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The honeycomb packaging market share is expected to increase by USD 689.62 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.56%.
This honeycomb packaging market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers honeycomb packaging market segmentation by type (interior packaging, exterior packaging, pallets packaging, and others), material (paperboard and plastic), and geography (North America, APAC, Europe, MEA, and South America). The honeycomb packaging market report also offers information on several market vendors, including American Containers Inc., Cascades Inc., Corint Group, DS Smith Plc, Honicel Nederland BV, IPC Industrial Packaging Corp., Packaging Corp. of America, Smurfit Kappa Group Plc, Taylor Packaging Ltd., and YOJ pack-kraft among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing automotive market in emerging economies is notably driving the honeycomb packaging market growth, although factors such as rising prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the honeycomb packaging industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Honeycomb Packaging Market Driver
The growing automotive market in emerging economies is notably driving the honeycomb packaging market growth. 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 emerging markets, such as China and India. Compared with the mature markets, India and China have a low vehicle penetration. As the middle-class population grows and increases in disposable income, the sales of the automotive industry are expected to rise as one of the aspirations of the middle-class population is owning a car. Global automotive production is estimated to increase during the forecast period. As the market for the automotive industry grows, OEMs will increase the production of automotive parts that are used in the final automotive vehicle. Thus, the increasing demand for honeycomb packaging needed to pack automotive parts will drive the global honeycomb packaging market.
Key Honeycomb Packaging Market Trend
The rising e-commerce sales is the key market trend driving the honeycomb packaging market growth. In the e-commerce sector, the products being sold must be securely packed. Otherwise, they may get damaged while they are being shipped or transported across long distances. This may increase the chances of consumers not opting for the same supplier again by 50%. Hence, e-commerce players use protective packaging, such as honeycomb packaging. In addition, the consumers may use the Internet to publicly show their dissatisfaction with the experience with the supplier. This may create a negative image of the supplier in public. Even if a consumer returns the damaged product, the company must bear the additional cost. Therefore, it is essential for e-commerce companies to invest in quality packaging to protect their products. At present, the use of the Internet is extensive. This has contributed to the growth of the e-commerce industry during the past few years. The industry is expected to continue to grow during the forecast period. The growing e-commerce sales will increase the need for honeycomb packaging, thereby fueling the growth of the global honeycomb packaging market.
Key Honeycomb Packaging Market Challenge
The rising prices of raw materials is the key challenge impeding the honeycomb packaging market growth. 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. 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. Several factors that contribute to the rise in the wood pulp prices are mentioned in the exhibit below: Increased demand for wood pulp due to rising economies across the world Increased construction activities Increased industrial activities Rise in the supply chain input cost The rise in the prices of packaging materials will increase the prices of production for companies in the global honeycomb packaging market and will, therefore, prove challenging for the companies to balance this rise.
This honeycomb packaging market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global honeycomb packaging market as a part of the global metal and glass containers market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the honeycomb packaging market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the honeycomb packaging market encompasses successful business strategies deployed by the key vendors. The honeycomb packaging market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The honeycomb packaging market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the honeycomb packaging market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Material
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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