• July 20, 2024

Global Honeycomb Paperboard Market Size, Share, Trends & Industry Growth Analysis Report to 2030

The global honeycomb paperboard market size was worth around USD 7.17 billion in 2022 and is predicted to grow to around USD 11.57 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.28% between 2023 and 2030.

Advanced material honeycomb paperboard is mostly used in the packaging industry. It is a robust material with a high compressional resistance in one direction. Among honeycomb paperboard’s primary characteristics are its light weight and sufficient durability to serve as an exterior layer of protection. It is also more appealing because it is thought of as an environmentally beneficial substitute for other packaging options.

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Overview of the Honeycomb Paperboard Market

Expanded polystyrene, foam packaging, thermoformed plastics, and other oil-based packaging materials are among the materials that the product is promoted as being among the greatest alternatives to. Honeycomb paperboard has a great strength-to-weight ratio and is available in different cell sizes to meet the needs of multiple end-user industries because of its hexagonal structure, also referred to as the core. A stretched honeycomb core part is covered with two liner papers to create the panel in these sophisticated materials. The fact that honeycomb paperboard will soon be able to replace wood as a packaging material while still weighing four to five times less than wood is one of its main selling points in the worldwide honeycomb paperboard industry.

Crucial Notes:

• According to our research analyst’s report, the global market for honeycomb paperboard is projected to expand at a compound annual growth rate (CAGR) of approximately 6.28% during the forecast period of 2023–2030.

• The global honeycomb paperboard market is expected to reach a valuation of around USD 11.57 billion by 2030, from a 2022 valuation of approximately USD 7.17 billion.

• The market for honeycomb paperboard is anticipated to expand significantly because of the rising need for lightweight packaging options.

➤ Growing consumer demand for lightweight packaging options will propel market expansion

The increasing need for lightweight packaging solutions across industries is predicted to fuel growth in the global honeycomb paperboard market. There has been an exponential expansion in the supply of all kinds of commodities, from smaller consumer devices to larger shipments meeting the needs of large-scale manufacturing facilities, with the rise in personal, industrial, and commercial consumerism. Studies show that there are 120 million new consumers recruited to the commercial world annually on average. Around 5.65 billion people are predicted to be consumers by 2030.

➤ The production of honeycomb paperboard is technically challenging, which limits market expansion

The main characteristics of the packing material—lightweightness and durability—come from the paperboard’s honeycomb structure. However, there are several technical obstacles in the way of achieving the structure. It’s also challenging to maintain quality control over the finished goods.

Although low-quality honeycomb paperboard may not meet expectations, its manufacturing costs are equal to those of its superior-grade competitors. Because of this, there are now fewer competitors in the market, which drives up the price of the product and deters many prospective end users from utilizing it as an efficient packaging option, hence slowing the growth of the worldwide honeycomb paperboard market.

➤ Increasing innovation and research to support further growth

Because major players are investing more in research and innovation, the honeycomb paperboard business may have more growth prospects. Antalis Packaging, a pioneer in smart packaging and services with headquarters in Europe, introduced a recyclable honeycomb cell design in 2022 that can replace hardwood shipping crates. When it comes to environmentally friendly packaging choices for bulky and fragile commodities that are traded internationally, this product represents a step forward.

➤ One of the biggest challenges facing suppliers of honeycomb paperboard is the existence of multiple alternatives.

Comparing the honeycomb paperboard sector to the established markets for other packaging technologies, the former is very young. This includes glass packaging, cardboard boxes, bubble wrap, plastic containers, and many more competitors. In 2018, the Environmental Protection Agency (EPA) of the United States reported that the production of plastic packaging and containers reached over 14 million tons. For over 19.2% of the world’s packaging need, rigid plastic is the answer, while flexible plastic takes care of 26.1%. The packaging industry’s rival categories may face obstacles to the worldwide market’s further progress due to their greater adoption rates.

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The Global Honeycomb Paperboard Market is segmented based on product, application and region

Global Honeycomb Paperboard Market: Product Segment Analysis

● Boxes

● Crates

● Cartons

● Containers

Global Honeycomb Paperboard Market: Application Segment Analysis

● Furniture

● Electronics

● Automotives

● Others

The global honeycomb paperboard market is led by players like:

● Helios Packaging

● Crown Holdings Inc.

● Schütz GmbH & Co. MAC PACK

● Axxor

● YOJ Pack-Kraft

● KGaA

● Honicel Nederland B.V.

● EcoGlobe Packaging Private Limited

● Lsquare Eco Products Pvt. Ltd.

● Greencore Packaging

➤ Asia-Pacific is expected to have the greatest CAGR in the next time frame

Due to the growth of the regional markets in China, India, South Korea, and other countries, the Asia-Pacific region is expected to lead the global honeycomb paperboard market during the forecast period. The region’s economy depends heavily on the expanding local and international shipping, with China being the top exporter of a number of commodities. The US Trade Representative has reported that trade between the US and China was valued at USD 615 billion in 2020, with nearly all of China’s exports being worth USD 450 billion. The figure demonstrates China’s hegemony in the global trade environment.

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Furthermore, a number of Asian nations are testing strategies to reduce the environmental impact of corporate activities, which eventually affects some of the major causes of environmental pollution, among which the packaging industry is one of the main industries. Because of this, a lot of businesses are choosing more environmentally friendly packaging solutions like honeycomb paperboard. Revenue from North America is anticipated to be substantial. The most likely driver of regional expansion will be the furniture manufacturing industry’s growing adoption.

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