Honeycomb Packaging Market to Reach $14.1 Billion by 2024

 

According to a new research report available from Transparency Market Research (TMR), Albany, N.Y., USA, the global honeycomb packaging market is estimated to reach a value of $14.1 billion by the end of 2024 from $8.6 billion in 2015. During the forecast period of 2016 and 2024, the global market is estimated to show a rise of CAGR of 5.7%. Honeycomb packaging is a material consisting of kraft liner formed into continuous uniform hexagonal cells, "honeycomb."

Honeycomb is gradually replacing bubble wrap, EPE, thermocol, EP foam, mineral wool, particle boards, rock wool, PUF, MDF, and wood in various packaging solutions. Thus, the rising focus on making packaging materials suitable to the environment and sustainable is expected to work in favor of the global market. Honeycomb packaging is gaining a strong foothold in a range of end-user industries that are in constant need of protective packaging. The report suggests that the emergence of e-commerce industry and the subsequent demand for transport of goods has provided the global market a phenomenal boost. This demand is largely a result of a need to protect damage and waste of items being shipped during transit.

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On the basis of packaging, the global honeycomb packaging market is segmented into interior packaging, pallets, and exterior packaging. Out of these, the exterior packaging segment has been assessed to dominate the global market in the coming years. This segment is projected to expand at a CAGR of 5.5% over the forecast period as the demand for cartons, boxes, crates, and containers continues to be on the rise.

Geographically, the global honeycomb packaging market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The demand for honeycomb packaging is expected to be the highest in North America as the region is expected to acquire a share of 34.5% by the end of 2024. The rise of industries such as furniture, automotive, and consumer goods in the coming years is expected to fuel the demand for honeycomb packing across North America.

The demand for honeycomb packaging is attributable to the growing amount of damage and wastage to products that are in transit. The need to protect valuable products such as heavy consumer electronics, industrial machinery, glass items, and other equipment have generated a need for sustainable packaging. The expanding need for honeycomb packaging is also attributable to the emergence of e-commerce and the reducing footfall of retail outlets. This, in turn, has boosted the demand for transport, thereby creating a need for safe packaging methods.

Today, honeycomb packaging is replacing packaging with materials such as PUF, MDF, bubble wrap, EPE, EP foam, mineral wool, and particle boards, among others. Furthermore, demand foolproof packaging in industries such as furniture and automobiles is also anticipated to accelerate the progress of the global market. The need for environment-friendly packaging ideas has also been identified as a key factor promoting the growth of the global market.

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