Albany, NY -- (SBWIRE) -- 06/03/2019 -- Increasing need of safe transportation is driving the need for efficient packaging forms to ensure the product is delivered in its intact form to the end user. Honeycomb paperboard packaging provides the highest levels of protection mainly attributed to its cushion and shock absorbing properties which in turn minimizes the product damage. The improved stack ability and the optimization of load stability of the honeycomb paperboards makes them a popular choice across various verticals.
The global honeycomb paperboard packaging market is expected to expand at a healthy CAGR over the forecast period on the backdrop of growing automobile and furniture end use industries. Honeycomb paperboard packaging does not require an export certification which leads to hassle free shipping of the product further creating demand for the market.
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Honeycomb Paperboard Packaging Market: Market Dynamics
Rise of e commerce is boosting the demand of honeycomb paperboard packaging market globally due to an inevitable need of safe transit of products. The material used for the production of honeycomb paperboard is recyclable, thus a safe option for manufacturers considering the environment point of view. Honeycomb paperboard packaging is an ecological alternative to the traditional packaging or wrapping material. Honeycomb paperboard packaging also provides convenience to the manufacturers as it can be easily die cut, assembled, and fabricated. Anti-abrasive liners along with cohesive coating on the honeycomb paperboard packaging is a key trend prevailing in the global honeycomb paperboard packaging market. The rise of the flexible packaging types is one factor which is hampering the growth of the global honeycomb paperboard packaging market. The lightweight of the flexible packaging as compared to the honeycomb paperboard packaging is also one of the prime reason which is restraining the growth of the global honeycomb paperboard packaging market. Customization of the honeycomb paperboard packaging according to the needs of the end use customers is expected to create opportunities for the global honeycomb paperboard packaging market.
Honeycomb Paperboard Packaging Market: Market Segmentation
The global honeycomb paperboard packaging market is segmented on the basis of end use, packaging type and geography.
On the basis of end use, the global honeycomb paperboard packaging market is segmented into
- Other industrial and consumer goods
Automotive and Furniture industries have a major share in the global honeycomb paperboard packaging market.
On the basis of packaging type, the global honeycomb paperboard packaging market is segmented into
Among all the packaging types, cartons are the most preferred type of honeycomb paperboard packaging type.
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Honeycomb Paperboard Packaging Market: Regional Outlook
On the basis of geography, the global honeycomb paperboard market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is currently leading the global honeycomb paperboard packaging market due to a well-established automotive and furniture end use sectors. Asia Pacific is expected to witness steady growth over the forecast period due to rapid industrialization and flourishing economies such as India and China. In the nation like India, furniture is being delivered through e commerce which is a major growth driver. Latin America is expected to witness slow growth over the forecast period due to blocked integrations with the neighboring countries during the past decade. However, the region's automobile industry is recovering from the economic downturns which is expected to boost the sales of the honeycomb paperboard packaging market in the region. Europe is expected to witness moderate growth over the forecast period due to stiff competition from countries that have low production costs.
Honeycomb Paperboard Packaging Market: Key players
Some of the key players operating in the global honeycomb paperboard packaging market are Smurfit Kappa Group, Premier Packaging Products, Cascades Inc., Dufaylite Developments Ltd, Grigeo Klaip?da AB, Eltete TPM Ltd, Pheng Hoon Honeycomb Paper Products Pte Ltd, Eltete Middle East FZE, and Lsquare Eco-Products Pvt. Ltd.
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