The global honeycomb packaging market could be influenced by long-term business relationships between customers and manufacturers and the spread of goodwill, which could precipitate the degree of competition, according to Transparency Market Research (TMR). Buyer power has been anticipated to change as per the production capacity of manufacturers whereas the threat of suppliers could stay low due to less instances of forward integration.
New players have been expected to easily make their way in the global honeycomb packaging market with moderate initial capital investment, high potential growth rate, and unchallenging investor venture acting as major attractions. ACH Foam Technologies, Inc., Sonoco Products Company, Sealed Air Corporation, BASF SE, and DS Smith are some of the leading players in the market.
As per a reliable report by TMR, a strong valuation of US$14.1 bn has been envisioned to be achieved by the world honeycomb packaging market by 2024. In 2016, the market had raked in a revenue of US$9.0 bn. The CAGR that has been foreseen by the researchers is 5.7% for the forecast period 2016–2024. On account of a large-scale demand birthed from the staggering size of end-user sectors, North America could surpass other players with a 34.5% share by 2024. Although its share has been foretold to decline by the concluding forecast year, exterior packaging could still dominate the market with a US$5.8 bn revenue earning.
Sustainable Packaging Magnetizes Lasting Demand in Ecommerce
The analysts predict the world honeycomb packaging market to entertain a robust growth as protective packaging witnesses a substantial rise in demand in Asia Pacific nations such as India and China. By 2018, sustainable packaging has been forecasted to reach US$244.0 bn, according to Smithers Pira, a packaging industry specialist.
With China projected to be one of the largest ecommerce trade countries in 2015 by the United Nations Conference on Trade and Development (UNCTAD), the international ecommerce market boasted a valuation of US$22.1 tn. This has resulted in a tremendous application of protective packaging to sustain products during their transport and delivery, thus benefiting the world honeycomb packaging market.
Likewise, there could be a growing application of honeycomb packaging in furniture and automobile sectors as it carries the potential to replace various materials employed in packaging solutions. The rising demand for environment-friendly packaging is another factor that has been prophesied to set the tone for the world honeycomb packaging market.
Flexible Packaging Looks to Grab Ecommerce Share with Beneficial Properties
With a global forecast of US$358.7 bn by 2024 as envisaged by the analysts, the flexible packaging industry might steal the deal and keep the global honeycomb packaging market waiting for its turn. Flexible packaging could tap into the lucrative ecommerce sector, finding application in bubble packaging, protective mailers, and air pillows. Plus, its convenience and lightweight attributes compete well against the traditional means of packaging.
As mentioned earlier, sustainable packaging has been assessed to reach a valuation that is close to that of flexible packaging by as early as 2018. It helps to reduce the risk of contamination and damage with an extended life-cycle assessment (LCA) and life-cycle inventory (LCI). Thus, as sustainable packaging gains impetus, the global honeycomb packaging market could attract some bankable opportunities for players to cover for the odds.
The study presented here is based on a report by TMR, titled “Honeycomb Packaging Market (Packaging Type - Interior Packaging, Exterior Packaging, and Pallets; End Use - Food and Beverage, Automotive Goods, Furniture, Consumer Goods, Industrial Goods, and Logistics Packaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global honeycomb packaging market has been segmented as presented below:
Global Honeycomb Packaging Market, by Packaging Type
- Interior Packaging
- Exterior Packaging
Global Honeycomb Packaging Market, by End Use
- Food and Beverage
- Automotive Goods
- Consumer Goods
- Industrial Goods
- Logistics Packaging
Global Honeycomb Packaging Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
- Latin America
- Rest of Latin America
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