HONEYCOMB PACKAGING MARKET ANALYSIS

The honeycomb packaging market is expected to reach US$ 25.6 billion by 2030, which is US$ 14 billion in 2022, registering a CAGR of 7.84% during the forecast period of 2023 to 2030. Demand for honeycomb packaging is attributable to the rising amount of damage and wastage to products that are in transit. The need to keep valuable products such as heavy consumer electronics, industrial machinery, glass items, and other equipment have produced a need for sustainable packaging. The increasing need for honeycomb packaging is also attributable to the appearance of e-commerce and the reduced footfall of retail outlets, which boosted the demand for transport, thus creating a need for safe packaging methods.

Honeycomb packaging market: Growth drivers

Increasing demand for eco-friendly solutions

Honeycomb packaging is the modern trend in numerous packaging industries, it is the major sustainable packaging solution and also has better options for the packaging of products than other packaging solutions, specially plastic packaging which can lead to unnecessary junk that pollutes the environment and ecosystem. This packaging are biodegradable and won’t cause any harm to the environment. This packaging can be easily recycled. These benefits can aid the products in making an eco-friendly brand image that attracts more customers. Therefore, all these factors surged the demand for honeycomb packaging, which is expected to drive the market's growth.

Surging usage of honeycomb packaging in packaging industry

Packaging is probably the largest application for the honeycomb packaging market. In conveying or shipping products, honeycomb packaging is extensively used due to its high durability, which protects products from damage. Honeycomb packaging refers to strong paperboard packaging solutions, which are majorly used for transportation. Honeycomb packaging works as protective packaging solution for numerous products such as furniture, FMCG, electronics, products, and many others. Thus, the surging usage of honeycomb packaging in the packaging industry is expected to drive market growth.

Honeycomb packaging market: Market Restraints

Environmental concerns associated with the production of paper-based packaging

Rise in the emission of gases during the production of paper-based packaging has adversely affected the environment which will act as major market restraint for market growth. Also, honeycomb packaging manufacturing threatens natural habitats due to a surge in the consumption of paper. So, environmental concerns are the major challenge that will obstruct the growth rate of the market.

Availability of alternatives

The presence of lightweight and smaller packages and the availability of alternatives and other substitutes will act as a major restraint and will further challenge the honeycomb packaging market growth during the forecast period. This honeycomb packaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growth application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the honeycomb packaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Figure 1. Global Honeycomb Packaging Market (%), By Segment Type

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According to packaging type, the exterior packaging segment dominates the market on account of the increasing need for boxes, containers, and cartons; continuous demand from end-user industries such as automobiles, furniture, and consumer goods and it offers enhanced safety in product transportation and is easy to handle. The growing disposable income of individuals has increased the consumer’s purchasing power for several products because of their appealing look which in turn has raised the demand for exterior packaging in the market.

Honeycomb packaging market: Regional Insights

Asia-Pacific dominates the honeycomb packaging market in terms of market share and revenue owing to the increasing need for furniture, automotive, and consumer goods. Moreover, the occurrence of various end-user industries will further increase the market growth in the region. Asia-Pacific is expected to be the fastest developing region during the forecast period (2023-2030) owing to the increasing demand for packaging from e-commerce sectors and automotive sectors in emerging markets. Furthermore, the occurrence of major market players is further projected to propel the market growth in this region.

Figure 2. Global Honeycomb Packaging Market Share (%), By Region

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Honeycomb packaging market: Recent Developments

In the year 2018, the econcore at fachpack exhibition presents in Nuremberg, Germany implemented new technology in the market of honeycomb packaging. The feature dominates the existing systems.

In the year 2018, the company named Philippine Honeycomb Technology introduces “the Phil honeycomb” which is created from 100% recycled bio-paper. It has sustainable properties and eco-friendly products. This honeycomb is not made from the process of deforestation. It doesn’t emit any chlorofluorocarbon.

Honeycomb packaging market: Key Companies

The major market players operating in the honeycomb packaging market are ACH Foam Technologies, BASF SE, DS Smith Plc, Huhtamaki Group, Lsquare Eco-Products Pvt. Ltd., Packaging Corporation of America, Sealed Air Corporation, Sonoco Products Company, Smurfit Kappa Group, and WestRock Company.

Definition: Honeycomb structures are naturally occurring or man-made that have the geometry of a honeycomb. These are used between two thin sheets to make materials for honeycomb packaging.