Honeycomb Packaging Market | Key players are ACH Foam Technologies, BASF SE, DS Smith Plc, Huhtamaki Group, Lsquare Eco-Products

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 growth of the honeycomb packaging market.

Market Dynamics

North America is accounted for the largest share of 34.79% in 2016 in the market. This is attributed to growing demand and government regulations for environment friendly packaging such as honeycomb. Asia Pacific is estimated to be the second largest and the fastest growing market over the forecast period due to rapid growth in automotive, industrial, and other sectors, especially in emerging economies such as India and China.

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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.

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.

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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