The global honeycomb packaging market is witnessing intense competition among the players. This market is expected to witness high growth with various small and medium players challenging the eminent players present in the market. In order to gain competitive edge, the leading players are coming up with various strategies. For instance, they are investing in research and development activities to enhance their product quality to attract customers. Some of the prominent players in the global honeycomb packaging market are Smurfit Kappa Group, Sonoco Products Company, ACH Foam Technologies, Inc., Corporation of America, and Sealed Air Corporation.
According to TMR, the global market for honeycomb packaging that showed a valuation of US$8.6 bn in 2015 is expected to reach US$14.1 bn by the end of 2024. This market is estimated to expand at 5.7% CAGR during the forecast tenure starting from 2016 to 2024.
According to TMR, the exterior packaging segment under the packaging category will dominate the market during the course of eight years. As exterior packaging offers different types of packaging, therefore, its dominance is justified. As per the regional growth, the global honeycomb packaging market is leading in North America. Rapid urbanization and high penetration of end-user industries in Asia Pacific created lucrative opportunities for the global players.
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Rise in Environment Friendly Packaging to Accelerate Market
Globally, the transportation of goods has increased largely in past few years, increasing the demand for various packaging solutions. Honeycomb packaging stands out, due to its environment friendly nature and because it is a sustainable option for packaging various goods. Thus, it is anticipated that honeycomb packaging will replace other packaging solutions such as EPE, rock wool, thermocol, EP foam, mineral wool, bubble wrap, particleboards, PUF, MDF, and wood in coming years.