The global honeycomb paperboard market size was USD 2020.40 million in 2021 and is expected to register a steady revenue CAGR of 1.50% during the forecast period. Key factors such as rapidly expanding e-commerce sector, rising sales of smartphones, automobiles, and consumer goods, high usage of honeycomb packaging to cater to rising plastic population, and growing adoption of sustainable living are expected to drive global market growth during the forecast period.
Honeycomb paperboard is a rugged, cost-effective, and custom-engineered kraft paper material with the same hexagonal structure as a real honeycomb core, providing strength and stability to the board. Honeycomb paperboard is 100% eco-friendly and recyclable and is widely used across various sectors such as automotive, furniture, door manufacturing, packaging production, and construction owing to its properties such as high strength-to-weight ratio, better shock, and vibration absorption, dimensional stability, cost-efficiency, and sustainability. Growing awareness about packaging wastage and importance of using eco-friendly materials among manufacturers and consumers, rapid urbanization, and rising purchasing power has resulted in increasing demand for high-quality honeycomb paper worldwide.
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Factors such as changing consumer preferences, growing need for effective and safe packaging solutions, rising awareness about the benefits of honeycomb paperboard, and increasing investments in developing advanced and long-lasting honeycomb packaging solutions are expected to drive global market between 2023 and 2028.
However, minimal breakage and folding resistance and susceptibility to puncture, fluctuating prices of raw materials, and lack of skilled labor are expected to hamper global honeycomb paperboard market growth to a certain extent during the forecast period.
Expanded Paper Honeycomb Segment To Register Rapid Revenue CAGR:
The expanded paper honeycomb segment is expected to register rapid revenue CAGR over the forecast period. Factors such as owing demand for expanded paper honeycomb as core filling material due to high strength-to-weight ratio, dimensional stability and lightweight as compared to traditional filling materials, and high usage of expanded paper honeycomb in interior doors, furniture panels, partition walls and automotive components are expected to drive segment revenue growth during the forecast period.
Packaging Production Segment to Account for Largest Revenue Share:
The packaging production segment is expected to account for largest revenue share during the forecast period. This can be attributed to rapidly expanding e-commerce sector, increasing urbanization and spending capacity, and growing demand for sturdy, high specific strength and good insulation paperboard for packaging across various sectors, usage of eco-friendly honeycomb paperboard in packaging production to decrease packaging wastage.
Asia Pacific To Register Rapid Revenue Growth:
Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period. This can be attributed to factors such as rapid urbanization and industrialization, increasing demand for automobiles, smartphones, and furnishing across the region, growing demand for sustainable packaging across various sectors, and increasing investments in developing advanced and long-lasting honeycomb packaging solutions.
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Honeycomb Paperboard Market By Company:
QK Honeycomb Products
Shenzhen Prince New Materials
Honeycomb Paperboard Industry Recent Developments:
In February 2022, Antalis Packaging announced the launch of recyclable honeycomb protective shipping design as an alternative to wooden shipping crates, designed for a company that requested sustainable crates for transporting heavy and fragile goods overseas.
The global honeycomb paperboard market has been segmented based on type, application, and region:
Honeycomb Paperboard Market Segment by Type:
Continuous Paper Honeycomb
Blocks Paper Honeycomb
Expanded Paper Honeycomb
Honeycomb Paperboard Market Segment by Application:
Honeycomb Paperboard Market Segment by Region:
North America (USA, Canada, Mexico)
Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
South America (Brazil, Argentina, Columbia, Rest of South America)
Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
Estimates 2023 to 2028 honeycomb paperboard market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the honeycomb paperboard market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global honeycomb paperboard market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global honeycomb paperboard market?
What is the expected market size of the global honeycomb paperboard market between 2023 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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