Global Honeycomb Packaging Market: Snapshot
The global market for honeycomb packaging is expected to expand at a considerable rate in the near future due to its growing demand across several industrial verticals. The increase application of honeycomb packaging and emphasis on environment-friendly packaging are two of the key drivers for te global honeycomb packaging market. As the demand for protective packaging grows in end-user industries such as consumer goods, automotive, and furniture among others, the honeycomb packaging market will witness significant expansion. In light of these reasons, the global honeycomb packaging market is expected to reach a valuation US$14.1 bn by the end of 2024 from US$8.6 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to expand at a CAGR of 5.7%.
Honeycomb is gradually replacing bubble wrap, EPE, thermocol, EP foam, mineral wool, particle boards, rock wool, PUF, MDF, and wood in various packaging solutions. Thus, the rising focus on making packaging materials suitable to the environment and sustainable is expected to work in favour of the global market. Honeycomb packaging is gaining a strong foothold in a range of end-user industries that are in constant need of protective packaging. The report suggests that the emergence of e-commerce industry and the subsequent demand for transport of goods has provided the global market a phenomenal boost. This demand is largely a result of a need to protect damage and waste of items being shipped during transit.
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North America to Remain Dominant as Industries Bounce Back
Geographically the global honeycomb packaging market is segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America led the pack in 2015 and is anticipated to have a steady growth rate over the forecast period. This is attributed to the large size of end-user industries in this region. Asia Pacific is also anticipated to register a significant growth rate in the coming years due to rapid urbanization and increased penetration of end-user industries in this region.
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