Global Honeycomb Packaging Market 2017-2021
About Honeycomb Packaging
Honeycomb packaging is a type of protective packaging used for protecting products during transportation and handling. This packaging is generally made from either plastic or paperboard. Honeycomb packaging can be used as edge protectors, die-cuts, and packaging dividers. The following exhibit shows some of the advantages of honeycomb packaging. In general, honeycomb packaging is made by joining two plain sheets, wherein the middle surface is a continuous series of hexagonal cells. Hence, it is sometimes also called hexacomb.
Technavio’s analysts forecast the global honeycomb packaging marketto grow at a CAGR of 5.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global honeycomb packaging market for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through sales of various packaging types of honeycomb packaging such as interior packaging, exterior packaging, pallets packaging and others packaging. The others packaging includes honeycomb packaging dividers, cushioning materials and as a base for carton pallets.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Honeycomb Packaging Market 2017-2021
Technavio recognizes the following companies as the key players in the global honeycomb packaging market: DS Smith, Smurfit Kappa Group, Packaging Corporation of America, and Cascades
Other Prominent Vendors in the market are: Axxor, Complete Packaging Systems, Corint Group, Creopack, Honicel, Lsquare Eco-Products, Multi-Wall Packaging, and PREMIER PACKAGING PRODUCTS
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising trend of using lightweight packaging materials. There is an increased focus on using lightweight packaging to reduce the weight of packaging. This is done to use less packaging material and reduce the cost. Hence, lightweight container board was developed. Due to reduced weight, the shipping cost is also reduced. This is because generally shipping services providers charge companies according to the weight of the package.”
According to the report, one of the major drivers for this market is Growing automotive market in emerging economies. Honeycomb packaging is used in the automotive market to pack automotive parts. The global automotive industry is expected to grow on the backdrop of the rising demand from the emerging markets, such as China and India. Compared with the mature markets, India and China have a low vehicle penetration. For example, in India, about 15-25 people owned vehicles per 1,000 people, and in China, around 100-110 people per 1,000 people owned vehicles in 2016. On the other hand, the number in the US was more than 800 people per 1,000 people in 2016.
Further, the report states that one of the major factors hindering the growth of this market is Rising prices of raw material. In general, a major part of honeycomb packaging is made of paperboard. This employs substantial use of wood pulp as a raw material for making paperboard. In 2015, the global wood pulp prices reached a peak compared with the previous 30 to 40 years. These increased prices of wood pulp led to a rise in the production cost incurred by the packaging companies, including the companies in the global honeycomb packaging market. The high prices of wood pulp are expected to increase at an average annual rate of around 0.5% to 1.5% during the forecast period.
DS Smith, Smurfit Kappa Group, Packaging Corporation of America, Cascades, Axxor, Complete Packaging Systems, Corint Group, Creopack, Honicel, Lsquare Eco-Products, Multi-Wall Packaging, and PREMIER PACKAGING PRODUCTS
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