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The global honeycomb paper market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Honeycomb is a type of structure which can be obtained in both natural and artificial forms. Usually, honeycomb paper is placed between two thin sheets to help develop honeycomb packaging materials.
Some of the available honeycomb paper products include honeycomb paper pallets, honeycomb paper panels, and honeycomb paper core and some of the industries that have deployed honeycomb paper include food and beverages, automobiles, and glass.
A few product features of honeycomb paper that have made them a key raw material in different industries include superb compression strength, recyclable nature, high strength to thickness ratio, and excellent acoustic nature.
The outbreak of the COVID-19 pandemic negatively impacted the growth in the overall honeycomb paper market. With governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, different industries were forced to shut down temporarily or permanently.
This led to reduced demand for honeycomb paper and affected the growth in the overall market, too.
Rising demand for lightweight packaging solutions in different industries globally is the key growth driver for the honeycomb paper market.
Increasing number of automobile manufacturing units in leading economies globally is anticipated to propel the honeycomb paper demand and assist in overall market growth, too.
Also, rising focus to improve the infrastructure in buildings in a bid to provide peaceful environment for families to reside in could fuel the growth in the global honeycomb paper market, in the coming years.
In addition to this, rapid growth in the home appliances industry could help bolster the growth in the overall honeycomb paper market, in the years ahead.
Furniture application segment is expected to make the largest contribution to the overall market because of increasing honeycomb paper demand for the manufacturing of economical and lightweight materials.
With the presence of several well-established market players, the competition in the global honeycomb paper market has remained intense for a number of years. Leading players are expected to account for a large share in the overall market, in the years ahead.
Prominent honeycomb paper market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
R&D undertakings could be a key growth strategy for well-established honeycomb paper market players, in the coming years.
The smaller honeycomb paper market players will seek funding from private investors, which could help them in their long-term growth.
A few prominent players in the global honeycomb paper market include Crown Holdings Inc., Greencore Packaging, Axxor, Helios Packaging, and Lsquare Eco Products.
The global honeycomb paper market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific is expected to be the dominant region in the global honeycomb paper market because of increased paper honeycomb deployment for different home decor applications such as portable sofas.
North America is anticipated to witness significant growth in the overall honeycomb paper market in future because of growing building and construction activities in countries such as US and Canada.
Europe is projected to offer profitable growth opportunities for the global honeycomb paper market owing to rapid growth and development, witnessed in the logistics and electronics industries in countries such as Germany and Italy.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness sluggish growth in future because of lack of presence of well-established market players in countries belonging to both regions.
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Honeycomb Paper Market
