As per the research conducted by Future Market Insights, during the forecast period, the global corrugated plastic tray is set to gain a valuation of US$ 665.3 million in 2023 and is going to further expand at a CAGR of 5.1% to reach the valuation of US$ 1,091.4 million by the year 2033. The sales of corrugated plastic tray are anticipated to bolster with the top 5 countries projected to hold approximately 45-55% of the market by the end of 2023.
| Attribute | Details |
|---|---|
| Market Size 2023 | US$ 665.3 million |
| Market Size 2033 | US$ 1,091.4 million |
| Value CAGR (2023 to 2033) | 5.1% |
| Collective Value Share: Top 5 Companies (2022A) | 20 to 25% |
Easy and adequate availability of plastic raw material with exceptional packaging barrier properties, the demand for the segment in projected to rise. The global corrugated plastic tray form around 3-5% of the global trays market worth US$ 15.6 billion in 2022.
The corrugated plastic tray is expected to experience a lucrative growth outlook during the forecast period. A new estimation predicts that protective packaging sales will rise during 2023–2033 and is projected to generate an attractive incremental growth opportunity of US$ 446.9 million.
Corrugated plastic tray is lightweight, durable, and moisture-resistant, making them suitable for a wide range of applications such as packaging and transporting products, displaying goods, and protecting surfaces. The corrugated plastic tray market is predicted to expand 1.6 times the current market value during the forecast period.
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The corrugated plastic tray market has grown from US$ 644.5 million in 2022 to US$ 665.3 million in 2023 with a year-on-year growth rate of 3.2%, driven by factors such as increasing demand for sustainable packaging solutions, growing e-commerce industry, and rising popularity of corrugated plastic trays in the food and beverage industry.
Corrugated plastic trays are made from plastic, which is a durable and lightweight material that can be easily recycled. This has made them an attractive packaging solution for a wide range of products, including automotive, agriculture, shipping & logistics, and building & construction. Additionally, the rising popularity of e-commerce has also been a major driver of the market, as corrugated plastic tray is often used to package and ship online orders.
In terms of application, the agricultural industry has been the largest end-user of corrugated plastic trays having a value of US$ 194.9 million in 2023. The demand for corrugated plastic trays in this industry has been driven by the need for cost-effective, lightweight, and sustainable packaging.
South Asia and East Asia region are expected to be the largest market for corrugated plastic trays, India and China have large automotive industries and a large number of electrical & electronics SMEs.
Overall, the corrugated plastic tray market is expected to continue growing in the coming years, driven by the growing demand for sustainable packaging solutions and the rising popularity of e-commerce.
The increasing need for protective packaging can supplement the sales of corrugated plastic trays. The demand for protective packaging increases, manufacturers may turn to corrugated plastic trays as a solution due to their durability and ability to protect products during transportation. Additionally, corrugated plastic trays can be customized to fit specific products, providing an added level of protection. Additionally, due to their reusability and recyclability, corrugated plastic trays can be a more sustainable option compared to other types of packaging materials, which can also drive sales. Overall, the growing need for protective packaging can lead to increased demand for corrugated plastic trays as a reliable and sustainable option. With the rise of e-commerce and online shopping, the demand for corrugated plastic trays for packaging and shipping goods is expected to increase.
The expansion of industrial activities in various sectors, such as automotive, electronics, and others, is expected to drive the demand for corrugated plastic trays in the logistics and supply chain industries. Corrugated plastic trays are considered environmentally friendly as they are reusable, recyclable, and biodegradable, which is expected to drive the demand for these trays in the future. Governments in many countries are implementing regulations to reduce the use of single-use plastics. This is expected to drive the demand for corrugated plastic trays as they are a more sustainable alternative to traditional packaging materials.
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Polyethylene is the most preferred material for manufacturing corrugated plastic tray currently holding a market share of 64%. Due to its durability, lightweight, and cost-effectiveness polyethylene, it is an easy choice for manufacturers. They are lightweight, durable, and waterproof, making them suitable for a wide range of applications, such as packaging for food and other consumer goods, as well as for use in industrial settings.
Polyethylene corrugated plastic trays are also resistant to moisture, chemicals, and impact, which makes them suitable for a variety of applications. Additionally, they are easy to clean and maintain, and they can be easily printed on for branding or product identification purposes. Additionally, the material is also recyclable, which makes it environmentally friendly. Due to industries aiming toward an eco-friendlier approach for the future polyethylene is estimated to maintain significant growth.
