookdale Plastics. The acquisition will advance Placon’s leadership position in both the medical and retail industries. By combining Brookdale’s cost-effective tooling solutions with Placon’s world class matched metal, high precision tooling, Brookdale Plastics will become the first supplier of choice for custom packaging solutions in the industry.
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Huhtamaki Oyj: In Mar 2016, Huhtamaki Oyjjoint ventured with Arabian Paper Products Company. Huhtamaki's ownership in APPCO will increase to 50% and the operative territory of APPCO expands from the Gulf Cooperation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. At the same time APPCO's product range is broadened to include all Huhtamaki Foodservice Europe-Asia-Oceania business segment's foodservice packaging products.
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