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Honeycomb Packaging Market Revenue and Increasing Opportunity Towards 2026 | Packaging Corporation of America, Sealed Air Corporation, Sonoco Products Company, Smurfit Kappa Group

07-21-2021 12:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Worldwide Market Reports

Honeycomb Packaging Market Revenue and Increasing Opportunity

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.

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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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.

Key Players Operating in this Market are as Follows:
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.

Regional Analysis of Honeycomb Packing Market 2020 to 2027;
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.

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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 packaging type of the global honeycomb packaging market. This is due to growing e-Commerce sector, which requires shipping without damaging the products. Honeycomb packaging is preferred for exterior packaging owing to its properties such as lightweight, strength, vibration and shock absorption, dimension stability, and stability over a wide range of temperature change.

• 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. Unlike wood, honeycomb packaging does not require export certification. This makes honeycomb packaging an easy shipping solution for automotive parts.

• 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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About Worldwide Market Reports:
Worldwide Market Reports is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Worldwide Market Reports
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