Vast End-use Applications of Thermoformed Shallow Trays Spike Demand
Thermoformed Shallow Trays Market is expected to exhibit a CAGR of 5.3% during the forecast period 2016-2024, the market is projected to rise from a valuation of US$4.0 bn in 2016 to US$6.1 bn by 2024
The key players in the global thermoformed shallow trays market are leveraging customization competencies for manufacturing thermoformed shallow trays, says a recent market published by Transparency Market Research (TMR). The use of non-petroleum-based feedstock for the manufacture of thermoformed shallow trays is gaining popularity among key players for strengthening their position in this market.
The report estimates that the thermoformed shallow trays marketwill expand at a healthy CAGR of 5.3% between 2016 and 2024 for the market’s valuation to increase from US$4.0 bn in 2016 to US$6.1 bn by 2024.
Analysts at TMR present answers to some pertinent questions regarding developments in thermoformed shallow trays market in the forthcoming years;
Q. What are the key factors driving the thermoformed shallow trays market?
A. The global thermoformed shallow trays market is driven by the immense cost and time benefits of thermoforming technology over conventional injection molding technology. Other factors contributing to the growth of the market include increasing demand for thermoformed shallow trays for baking applications and easy to customize property of thermoformed shallow trays.
Q. How are the various material segments faring in terms of share in the market?
A. Plastic dominates the market with the segment accounting for over 95% of the market in 2016. Plastic is expected to continue as the most preferred material for the manufacture of thermoformed shallow trays in the forecast period. On the other hand, paper-based laminates segment is expected to display declined market share with its already meagre share in this market. This is mainly because paper-based thermoformed shallow trays are suitable only for limited applications. Paper-based thermoformed shallow trays is expected to rise at a meagre 3.3% CAGR between 2016 and 2024.
Q. Which is the leading regional market for thermoformed shallow trays?
A. North America presently contributes the leading revenue to the thermoformed shallow trays market and is expected to continue doing so in the coming years as well. Displaying a CAGR of 5.3% between 2016 and 2024, the region is expected to retain its dominant position in the global market over the forecast period. The thermoformed shallow trays market in North America is benefitted from the manufacturing competencies of thin gauge thermoformers in the region.
Asia Pacific is expected to lead in terms of growth rate in the thermoformed shallow trays market in the near future. Investments from companies targeting the growth opportunities in the retail and foodservice sectors in the region is benefitting the thermoformed shallow trays industry as well. Asia Pacific is expected to constitute the second-leading share in the overall market over the forecast period.
The thermoformed shallow trays market in Europe is expected to rise at a CAGR of 4.9% between 2016 and 2024 with Germany and the U.K. contributing substantial revenues. Italy and Spain will display healthy growth as they have presence of considerable number of thermoform packaging manufacturers.
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