The agricultural segment is projected to register a CAGR of 4.8% during 2023–2033. The trays protect the product during transportation and provide a stable base for stacking and storage. The agricultural industry is expanding which generate a need for trays to transport and store the additional produce. Additionally, corrugated plastic trays are durable, reusable, and can withstand harsh conditions, which makes them a popular choice for use in the agricultural industry.
Overall, the expansion of the agricultural industry is expected to drive demand for corrugated plastic trays as they offer a durable, cost-effective, sustainable, and customizable packaging option for a variety of food and beverage products.
| Country | USA |
|---|---|
| Market Share (2023) | 28.3% |
| Market Share (2033) | 25.3% |
| BPS Analysis | -300 |
| Country | China |
|---|---|
| Market Share (2023) | 9.0% |
| Market Share (2033) | 11.2% |
| BPS Analysis | +220 |
| Country | Germany |
|---|---|
| Market Share (2023) | 6.5% |
| Market Share (2033) | 5.5% |
| BPS Analysis | -100 |
| Country | UK |
|---|---|
| Market Share (2023) | 5.0% |
| Market Share (2033) | 5.3% |
| BPS Analysis | +30 |
| Country | India |
|---|---|
| Market Share (2023) | 4.6% |
| Market Share (2033) | 6.0% |
| BPS Analysis | +140 |
As per FMI analysis, India will account for nearly 40% of sales of corrugated plastic trays in the South Asia region by the end of 2033. The organized retail sector in India has been growing rapidly in recent years, leading to an increase in demand for corrugated plastic trays. Indian retail sector emerges as one of the most dynamic and fast-paced sectors among the others. This astonishing market growth of the Indian retail sector is mainly driven by the entrance of foreign retailers and small players in the Indian market. The retail industry is a consistent demand generator for packaging solutions including protective packaging solutions to pack, store and ship a variety of consumer as well as non-consumer goods. The growth in organized retail has led to an increase in the demand for corrugated plastic trays for packaging and transport. Also, the local as well as global protective packaging manufacturers can take the best benefits out of it and consolidate their position in the market for Corrugated Plastic Trays. Overall, the growth in the organized retail sector in India is driving the sales of corrugated plastic trays as it creates a need for more efficient and effective packaging solutions.
Due to growth in the food & beverage, agriculture and pharmaceutical industries in United Sates the demand for corrugated plastic trays is expected to increase. All these industries use corrugated plastic trays dues their durable packaging and reusability. The United States in the North American protective packaging market is expected to expand at a 4.5% CAGR over the forecast period. One of the pivotal aspects behind the frequent demand for protective packaging solutions in the USA is the significant presence of prominent packaging giants such as Sealed Air Corporation, Sonoco Products Company, WestRock Company, Greif, International Paper Company, and others who produce and sell a wide range of protective packaging solutions including Corrugated Plastic Trays as per the industry requirements.
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The global corrugated plastic tray market is highly competitive, with a large number of manufacturers and suppliers operating in the industry. They are investing in research and development activities to introduce innovative and cost-effective products to meet the changing demands of customers.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, Shape, End Use, Region |
| Regions Covered | North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan Countries; Baltic Countries; Middle East & Africa |
| Key Companies Profiled | Smurfit Kappa Group; WestRock Company; International Paper Company; DS Smith Plc Company; Inteplast Group Corporation; Flexcon Company; GWP Corrugated; Berry Global, Inc.; Sonoco Products Company; Sealed Air Corporation; APCO Plastics Company; Corpac, Inc; Packaging Specialties, Inc.; Dongguan Jainxin Plastic Products; ORBIS Corporation; Shish Industries Ltd; Adelphi Healthcare Limited; Genesee Packaging, Inc.; Numatech West LLC; Amatech Inc |
| Customization & Pricing | Available upon Request |
In 2022, the market size of the global corrugated plastic tray was US$ 644.5 million.
The global corrugated plastic tray is anticipated to reach US$ 665.3 million in 2023.
The global Corrugated Plastic Tray valuation is expected to reach US$ 1,091.4 million in 2033.
The projected CAGR for the global corrugated plastic tray from 2023 to 2033 is 5.1%.
The Polyethylene (PE) segment is expected to garner a significant value share by 2023.
The shipping & logistics segment of the global corrugated plastic tray is predicted to expand rapidly between 2023 and 2033.
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