According to Market Research Future (MRFR), the global Honeycomb Packaging Market is anticipated to grow at 6% CAGR from 2017 to 2023 (forecast period). The report elucidates and investigates the impact of the outbreak of COVID-19 on the global honeycomb packaging market, including potential opportunities and risks, drivers, and threats.
Key Players
The industry giants in the global honeycomb packaging market are BASF SE (Germany), ACH Foam Technologies (U.S), DS Smith plc (U.K), HUHTAMAKI GROUP. (Mexico), Lsquare Eco-Products Pvt. Ltd. (India), Packaging Corporation of America (U.S), Sealed Air Corporation (U.S), Sonoco Products Company (U.S), Smurfit Kappa Group plc (Ireland), and WestRock Company. (U.S).
Honeycomb structures are naturally occurring or human-made and have a honeycomb geometry. These are used among two thin sheets to make honeycomb packaging materials. Honeycomb structures help minimize the density and improve the shear and compression properties of the packaging material. This makes it possible to reduce material use and maximizes strength. Honeycomb packaging honeycomb packaging materials is 100% eco-friendly, lightweight, shock-absorbent, and does not change dimensions with temperature variations. It offers advantages like easy handling a nd transport, easy disposal, and low cost.
Honeycomb packaging is created by conglutination of paper bands into a series of hexagons that are identical to the honeycomb structure and are then sandwiched between two sheets. Honeycomb packaging properties are low material consumption, low weight, difficult to deform, resistant to pressure, shock and bending, good cushioning efficiency, and recyclable. Growing demand for lightweight, environmentally friendly, and low-cost packaging by food and beverage, automotive, and other industries is fueling the honeycomb packaging industry's growth.
Market Dynamics
Increased demand for sustainable packaging by various industries, like automotive, furniture, consumer goods, and others, is a significant growth factor for honeycomb packaging. In addition, the rising demand for the e-commerce market, due to the increasing use of smartphones, is driving the growth of the packaging industry, which in turn has increased the growth of honeycomb packaging. However, the growing demand for flexible packaging is a significant obstacle for the honeycomb packaging industry.
Stringent government regulations by U.S. Environmental Protection Agency and other regulatory bodies on the recyclability and environment risks of materials used in flexible packagings like plastics and aluminum are expected to fuel the growth of the honeycomb packaging industry as honeycomb packaging is made from environmentally friendly materials.
The global Honeycomb Packaging Market is likely to see phenomenal growth during the forecast period. This is due to the strong demand from end-use Industries for the honeycomb packaging industry. The government has laid down regulations to minimize packaging waste, driving the market for environmentally friendly packaging materials such as honeycomb packaging. The substantial growth in e-commerce has also increased the growth of honeycomb packaging.
Market Segmentation
The global honeycomb packaging market has been segmented into packaging type and end-use.
Based on packaging type, the global honeycomb packaging market has been segmented into exterior packaging, interior packaging, pallets, and others. The exterior packaging segment is the largest packaging type as it provides enhanced safety in product transportation and is easy to handle.
Based on the end-use, the global honeycomb packaging market has been segmented into automotive, industrial goods, consumer goods, food and beverages, furniture, and others. Protective packaging is an essential part of the automotive supply chain. Honeycomb packaging is an effective method for bulky packaging products and automotive parts, as it offers enhanced safety.
Regional Analysis
Region-wise, the global honeycomb packaging market has been segmented into North America, Asia Pacific, Europe, and the Middle East Africa.
North America was the leading market with a market share of more than 35% in 2016, while the Asia Pacific is the fastest-growing market in the forecast period. This is due to the rising demand for packaging from the automotive and e-commerce sectors in emerging economies such as India and China.
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