Honeycomb Packaging Market 2019 Top Players, Global Size, Trends, Industry Share, Growth, Opportunities, Emerging Technologies, Demand And Forecast To 2023
May 15, 2019
Global Honeycomb Packaging Market Analysis, Development, Growth, Industry Risk, Business By Packaging Type (Exterior Packaging, Interior Packaging, Pallets, and Others), By End-use Industry (Automotive, Consumer Goods, Food and Beverages, Furniture, Industrial Goods and Others) and By Region - Global Forecast to 2023
May 15, 2019 /MarketersMedia/ —
Honeycomb Packaging Market Insights
The global honeycomb packaging market is witnessing powerful competition among the players. This market is expected to testify high growth with various small and medium players challenging the eminent players present in the market. In order to gain a competitive edge, the leading players are coming up with multiple strategies.
According to Market Research Future, the global market for honeycomb packaging that showed a significant valuation in past years is now expected to reach more in billions by the end of 2024. On this basis, this market is estimated to expand at 6% CAGR during the forecast tenure to 2023.
Honeycomb structures occur naturally or are manufactured having the geometry like a honeycomb. Honeycombs are used between two thin sheets to make materials for honeycomb packaging. Honeycomb material used in packaging helps in reducing density and therefore, increases shear and compression properties, which in turn, enables in minimizing the material usage and maximizes strength. Honeycomb packaging is considered 100% eco-friendly, lightweight, shock absorbent, and remains with the same dimensions with temperature variations. It provides advantages such as easy handling and transportation, easy disposal, and low cost.
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Key Players
The key players of the global honeycomb packaging market are BASF SE (Germany), ACH Foam Technologies (U.S), DS Smith plc (U.K), HUHTAMAKI GROUP. (Mexico), Lsquare Eco-Products Pvt. Ltd. (India), Packaging Corporation of America (U.S), Sealed Air Corporation (U.S), Sonoco Products Company (U.S), Smurfit Kappa Group plc (Ireland) and WestRock Company. (U.S).
Industry News
19 March 2019: Sleeve packs made using EconCore’s honeycomb technology that has set a new performance standard for the packaging industry. The test was carried out by an independent packaging institute by ISO 844 guidelines, analyzed the maximum compressive loading capacity of reusable sleeve packs made using honeycomb core materials and various other core structures generally referred to as cup-shaped core structures. All packaging products tested had a panel weight of 3000 g/m², same dimensions in height, width, and depth and were preconditioned for 24 hours.
Global Honey packaging Market Drivers & Trends
Due to rapid urbanization and high penetration of end-user industries globally has created lucrative opportunities for the global players in honey packaging market to innovate more, which will take the global honey packaging market to rise high in the years to come.
In recent time, there has been an immense increase in the transportation of goods globally in the past few years, which has evolved the increasing demand for various packaging solutions. Out of many, honeycomb packaging stands out efficiently, owing to its environment-friendly nature and its sustainability option for various packaging goods. Thus, it is probable that honeycomb packaging will substitute other packaging types such as thermocol, foam, mineral wool, bubble wrap, particleboards, and wood in the coming years.
On the same part, the higher significance of honeycomb packaging in a wide range of end-users industries will also grow the honeycomb packaging market profoundly. The end-user industries such as food and beverages, automotive goods, consumer goods, and many others require better and protective packaging solutions, and this has created high demand for honeycomb packaging. In addition, the rising use of e-commerce has created high demand packaged goods, which will significantly increase the need for honeycomb packaging. These are some of the critical factors that are steadily supporting the honeycomb packaging to rise enormously in the coming years.
Furthermore, as honeycomb packaging is lightweight, shock absorbent, easy to handle, and does not get affected under any temperature variations, the usage of honeycomb packaging are more regular in the current time. The best factor such as low packaging cost and easy to dispose of are popularising honeycomb packaging that will boost the scope of the market. Thus, with multiple advantages, the global honeycomb packaging market will flourish in the next few years.
In the latest scenario, governments in various countries are imposing strict regulation on the use of plastic and aluminum packing solutions as these are not environment-friendly and are highly responsible for increasing pollution in the environment. With less existence of alternative for packaging solutions, the global honeycomb packaging market will flourish in the coming few years.
Global Honey packaging Market Segmentation
In the reports of MRFR, the global honeycomb packaging market has been segmented by packaging type, end-use industry, and regionally.
By the mode of packaging type, it has been segmented as exterior packaging, interior packaging, pallets, and others. Among them, exterior packaging is the largest packaging type segment in the market as it provides enhanced safety in product transportation and is easy to handle.
By the mode of end-user industry, the market is segmented as automotive, consumer goods, food and beverages, furniture, industrial goods, and others. As it is trusted that protective packaging is an integral part of the goods supply chain, here honeycomb packaging is considered to be the most effective method for packing large products and automotive parts with enhanced safety.
Regional Outlook: Global Honey packaging Market
In the reports of MRFR, regionally the honeycomb market has covered the major regions of North America, Asia Pacific, Europe, and the rest of the world.
Among them, North America accounted for the highest market share in terms of revenue in the global honeycomb packaging market in 2016. However, stringent regulations in the U.S. by regulatory bodies on environmental effects of packaging waste has led to increasing demand for eco-friendly packaging materials which gave rise to the usage of honeycomb packaging for all packing needs. Also, there is a significant demand for honeycomb packaging from the automotive sector. Consequently, the growing automotive industry and e-Commerce are driving the growth of the honeycomb packaging market in this region.
In the Asia Pacific region, the honeycomb packaging market is proliferating owing to mounting demand from various consumer goods, automotive, furniture, and e-Commerce. This, in turn, is expected to drive the growth of the honeycomb packaging market in the region. Further, fuelling the growth of e-Commerce sector has also augmented the growth of the honeycomb packaging market.
About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Organization: Market Research Future
Phone: +1646 845 9312
Website: https://www.marketresearchfuture.com/reports/honeycomb-packaging-market-4868
Source: MarketersMedia
Release ID: 512977
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