The global market for honeycomb packaging is expected to expand at a considerable rate in the near future due to its growing demand across several industrial verticals. The increase application of honeycomb packaging and emphasis on environment-friendly packaging are two of the key drivers for te global honeycomb packaging market. As the demand for protective packaging grows in end-user industries such as consumer goods, automotive, and furniture among others, the honeycomb packaging market will witness significant expansion. In light of these reasons, the global honeycomb packaging market is expected to reach a valuation US$14.1 bn by the end of 2024 from US$8.6 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to expand at a CAGR of 5.7%.
Honeycomb is gradually replacing bubble wrap, EPE, thermocol, EP foam, mineral wool, particle boards, rock wool, PUF, MDF, and wood in various packaging solutions. Thus, the rising focus on making packaging materials suitable to the environment and sustainable is expected to work in favour of the global market. Honeycomb packaging is gaining a strong foothold in a range of end-user industries that are in constant need of protective packaging. The report suggests that the emergence of e-commerce industry and the subsequent demand for transport of goods has provided the global market a phenomenal boost. This demand is largely a result of a need to protect damage and waste of items being shipped during transit.
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Exterior Packaging Demands Higher Market Share as E-commerce Picks Up
On the basis of packaging type, the global honeycomb packaging market is segmented into interior packaging, exterior packaging, pallets and others. Exterior packaging held a dominant stance in the global market as of 2015 and is expected to do so in the coming years as well. Exterior packaging materials refer to the outer containers and boxes in which the products are packed before being shipped and transported. They are the overall outer packaging which cover the entire product and help in safe transportation from the seller to the buyer. Exterior packaging includes, cartons, boxes, containers, and crates among others. This segment is also forecasted to grow at a steady growth rate owing to continued demand from end-user industries such as automobiles, furniture, and consumer goods. Other packaging type is forecasted to witness the most rapid growth rate over the forecast period. Trays and layer pads are in constant demand in order to provide cushioning and protection of goods while shipment. They are therefore, anticipated to have a rapid growth rate.
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North America to Remain Dominant as Industries Bounce Back
Geographically the global honeycomb packaging market is segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America led the pack in 2015 and is anticipated to have a steady growth rate over the forecast period. This is attributed to the large size of end-user industries in this region. Asia Pacific is also anticipated to register a significant growth rate in the coming years due to rapid urbanization and increased penetration of end-user industries in this region.
The key players operating in the global honeycomb packaging market are DS Smith, BASF SE, Sealed Air Corporation, Sonoco Products Company, ACH Foam Technologies, Inc., Lsquare Eco-Products Pvt. Ltd., Smurfit Kappa Group, Packaging Corporation of America, WestRock Company, and Huhtamaki Group among others.
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