Honeycomb Packaging Market

Honeycomb Packaging Market, by
Packaging Type, End-use industry Trends, Forecast to 2025
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. Honeycomb structure aids 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 are the major growth drivers 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.
Increasing demand for flexible packaging is the major challenge to honeycomb
packaging market. Stringent government regulation 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 aluminium is expected to boost
growth of the honeycomb packaging market as honeycomb packaging is made from
environment friendly material.
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The honeycomb packaging market is segmented on the basis of packaging type as
exterior packaging, interior packaging, pallets, and others. Exterior packaging is the
largest packaging type segment in the market as it provides enhanced safety in product
transportation and is easy to handle.
The honeycomb packaging market is segmented on the basis of end-use industry as
automotive, consumer goods, food and beverages, furniture, industrial goods, and
others. Protective packaging is an important part of the automotive supply chain.
Honeycomb packaging is the effective method for packaging bulky products and
automotive parts as it offers enhanced safety.
North America was the dominant market with a market share of 34.79% in 2016. This is
attributed to various initiatives taken by government agencies such as US Environment
Protection Agency (EPA) to reduce packaging wastage. According to the United States
Environment Protection Agency (EPA), packaging materials form 23% of the landfills.
The government has set regulations to reduce packaging wastage and this is driving
demand for environment friendly packaging materials such as honeycomb packaging.
The significant growth in e-Commerce has also augmented growth of honeycomb
packaging For instance, according to the US Census Bureau, the e-Commerce sales
accounted for 7.3% of total sales among the sales through various distribution channels
such as retail, supermarkets and others in 2015 and increased to 8.1% in 2016.
Asia Pacific is the fastest growing market in the forecast period. This is attributed to
growing demand for packaging from automotive and e-Commerce sectors in emerging
economies such as India and China. For instances, according to Automotive Mission
Plan 2016–26 by Society of Indian Automobile Manufacturers (SIAM) and Indian
Government, the Indian automotive OEM market is expected to grow from 10% to 15%
to reach US$ 16.5 Bn by 2021 from US$ 7 Bn in 2016 and generate upto US$ 300 Bn in
annual revenue by 2026. According to India Brand Equity Foundation, the total online
spending by the consumers is estimated to increase by 31% Y-o-Y to reach US$ 135.8
Bn by 2018 and cross border shopping was valued at US$ 9.1 Bn in 2016 and is
estimated to increase by 85% Y-o-Y in 2017.
Honeycomb packaging market was valued at US$ 9.64 Bn in 2016 and is projected to
register a CAGR of 6.5% in terms of revenue, during 2017–02025.
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.
The honeycomb packaging market is highly competitive with the major market players
adopting various strategies such as merger and acquisitions, collaborations and new
product launches to gain an edge in the market. For instance, in April 2015, Smurfit
Kappa Benelux, which is a subsidiary of Smurfit Kappa, acquired Mexican and
European operations of Hexacomb, which is a subsidiary of Packaging Corporation of
America. Also, in March 2017, Automated Packaging Systems launched a new
AirPouch FastWrap, which is a cost effective packaging solution as compared to other
wrappings such as pre-filled and paper bundled bubble and foam sheeting.
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Honeycomb packaging market was valued at US$ 9.64 Bn in 2016 and is projected to register a CAGR of 6.5% in terms of revenue, during 2017–2025.

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