In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Dunnage trays are used for shipping, handling and processing of various parts or products. These trays find their use in various industries such as automotive industry, electronics industry, healthcare industry, retail food & beverage industry, shipping & logistics industry, cosmetics industry and other industries. Further, the dunnage trays market is witnessing the launch of various innovative and attractive products.
Global dunnage trays market is anticipated to flourish at a significant CAGR of 4.8% over the forecast period.
Wide scale application in various end use industries coupled with positive growth outlook of these industries is impelling the demand for dunnage trays. Moreover, the market is witnessing the launch of reusable, light weight and low cost dunnage trays which further is likely to supplement the growth of the dunnage trays market in the years ahead.
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Asia Pacific accounted for the largest percentage of market share in overall dunnage trays market and is expected to be the fastest growing dunnage trays market in the world. Growing affluent middle class population is increasing the demand and sale of automotive vehicles, thereby intensifying growth opportunities in automotive end use sector. Furthermore, growing food & beverage industry in the region is expected to intensify the demand for dunnage trays market in the Asia Pacific. Further, China, South Korea and India are anticipated to major contributor to the growth of the Asia Pacific dunnage trays market during the forecast period. Europe is expected to showcase significant compound annual growth rate during the forecast period. Growing utilization of dunnage trays in automotive industry is likely to sustain the growth of the Europe dunnage trays market.
North America dunnage trays market is expected to grow at a substantial rate over the forecast period. North America market is backed by growing healthcare and shipping & logistics industry. Further, new material innovations are anticipated to accelerate the growth of dunnage trays market in North America. U.S. is the prominent market in the region.
Based on material type, global dunnage trays market is segmented into automotive industry, electronics industry, healthcare industry, retail, food & beverage industry, shipping & logistics industry, cosmetics industry and other industries, out of which, automotive industry dominated the overall dunnage trays market. This can be attributed to the growing automotive market across the globe.
Our in-depth analysis has segmented global dunnage trays market into the following segments:
Global dunnage trays market is further classified on the basis of region as follows:
The market stands to benefit from continuous innovation and advancements related to material strength and other properties of dunnage trays. Several major dunnage trays manufacturers are focusing on the development of lightweight, more durable and low cost dunnage trays. This factor is envisioned to bolster the growth of the global dunnage trays market.
Rising demand from various end use industries is driving the growth of the global dunnage trays market. Further, positive growth of end use industries is anticipated to boost the demand for dunnage trays in the long run. For instance, increasing production of motor vehicles across the globe is anticipated to benefit the growth of dunnage trays market. Further, global automotive industry is booming on the account of urbanization and increasing disposable income. This massive growth of automotive industry is expected to supplement the growth of dunnage trays market. According to OICA, 94.7 million motor vehicle produced was held to be in 2016. Moreover, this represented a Y-o-Y growth of 5.0% as compared to 2015. Moreover, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the dunnage trays market.
In contrast, availability of alternatives such as molded fiber pulp tray is anticipated to limit the growth of the global dunnage trays market during the forecast period.