Honeycomb packaging Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The honeycomb packaging market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $13.67 billion in 2024 at a compound annual growth rate (CAGR) of 5%. The growth in the historic period can be attributed to increasing demand for sustainable and eco-friendly packaging solutions, growth of e-commerce and online retail sectors, expansion of the electronics and automotive industries, preference for lightweight yet strong packaging materials, rising awareness about the benefits of recyclable packaging, adoption in food and beverage packaging for protection and insulation, expansion of the logistics and transportation sectors.
The honeycomb packaging market size is expected to see strong growth in the next few years. It will grow to $16.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to the continuation of the trend towards sustainable packaging options, growth of the pharmaceutical and healthcare industries, expansion of the construction and building materials sector, increasing regulations promoting environmentally friendly packaging, demand for protective and cushioning packaging solutions, focus on reducing packaging waste and carbon footprint, adoption in the furniture and home goods packaging. Major trends in the forecast period include the integration of advanced manufacturing techniques, development of recyclable materials, collaboration between manufacturers and end-users, expansion for product protection, adoption of automation and robotics, and integration of smart packaging features.
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Scope Of Honeycomb packaging Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Honeycomb packaging Market Overview
Market Drivers –
Growing e-commerce sales are expected to drive the honeycomb packaging market going forward. E-commerce sales refer to the purchase and sale of goods or services over the Internet using online platforms or websites. The e-commerce sector is growing due to several factors, including increased demand for convenience in shopping, the increased proliferation of smartphones and the Internet, and its global accessibility. Honeycomb packaging provides robust protection for products during transit, and it is also lightweight yet durable, making it ideal for e-commerce shipments. Moreover, honeycomb packaging is developed to maximize space efficiency, optimizing storage and transportation capacities for e-commerce shipments. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, e-commerce revenues in the UK are expected to have an annual average growth rate of 12.6% by 2025. As of January 2021, consumer e-commerce accounted for 36.3% of the UK’s overall retail industry, with e-commerce revenue expected to reach $285.60 billion by 2025. Therefore, the growing e-commerce sales are driving the growth of the honeycomb packaging market.
Market Trends –
Major companies operating in indoor location markets are developing innovative products such as ArcGIS Indoor Positioning System (IPS) to mark a competitive edge in the market. The ArcGIS Indoor Positioning System (IPS) is a sophisticated technology that enables real-time indoor location services within buildings. For instance, in July 2022, Esri, a US-based software company, developed the ArcGIS Indoor Positioning System (IPS) to provide real-time indoor location services through Esri’s ArcGIS Indoors mobile application and custom apps built with the ArcGIS Runtime software development kit (SDKs). Using Bluetooth beacons installed inside buildings, the ArcGIS IPS collects radio signals to locate user mobile devices, displaying their location as a blue dot on the map. This technology enhances indoor wayfinding, provides location information data capture and analytics for GIS teams, facility managers, and executives, and supports managing flexible seating arrangements and ensuring safety for in-person workers within hybrid workplace models.
The honeycomb packaging market covered in this report is segmented –
1) By Material Type: Paper-based Honeycomb Packaging, Plastic-based Honeycomb Packaging, Aluminum-based Honeycomb Packaging
2) By Packaging Type: Boxes and Cartons, Pallets and Pads, Interior Packaging, Other Packaging Types
3) By Application: Automotive Packaging, Consumer Goods Packaging, Food and Beverage Packaging, Industrial Packaging, Other Applications
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Regional Insights –
North America was the largest region in the honeycomb packaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the honeycomb packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the honeycomb packaging market are BASF SE, WestRock Company, DS Smith plc, Packaging Corporation of America, Sonoco Products Company, Sealed Air Corporation, Huhtamaki PPL Limited, Flexi-Hex, Smurfit Kappa Group plc, Signode Industries Inc., Eco-Products Pvt. Ltd., ACH Foam Technologies Inc., Axxor Group, Cascades Inc., Nordgrens Emballage FABrik Group, Premier Packaging Products Pvt. Ltd., Macpac Industries Private Limited, IPC Industrial Packaging Corp., Lsquare Eco Products Pvt. Ltd., Eltete TPM Ltd., Pheng Hoon Honeycomb Paper Products Pte. Ltd., Honeycomb Cellpack A/S, Nubold Group Ltd., American Containers Inc., Corint Group Inc., Honicel Nederland BV
Table of Contents
- Executive Summary
- Honeycomb packaging Market Report Structure
- Honeycomb packaging Market Trends And Strategies
- Honeycomb packaging Market – Macro Economic Scenario
- Honeycomb packaging Market Size And Growth
…..
- Honeycomb packaging Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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