LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global honeycomb paperboard packaging market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Honeycomb Paperboard Packaging Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The vast advantages provided by honeycomb paperboard products such as light weight, high strength, renewable raw material, and cushioning, make them an ideal substitute for other packaging products such as expanded polystyrene (EPS) and corrugated boxes. Honeycomb paperboards have 95% air and 5% material, resulting in lower cargo weight, less loading time, efficient transportation, and reduced cost when used. In fact, the use of honeycomb paperboard products can reduce the overall cost of packaging by 20%-30%.
Sharan Raj, a lead analyst at Technavio, specializing in research on packaging, says, “Since honeycomb paperboard is not a well-known packaging solution among consumers, vendors need to apply special sales force to sell their honeycomb paperboard products. Initially, this can result in extra cost but will give better return in the long run.”
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Based on packaging type, the report categorizes the global honeycomb paperboard packaging market into the following segments:
- Interior packaging
- Exterior packaging
- Other types
Global honeycomb paperboard packaging types market share 2015 (%)
The top three revenue generating segments for the global honeycomb paperboard packaging market are discussed below:
Honeycomb paperboard interior packaging
The global honeycomb paperboard interior packaging market is expected to post a CAGR of close to 6% during the forecast period. The segment has the highest growth rate among all segments. This is mainly because honeycomb paperboard is shock resistant, can be molded into any shape, and provides cushioning. The ease of molding it into any shape makes it very useful in packaging of products with different shapes. Honeycomb paperboard is mainly used in the interior packaging segment for the following applications:
- In-box packaging
- Void filling
Honeycomb paperboard exterior packaging
The global honeycomb paperboard exterior packaging market is expected to post a CAGR of nearly 6% during the forecast period. This is another major segment and had almost one-third of the market share in 2015. This segment has the second-highest growth rate owing to the use of honeycomb paperboard for exterior packaging of bulky products such as televisions, refrigerators, and drums.
“Its properties such as high weight-to-weight strength, shock absorption, high resistance to vertical compression make it ideal for its use in this segment,” Sharan.
Honeycomb paperboard is mainly used for the following purposes in this segment:
- Protective edge packaging
- Surface protection for bulky items
Honeycomb paperboard pallets
The global honeycomb paperboard pallets market is expected to post a CAGR of more than 5% during the forecast period.
Demand from logistics sector will be the key driver for the growth of the honeycomb paperboard pallets segment. The use of palletized storage and transportation is one of the key considerations in modern logistics as it enables operational efficiency in terms of material handling. The growing need for safe, efficient, and easier transportation solutions especially for end-user industries such as dairy, cement, retail, chemical, automobile, and food and beverage, is benefitting the pallet market significantly.
Honeycomb paperboard pallets will gain preference over pallets made of other material pallets such as wood and metal. This is because of the properties of high strength, durability, dimensional stability, and lighter weight of honeycomb paperboard. Honeycomb paperboard pallets can be 60% lighter than wood pallets.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Complete Packaging Solutions
- Dufaylite Developments
- HonECOre Paper Honeycomb Solutions
- Honeycomb Products Inc.
- Multi-Wall Packaging
- Rebul Custom Packaging
- Yoj Pack-Kraft
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