Global dunnage trays market is set for moderate growth at 4.3% CAGR during the forecast period (2019-2029), as projected by a new report of Future Market Insights (FMI). Leading market players are investing in adoption of sustainable materials, with increased focus on easier cleaning and hygiene processes.
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“Increasing implementation of robotic technology in manufacturing, especially in the automotive industry, has been a driving force for sales of customized dunnage trays. The thriving electric vehicle (EV) market would also contribute substantially to market growth,” states the FMI report.
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Dunnage Trays Market: Key Findings
- Custom designed dunnage trays will remain highly preferred; cavities for shipping and unloading at the assembly line will continue generating profitability.
- The automotive industry continues to be the primary end user, followed by healthcare and pharmaceuticals industries.
- Manufacturers will display greater inclination towards polypropylene (PP) over high density polyethylene (HDPE) owing to greater puncture and heat resistance.
- Europe will remain at the forefront of the dunnage trays market, while Asia will display strong growth.
Dunnage Trays Market: Key Driving Factors
- Rising applications in freight transportation is a key driver for the dunnage trays market.
- New materials such as thermoplastic polyurethane, and butadiene styrene are generating profitable opportunities.
- Wide availability of raw materials and low costs is driving growth in emerging economies.
- Growth in inter-oceanic trade is a major driver for global demand for dunnage trays.
Dunnage Trays Market – Key Restraints
- Rising regulatory concerns regarding materials used in dunnage tray manufacturing remains a key factor that can hamper market growth.
- Growing availability of alternatives such as molded fiber pulp trays will limit the growth of the dunnage trays industry.
Technological advancements and innovation growth in packaging industry have enabled packaging to play the more vital role than just containing the product during the transit. Today packaging industry is over US$ 820 Bn and is anticipated to grow at rapidly due to its growing area of application in various industries such as automotive, shipping and logistics, food and beverage industry. Dunnage trays are commonly made of plastic and are created with the impressions to perfectly fit with the product hence increasing the stability of the product during the transportation and storage of the product. Use of dunnage tray ensures the safety of the workers dealing with heavy equipment. These trays can also be designed to be loaded robotically thus improving the overall functionality and efficiency of the organization. Light weight, low cost and high load carrying capacity makes dunnage trays an attractive choice for industrial and packaging manufacturers.
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Dunnage Trays Market – Market Dynamics
Trays have an extensive application in various industries and to tap the potential of growing use of trays in different industries manufacturers are focusing on innovation in trays market. Trays market is estimated to be over US$ 130 Bn and is anticipated to grow at a CAGR of over 4.5% over the forecast period. Dunnage trays are thermoformed trays manufactured to fulfill the containing solution for a particular product. The ease of handling in products on the use of dunnage trays is the key driver for boosting the demand in dunnage trays market. The ability to get customized according to the need of customers is another factor for supporting demand for dunnage trays market. Reusability, light weight, low cost of raw material and high speed in manufacturing are some other drivers for dunnage trays market. Apart from low-cost dunnage trays can be easily stacked and reused which makes them convenient for transportation. However, dunnage trays market may see a decline due to the rising concern among the regulatory authorities around the globe. Increasing penetration of molded fiber pulp tray in packaging market is eliminating the need for dunnage trays which may limit the scope for dunnage tray market in future. However, on the backdrop of the ability to handle products of with different weight and shapes is expected to lay new opportunities for dunnage trays market.