The global honeycomb packaging market was valued at US$ 9.64 Bn in 2016 and is expected to reach US$ 16.95 Bn by 2025, registering a CAGR of 6.5% over the forecast period (2017–2025) according to a Honeycomb Packaging Market, 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). Honeycomb packaging is designed using honeycomb structures. The material is conglutinated using glue water into numerous hexagons, which are sandwiched by sheets to form honeycomb packaging material. Honeycomb packaging is 100% recyclable and is made from recycled paper. Stringent government regulation on packaging waste such as the European Packaging and Packaging Waste directive 94/62/EC which is concerned with managing packaging and packaging waste to reduce or prevent environmental impact of packaging is a factor leading to increasing demand for environment friendly packaging. The properties of honeycomb packaging such as lightweight, eco-friendly, and others makes it a sustainable packaging option. Stringent regulations for environment friendly packaging, increasing demand for lightweight packaging, and growing e-commerce sector are factors propelling growth of the honeycomb packaging market.
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Key Trends and Analysis of the Honeycomb Packaging Market:
The exterior packaging segment accounted for the highest market share in 2016, owing to significant growth of the e-Commerce sector that provides safe shipping without damaging the products. Furthermore, honeycomb packaging offers properties such as lightweight, strength, vibration and shock absorption, dimension stability, and stability over a wide range of temperature change. Such properties are preferred for exterior packaging.
Among end-use industry, automotive segment accounted for the dominant position in 2016 and is expected to maintain its dominance over the forecast period. Honeycomb packaging is used for protective packaging of brakes, steering, climate and audio components, gearboxes, wheels, and other automotive components. Furthermore, it does not require export certification like wood, which provides honeycomb packaging as an easy shipping solution for automotive parts.
Key Takeaways of the Market:
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