Honeycomb Packaging Market to grow at ~ 6% CAGR during the forecast period (2022-2030) – Report by Market Research Future (MRFR)

New York, Dec. 15, 2021 (GLOBE NEWSWIRE) — Honeycomb Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Honeycomb Packaging Market Report 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 2030”, the market is expected to grow at ~ 6% CAGR during the forecast period (2022-2030).

Eminent industry players profiled in the global honeycomb packaging market report include

• 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)
• WestRock Company (U.S)
• Among others.

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The global honeycomb packaging market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.

Advances in E-Commerce to Boost Honeycomb Packaging Market Growth 

Market Analysis

The global honeycomb packaging market will grow at a 6% CAGR by 2030, states the latest Market Research Future report.

Drivers 

Advances in E-Commerce to Boost Market Growth 

The various advances in the e-commerce sector will boost market growth over the forecast period. The emergence of various new e-commerce platforms which guarantee sound and safe delivery of products is a key trend in the modern times. The requirement for preventing damage of transported goods, items, and goods necessitates shock-proof packaging. As honeycomb packaging is a highly resistant type of packaging, its demand automatically is on the rise. E-commerce vendors offer the choice of returning products if the latter gets damaged, and vendors may suffer substantial losses for such events. Thus, these vendors utilized honeycomb packaging for minimizing the chances of goods being damaged at the time of transportation. 

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Opportunities 

Burgeoning Need for Consumer and Industrial Goods to offer Robust Opportunities 

The burgeoning need for consumer and industrial goods will offer robust opportunities for the market over the forecast period. The transport of industrial products is preceded via rigorous packaging logistics to ensure safe delivery of products. Honeycomb packaging has received approval from various industrial analysts to pack industrial items and goods. Thus the growth of the industrial sector will invariably bring in huge revenues into the honeycomb packaging market. Besides, consumer goods also undergo honeycomb packaging prior to getting transported which in turn boosts market growth. The presence of well-developed distribution networks for commercial and industrial goods will boost market growth. 

Besides, stringent government regulations via the US Environmental Protection Agency as well as other regulatory bodies on the environmental hazards and recyclability of the material used in flexible packaging like aluminum and plastic is also boosting market growth. Also, the increasing applications of honeycomb packaging for automotive and electronics products that have higher changes of damage at the time of transportation along with reducing footfall of retail outlets and emergence of e-commerce are also adding market growth. Honeycomb packaging are in high demand for its alluring features such as recyclable, good cushioning performance, shock and bending, resistant to pressure, difficult to deform, low weight, and low material consumption. 

Restraints 

Unpredictability of Raw Material Cost to act as Market Restraint 

The unpredictability of raw material cost may act as market restraint over the forecast period. 

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Challenges 

Growing Need for Flexible Packaging to act as Market Challenge 

The growing need for flexible packaging coupled with the impact of the COVID-19 outbreak may act as a market challenge in the forecast period. 

Market Segmentation 

The global honeycomb packaging market is bifurcated based on end use industry and packaging type. 

By packaging type, the exterior packaging segment will lead the market over the forecast period as this offers enhanced safety in the transportation as well as are easy to handle. 

By end use industry, the automotive segment will dominate the market over the forecast period. This is because protective packaging is a vital part of the auto supply chain. Honeycomb packaging is a highly effective method to pack bulky products and auto parts because this provides improved safety. 

Regional Analysis 

APAC to Spearhead Honeycomb Packaging Market 

The APAC region will spearhead the honeycomb packaging market over the forecast period. The growing need for automotive, consumer goods, and furniture, the presence of large size end-user industries in the region, rapid urbanization, increased penetration of end user industries, regulations related to reduce packaging wastage driving the need for eco-friendly packaging materials like honeycomb packaging, and growing need from e-commerce sectors in emerging economies like China & India are adding to the global honeycomb packaging market growth in the region. 

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North America to Have Favorable Growth in Honeycomb Packaging Market 

North America will have favorable growth in the honeycomb packaging market over the forecast period. Growing demand for such packaging from e-commerce and automotive sectors in emerging economies, the occurrence of major key players, various favorable initiatives by government agencies like US Environment Protection Agency (EPA) for reducing packaging wastage, the government setting regulations for reducing packaging wastage which in turn is driving the need for eco-friendly packaging materials like honeycomb packaging, and the booming e-commerce sector are adding to the global honeycomb packaging market growth in the region. 

Segmentation of Market covered in the research:

Honeycomb Packaging Market Report 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 2030

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Report Scope:

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