The global fiberglass trays demand is anticipated to increase at around 4.2% to 4.6% CAGR during the forecast period. Growth in the market is driven by rising adoption of fiberglass trays across various end use verticals such as foodservice, pharmaceuticals, and bakery & confectionery.
| Report Attribute | Details |
|---|---|
| Fiberglass Trays Market Projected Growth Rate (2022 to 2032) | 4.2% - 4.6% CAGR |
Fiberglass trays are highly durable and lightweight trays made of high-strength glass-reinforced composites. They find applications across various industries due to their attractive features.
In recent years fiberglass trays have become highly sought-after food serving solutions used across various sectors. They are an ideal option for high volume establishments like school dining halls, cafeterias, restaurants etc. where they are used for serving food products like salads, dishes, pasta desserts and several other food products.
Fiberglass trays offer various features such as lightweight, odor and stain resistance, cost effectiveness and durability which makes them ideal for usage across various industries. They have become ideal alternatives to metal trays and containers used in food and beverage industry.
Rising usage of fiberglass trays for material handling purposes in pharmaceutical, household, and food sectors will continue to provide a strong thrust to the growth of fiberglass trays market during the forecast period.
Fiberglass trays are available in various designs, shapes, and sizes in the market. End users can select any product as per their requirements. Besides this, fiberglass trays can also be personalized with an image or logo for branding purposes.
Exponential growth of end-use industries due to population explosion and increasing consumer spending, growing awareness among people regarding the benefits of fiberglass trays, and innovations in fiberglass tray design and sizes are some of the major factors driving the growth in fiberglass trays market.
Fiberglas trays have become ideal solutions for material handling applications across various end use verticals such as foodservice, pharmaceuticals, and bakery & confectionery. They are preferred over other traditional trays on account of their functionality, lightweight, durability, and heat resistant nature.
The robust growth of foodservice industry due to rapidly growing world population and changing lifestyle is creating enormous demand for more convenient products like fiberglass trays and the trend is likely to continue in the future. These fiberglass trays are being used in cafeterias, restaurants, motels etc. for carrying or transporting food from the serving area to the dining area.
What really makes fiberglass trays suitable for serving food products, especially hot ones, is their ability to withstand higher temperatures. Today, majority of food serving companies are inclined towards using fiberglass trays as they offer better service, are more hygienic, and can be cleaned easily. Increasing adoption of fiberglass trays coupled with rapid expansion of foodservice industry will continue to push the sales of fiberglass trays during the assessment period.
Moreover, rising usage of fiberglass trays across households for serving food products and several other applications will further expand the size of fiberglass trays market during the forthcoming years.
In addition to this, easy availability of various fiberglass tray products at discount across online shopping platforms, supermarkets, convenience stores, specialty stores, etc. is positively impacting the market growth.
Despite rising popularity of fiberglass tries across food and pharmaceutical industries, there are various factors that are likely to challenge market growth in the forthcoming years. Some of these factors are the presence of low-cost alternatives and poor product penetration across some developing and underdeveloped regions.
With rapid expansion of end-use industries, rapidly growing population, changing lifestyle, and increasing spending by people on food products, the Asia Pacific fiberglass trays market is projected to grow at a faster pace during the forecast period.
Demand for fiberglass trays is particularly high across fast growing countries like China and India due to their multiple applications in several industries such food & beverages, bakery, and pharmaceuticals. These fiberglass trays are being increasingly used for carrying things and serving food items.
According to Future Market Insights, Western Europe accounts for a significant share of the global fiberglass trays market and is forecast to grow at a notable CAGR over the forecast period, owing to the rapid expansion of bakery and confectionery industry, flourishing HoReCa sector, and presence of some leading market players.
Countries such as Germany, Poland, Belgium, UK and Czech Republic are all generating high demand for fiberglass trays, as these regions are witnessing an uptick in foodservice and tourism.
Besides this, increasing adoption of fiberglass trays in pharmaceutical and confectionery industries for material handling purposes will further boost the market growth across Europe during the assessment period.
Some of the key participants present in the global fiberglass trays market include Huhtamaki Group, Roltex NV, Carlisle FoodService Products, Molded Fiber Glass Trays Company, Keswick Trays, and Shawson Plastics among others.
These market players are continuously introducing new fiberglass trays with multiple designs, features, and capacities to woo more and more customers. Furthermore, they have adopted growth strategies such as partnerships, establishment of new manufacturing facilities, reduction in product prices, and move towards online sales channels to gain a competitive edge in the market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.2% - 4.6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Huhtamaki Group; Roltex NV; Carlisle FoodService Products; Molded Fiber Glass Trays Company; Keswick Trays; Shawson Plastics |
| Customization | Available Upon Request |
FMI projects the global fiberglass trays market to grow at around 4.2% to 4.6% CAGR over the forecast period.
As per FMI, Asia Pacific will continue to remain the most lucrative market for fiberglass trays during the assessment period from 2022 to 2032.
Huhtamaki Group, Roltex NV, Carlisle FoodService Products, and Molded Fiber Glass Trays Company are some prominent fiberglass trays manufacturers
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