Published: Sep, 2018
The global honeycomb packaging market is witnessing intense competition among the players. This market is expected to witness high growth with various small and medium players challenging the eminent players present in the market. In order to gain competitive edge, the leading players are coming up with various strategies. For instance, they are investing in research and development activities to enhance their product quality to attract customers. Some of the prominent players in the global honeycomb packaging market are Smurfit Kappa Group, Sonoco Products Company, ACH Foam Technologies, Inc., Corporation of America, and Sealed Air Corporation.
According to TMR, the global market for honeycomb packaging that showed a valuation of US$8.6 bn in 2015 is expected to reach US$14.1 bn by the end of 2024. This market is estimated to expand at 5.7% CAGR during the forecast tenure starting from 2016 to 2024.
According to TMR, the exterior packaging segment under the packaging category will dominate the market during the course of eight years. As exterior packaging offers different types of packaging, therefore, its dominance is justified. As per the regional growth, the global honeycomb packaging market is leading in North America. Rapid urbanization and high penetration of end-user industries in Asia Pacific created lucrative opportunities for the global players.
Rise in Environment Friendly Packaging to Accelerate Market
Globally, the transportation of goods has increased largely in past few years, increasing the demand for various packaging solutions. Honeycomb packaging stands out, due to its environment friendly nature and because it is a sustainable option for packaging various goods. Thus, it is anticipated that honeycomb packaging will replace other packaging solutions such as EPE, rock wool, thermocol, EP foam, mineral wool, bubble wrap, particleboards, PUF, MDF, and wood in coming years.
Higher significance of honeycomb packaging in wide range of end-users industries will grow the honeycomb packaging market. End-users industries such as food and beverages, automotive goods, consumer goods, and many others require better protective packaging solutions, which has created high demand for honeycomb packaging. Rising use of e-commerce has created high demand packaged goods, which will significantly increase the need for honeycomb packaging. Furthermore, honeycomb packaging is lightweight, shock absorbent, easy to handle, and it doesn’t get affected under any temperature variations, making the use of honeycomb packaging more regular. Low packaging cost and easy to dispose are other benefits of honeycomb packaging that will increase the scope of the market. Thus, with multiple advantages the global honeycomb packaging market will flourish in next few years.
Less Availability of Alternatives, will Curb Demand for Honeycomb Packaging
The availability of flexible packaging such as aluminum and plastic may obstruct the growth of the market. However, governments in various countries are imposing strict regulation on the use of plastic and aluminum. These alternatives for packaging are not environment friendly and are responsible for increasing pollution in the environment. With less alternative present, global honeycomb packaging solutions market will flourish in the coming few years.
The information presented in this review is based on a TMR report, titled “Honeycomb Packaging Market (Packaging Type - Interior Packaging, Exterior Packaging, and Pallets; End Use - Food & 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 Type:
- Food & Beverage
- Automotive Goods
- Consumer Goods
- Industrial Goods
- Logistics Packaging
Global Honeycomb Packaging Market: Geography
- North America
- Rest Of Europe
- Asia Pacific Excluding Japan
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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