Honeycomb Paperboard Market Size Report, Industry Share, Analysis, Growth, 2030

Honeycomb Paperboard Industry Prospective:

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.

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Honeycomb Paperboard Market: Overview

Honeycomb paperboard is an advanced material mainly catering to the packaging sector. It is a strong material and has a high unidirectional compressional resistance. Some of the main attributes of honeycomb paperboard include being lightweight but rugged enough to act as a protective outer covering. It is also considered as an environment-friendly alternative to other packaging solutions making it more desirable.

The product is marketed as one of the best substitutes for other oil-based packaging materials such as thermoformed plastics, expanded polystyrene, foam packaging, and others. Owing to the hexagonal structure which is also known as the core, honeycomb paperboard has an excellent strength-to-weight ratio and is available in various cell sizes to cater to the needs of several end-user industries. The panel in these advanced materials is achieved by applying two liner papers on a stretched honeycomb core section. A key selling point in the global honeycomb paperboard market is its ability to replace wood as a packaging product in the near future but still weighs 4 to 5 times less than wood.

Key Insights:

• As per the analysis shared by our research analyst, the global honeycomb paperboard market is estimated to grow annually at a CAGR of around 6.28% over the forecast period (2023-2030)
• In terms of revenue, the global honeycomb paperboard market size was valued at around USD 7.17 billion in 2022 and is predicted to grow to around USD 11.57 billion, by 2030.
• The honeycomb paperboard market is projected to grow at a significant rate due to the growing demand for lightweight packaging solutions
• Based on type segmentation, cartons were predicted to show maximum market share in the year 2022
• Based on end-use segmentation, furniture was the leading use in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Honeycomb Paperboard Market: Growth Drivers

Rising demand for lightweight packaging solutions to drive market growth

The global honeycomb paperboard market is expected to grow owing to the rising demand for lightweight packaging solutions across industries. With the increase in consumerism rate on personal, industrial, and commercial levels, there has been an exponential growth in terms of supply of all forms of goods ranging from smaller consumer electronics to larger shipments catering to the needs of large-scale manufacturing facilities. Research indicates that every year, an average of 120 million new consumers are added to the commercial world. The number of consumers by 2030 is expected to reach around 5.65 billion.

This has resulted in higher demand for innovative and efficient packaging solutions as it plays a key role in ensuring that product integrity is maintained from the moment it is shipped until it reaches the consumer. Suppliers are seeking measures to improve transporting and shipping efficiency by incorporating lightweight packaging options.

It results in improved logistics since the overall size and weight of the shipments can be reduced which impacts other associated factors such as lower fuel consumption, cost, and reduced emissions. Honeycomb paperboards are an ideal choice in such scenarios since while they are extremely protective of the stored item, they also weigh less, helping in reducing shipping costs.

Honeycomb Paperboard Market: Restraints

Technical difficulty in manufacturing honeycomb paperboard to restrict market expansion

The honeycomb structure of the paperboard is what provides the packaging material with its key attributes of lightweightness and durability. However, achieving the structure is plagued with technical difficulties. Additionally, controlling the quality of the final products is equally difficult to achieve.

Poor-grade honeycomb paperboard may fail to deliver as per expectations but costs as high as superior-grade counterparts during the manufacturing process. This has led to a limited number of players operating in the market which ultimately translates to a high cost of the product thus discouraging many potential final users from using the product as an effective packaging solution and impacting the global honeycomb paperboard market growth.

Honeycomb Paperboard Market: Opportunities

Growing research and innovation to assist in further expansion

The honeycomb paperboard industry may witness higher growth opportunities owing to the increasing research and innovation undertaken by key players. In 2022, Antalis Packaging, a Europe-based leader in the smart packaging and services industry, launched a honeycomb cell design that is easy to recycle and can be used as an alternative to wooden shipping crates. The product is a step forward in terms of sustainable packaging options for fragile and heavy goods that are traded in the international market.

Rising pressure to reduce the consumption of wooden crates may push for higher demand in the market

There is a growing segment of consumers working toward reducing the consumption of wooden crates as packaging material for large shipments due to several issues. In addition to being heavy, they are vulnerable to damage and tedious to manage. With an increase in the environment-consciousness of the end-consumers, they are willing to try and test other alternatives that provide the same efficiency as wooden crates but are easier to handle and have fewer repercussions on the environment. This could emerge as an excellent chance for the global honeycomb paperboard market players to expand business avenues.

Honeycomb Paperboard Market: Challenges

The presence of several alternatives is a crucial challenge for honeycomb paperboard suppliers

The industry for honeycomb paperboard is relatively new when compared to the already existing markets for other packaging solutions. This includes competition from plastic containers, cardboard boxes, glass packaging, bubble wrap, and many more. The United States Environmental Protection Agency (EPA) estimated that over 14 million tons of plastic packaging and containers were generated in 2018. Rigid plastic is the solution for almost 19.2% of global packaging demand and flexible plastic accounts for 26.1%. The higher adoption rate in competing segments of the packaging industry may challenge further expansion of the global market.

Honeycomb Paperboard Market: Segmentation

The global honeycomb paperboard market is segmented based on packaging type, end user, and region.

Based on packaging type, the global market segments are boxes, crates, cartons, and containers. The highest growth was observed in the crates segment followed by cartons in 2022 due to higher adoption of honeycomb paperboard as large packaging units similar to wooden crates.

The higher strength of honeycomb alternatives is the driving force for segmental expansion along with the growing need to reduce dependence on wooden crates as they are not the most effective solutions in accordance with the changing demand for the modern logistics and transportation industry. Currently, wooden crates are used to transport extremely heavy goods that weigh as high as 1365 kilos. However, honeycomb paper boards can also support such heavy weights while the packaging itself is lightweight. Thus helping in saving shipping costs.

Based on end use, the honeycomb paperboard industry segments are furniture, electronics, automobiles, and others. In 2022, furniture was the largest revenue shareholder in the segment. Honeycomb paperboards are used extensively to manufacture several furniture items such as shelves, panels, tabletops, and doors. Honeycomb paperboards promote environmental sustainability and furniture makers are leveraging this attribute to this advanced material. Increasing demand and consumption of modern furniture and manufacturing innovation are expected to drive segmental growth. The global furniture market is currently valued at USD 550 billion.

Honeycomb Paperboard Market: Report Scope

Honeycomb Paperboard Market: Regional Analysis

Asia-Pacific to register the highest CAGR during the coming period

The global honeycomb paperboard market will be led by Asia-Pacific during the forecast period as the regional markets of China, India, South Korea, and other nations are thriving. The growing international and domestic shipping with China acting as the leading exporter for several commodities is crucial to the regional revenue. As per reports by the United States Trade Representative, US and China trade was estimated at USD 615 billion in 2020 out of which almost all China exported goods and services worth USD 450 billion. The number is an indication of China’s dominance in the international commercial market.

Additionally, other Asian countries are experimenting with measures to limit the environmental impact of business operations which eventually impacts some of the crucial contributors to environmental pollution and the packaging industry is one of the leading sectors. This has resulted in many companies opting for more sustainable packaging options such as honeycomb paperboard. North America is expected to create significant revenue. Growing adoption in the furniture-making industry will be the most likely factor for regional expansion.

Honeycomb Paperboard Market: Competitive Analysis

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

The global honeycomb paperboard market is segmented as follows:

By Packaging Type

• Boxes
• Crates
• Cartons
• Containers

By End Use

• Furniture
• Electronics
• Automotives
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa