The unwavering presence of several small players in the global honeycomb packaging market has rendered a stiff competition in the arena. Some of the leading players in the global market are BASF SE, Sealed Air Corporation, and Sonoco Products Company. These players are expected to make strategic alliances to expand their geographical reach to garner bigger shares in the overall market. Furthermore, players will also invest time, effort, and money in ensuring product innovation in their products while keeping in mind the exact needs of end users.
According to the research report, the global honeycomb packaging market is estimated to reach a value of US$14.1 bn by the end of 2024 from US$8.6 bn in 2015. During the forecast period of 2016 and 2024, the global market is estimated to show a rise of CAGR of 5.7%.
North America Paces Ahead as Automotive and Furniture Industries Gain Strength
On the basis of packaging, the global honeycomb packaging market is segmented into interior packaging, pallets, and exterior packaging. Out of these, the exterior packaging segment has been assessed to dominate the global market in the coming years. This segment is projected to expand at a CAGR of 5.5% over the forecast period as the demand for cartons, boxes, crates, and containers continues to be on the rise.
Geographically, the global honeycomb packaging market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The demand for honeycomb packaging is expected to be the highest in North America as the region is expected to acquire a share of 34.5% by the end of 2024. The rise of industries such as furniture, automotive, and consumer goods in the coming years is expected to fuel the demand for honeycomb packing across North America.
Rise of E-commerce Boosts Demand for Honeycomb Packaging
The demand for honeycomb packaging is attributable to the growing amount of damage and wastage to products that are in transit. The need to protect valuable products such as heavy consumer electronics, industrial machinery, glass items, and other equipment have generated a need for sustainable packaging. The expanding need for honeycomb packaging is also attributable to the emergence of e-commerce and the reducing footfall of retail outlets. This, in turn, has led boosted the demand for transport, thereby creating a need for safe packaging methods.
Today, honeycomb packaging is replacing packaging with materials such as PUF, MDF, bubble wrap, EPE, EP foam, mineral wool, and particle boards among others. Furthermore, demand foolproof packaging in industries such as furniture and automobiles is also anticipated to accelerate the progress of the global market. The need for environment-friendly packaging ideas has also been identified as a key factor promoting the growth of the global market.
Availability and Popularity of Flexible Packaging to Restrain Global Market
The biggest challenge for the global honeycomb market is the increasing popularity of flexible packaging amongst various industries and consumers. The emergence of flexible packaging industry can be attributed to the increasing focus on convenience and sustainability. Furthermore, the key advantage of flexible packaging is that it is lightweight. All of these factors are likely to pose as a threat to the honeycomb market as several will pick flexible packaging over conventional methods.
This review is based on Transparency Market Research’s report, titled “Honeycomb Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Global Honeycomb Packaging Market, by Packaging Type
- Interior Packaging
- Exterior Packaging
Global Honeycomb Packaging Market, by End Use
- Food & Beverage
- Automotive Goods
- Consumer Goods
- Industrial Goods
- Logistics Packaging
Global Honeycomb Packaging Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America