The global honeycomb packaging market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing applications of honeycomb packaging in various industries and growing demand for environment friendly, lightweight and low cost packaging across the globe, acting as some of the major factors driving the market growth.
Rising trend of using lightweight packaging materials gaining momentum. There is an increased focus on using lightweight packaging and reducing the cost. Thus, lightweight container board was developed to reduced weight, shipping cost. Moreover, high demand for sustainable products for packaging is driving the honeycomb packaging market. Growing e-commerce and manufacturing sectors which rely on the safe transportation of products fueling the target market. The global market report has been segmented on the basis of packaging type, end-use and region.
On the basis of packaging type, the target market is segmented into exterior packaging, interior packaging, pallets and others. Rising need for boxes, containers and cartons, continuous demand from end-use industries such as automotive, furniture, and consumer goods and it provides enhanced safety in product transportation and is easy to handle.
On the basis of end-use, the target market is segmented into automotive, consumer goods, food & beverages, furniture, industrial goods and others. Honeycomb packaging is the effective method for packaging bulky products and automotive parts, as it offers enhanced safety.
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Based on the region the honeycomb packaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is estimated to be highest share in terms of revenue over the forecast period, owing to growing use of honeycomb packaging for transportation, strong growth in e-commerce and environment friendly. In addition, low cost packaging factor can drive the market towards growth. Increasing purchasing power coupled with growing applications across various industries such as food & beverages, electronic goods are some of the major factors which are expected to contribute a major share in the overall market.
Key players operating in the global honeycomb packaging market include Nefab Group, Axxor, Packaging Corporation of America, Cascades, Complete Packaging Solutions, Multi-Wall Packaging, Rebul Custom Packaging and Others.