Paper Honeycomb Market size crossed USD 4 billion in 2022 and is predicted to record over 4% CAGR from 2023 to 2032 owing to the growing consumer inclination towards sustainable biodegradable paper packaging by industries worldwide.
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Businesses are prioritizing sustainable innovations and emphasizing the implementation of smart solutions to the rising concerns regarding plastic waste and toxic construction materials by minimizing their dependency on plastics, favorably impacting the market growth. For instance, in June 2022, Godrej Appliances, a major Indian home appliance manufacturer, replaced thermocol with paper-based honeycomb (HC) packaging solutions in an effort to switch to eco-friendly packaging materials.
Moreover, paper honeycomb has the same impact as polystyrene in the building and packaging sector while being a recyclable material. Growing knowledge about product benefits is expected to boost its usage across the packaging industry, which is slated to fuel paper honeycomb market growth.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 4.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.4% |
| 2032 Value Projection: | USD 6.1 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 194 |
| Segments covered: | Application, End Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Consumers are the primary end market for the majority of packaging firms. The ongoing recession has resulted in a drastic shift in consumer behavior and purchasing power, which has impacted almost all businesses. Fluctuations in demand have increased the prices of raw materials, such as paper, which is projected to impede market development as manufacturers struggle to keep up with the inflationary environment. However, as the economy slowly recovers from the slowdown, the market is anticipated to gain momentum.
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The continuous unexpanded core segment held 82% of the paper honeycomb market share in 2022 and is estimated to witness steady progression through 2032 attributed to the economical and efficient uses of these cores in several packaging applications. In addition, the mounting demand for continuous unexpanded paper honeycomb material across the automotive sector for the packaging and shipping of automotive parts and its use in sandwich panels for construction and civil engineering applications is speculated to foster the segment outlook.
| Automotive | 12% |
|---|---|
| Building & Construction | 7% |
| Household Appliances | 18% |
| Furniture | 20% |
| Food & Beverages | 13% |
| Ceramics | 2% |
| Glass | 3% |
| Distribution | 7% |
| Electronics | 11% |
| Metal Mechanics | 3% |
| Others | 5% |
| Total | 100% |
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Based on application, the paper honeycomb market from the furniture segment is slated to depict more than 5% growth rate through 2032 owing to the increasing use of honeycomb composite materials in the furniture manufacturing industry in efforts to reduce wood usage and to improve the defects of wood-based panel deformation. Additionally, to provide sustainable and modern furnishing solutions, furniture makers are exploring stronger, lighter, and eco-friendly materials, which is likely to support segment expansion.
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Asia Pacific paper honeycomb market is set to surpass USD 2.5 billion by 2032 driven by the increasing product application in the expanding domestic building & construction sector. Furthermore, emerging premiumization trends and policy provisions are bolstering the development of APAC household appliances and consumer electronics industries. In January 2021, China's Ministry of Industry and Information Technology developed a plan for the country's electronic components industry over 2021-23 to achieve technological breakthroughs and reduce reliance on foreign high-end products. Thus, the soaring need for sustainable packaging in the electronics sector is set to fuel regional business forecasts.
Smurfit Kappa, Sunrise MFG Inc., IPC Industrial Packaging Corporation, Greencore Packaging, Honicel Netherland BV, DuPont, Honecore, Grigeo AB, Hexagonas Mexicanos, PCA Hexacomb, American Containers, and Hexcel Corporation are some major corporations operating in the paper honeycomb indumarketstry.
Stringent lockdowns implemented by governments across the globe as a result of the COVID-19 pandemic hampered regular business operations and disrupted supply chains, causing a shortage of raw materials and other resources, which negatively impacted the industry. Similarly, the growing inclination of consumers toward online shopping and home renovations during the pandemic is likely to aid the growth of the paper honeycomb business in the upcoming period.
By Application
By Region
