Market Highlights
The global honeycomb packaging market is expected to grow at ~ 6% CAGR during the forecast period.
Honeycomb packaging is made by conglutination of paper bands into series of hexagons that are similar to honeycomb structure, and are then sandwiched between two sheets. The properties of honeycomb packaging are low material consumption, low weight, difficult to deform, resistant to pressure, shock and bending, good cushioning performance, and recyclable. Increasing demand for lightweight, environment friendly, and low cost packaging by food and beverages, automotive, and other industries, is driving the growth of honeycomb packaging market.
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Honeycomb structures are naturally occurring or man-made and have the geometry of a honeycomb. These are used between two thin sheets to make materials for honeycomb packaging. Honeycomb structures aid the material used in packaging in reducing density and increasing shear and compression properties. This enables in minimizing the material usage and maximizes strength. Honeycomb packaging is 100% ecofriendly, lightweight, shock absorbent, and does not change in dimensions with temperature variations. It provides advantages such as easy handling and transportation, easy disposal, and low cost.
Increasing demand for sustainable packaging by various industries such as automotive, furniture, consumer goods, and others, is the major growth driver for honeycomb packaging. Furthermore, the growing demand for e-Commerce sector owing to increasing utilization of smart phones, is propelling the growth of packaging industry, which in turn has augmented the growth of honeycomb packaging. However, increasing demand for flexible packaging is the major challenge to honeycomb packaging market. Stringent government regulations by U.S. Environmental Protection Agency and other regulatory bodies on the recyclability and environment hazards of the material used in flexible packaging such as plastic and aluminum, is expected to boost growth of the honeycomb packaging market as honeycomb packaging is made from environment friendly material.
Market Dynamics
Increased demand for sustainable packaging by various industries, like automotive, furniture, consumer goods, and others, is a significant growth factor for honeycomb packaging. In addition, the rising demand for the e-commerce market, due to the increasing use of smartphones, is driving the growth of the packaging industry, which in turn has increased the growth of honeycomb packaging. However, the growing demand for flexible packaging is a significant obstacle for the honeycomb packaging industry. Stringent government regulations by U.S. Environmental Protection Agency and other regulatory bodies on the recyclability and environment risks of materials used in flexible packagings like plastics and aluminum are expected to fuel the growth of the honeycomb packaging industry as honeycomb packaging is made from environmentally friendly materials.
The global honeycomb packaging market is likely to see phenomenal growth during the forecast period. This is due to the strong demand from end-use Industries for the honeycomb packaging industry. The government has laid down regulations to minimize packaging waste, driving the market for environmentally friendly packaging materials such as honeycomb packaging. The substantial growth in e-commerce has also increased the growth of honeycomb packaging.
Market Segmentation
The global honeycomb packaging market has been segmented into packaging type and end-use.
Based on packaging type, the global honeycomb packaging market has been segmented into exterior packaging, interior packaging, pallets, and others. The exterior packaging segment is the largest packaging type as it provides enhanced safety in product transportation and is easy to handle.
Based on the end-use, the global honeycomb packaging market has been segmented into automotive, industrial goods, consumer goods, food and beverages, furniture, and others. Protective packaging is an essential part of the automotive supply chain. Honeycomb packaging is an effective method for bulky packaging products and automotive parts, as it offers enhanced safety.
Regional Analysis
Region-wise, the global honeycomb packaging market has been segmented into North America, Asia Pacific, Europe, and the Middle East Africa.
North America was the leading market with a market share of more than 35% in 2016, while the Asia Pacific is the fastest-growing market in the forecast period. This is due to the rising demand for packaging from the automotive and e-commerce sectors in emerging economies such as India and China.
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Key Players
The industry giants in 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).
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