honeycomb packaging, the global market is anticipated to attain a valuation of US$14.1 bn by 2024, according to estimation by Transparency Market Research (TMR).
What are the factors that will expectedly boost its demand across different end-use industries?
The rise of e-commerce has led to a substantial demand for honeycomb packaging solutions. The need for minimizing damage and wastage of products of varied sizes in transit has accentuated the demand for honeycomb packaging. Honeycomb packaging solution is remarkably durable and provides enhanced protection to bulky and expensive items, including heavy consumer electronics and industrial machinery. In addition, fragile goods such as glass items find suitable protection in honeycomb packaging. The rapid emergence of e-commerce has triggered the demand for ecological and robust packaging and in turn boosted the market.
Exterior packaging materials is the dominant segment in the honeycomb packaging market. They consist of outer containers and boxes, which are used to package products before they are shipped and transported. They usually cover the entire dimension of the product and provide ultra-light weight cushioning. According to TMR’s estimation, exterior packaging solutions will witness increased demand from major end-use industries such as automobiles, consumer goods, and luxury items. In addition, product types such as trays and layer pads are expected to gain traction in exterior packaging made up of honeycomb since they can provide enhanced cushioning to goods during shipment.
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What are the regions that will witness promising demand for honeycomb packaging?
North America market is a prominent segment and is forecast to witness steady demand for honeycomb packaging solutions. The region holds ample growth opportunities for companies manufacturing eco-friendly packaging solutions. Design innovations and advancements in material technology are the key factors expected to stimulate the demand for honeycomb packaging in regional market. Leading manufacturers have launched advanced honeycomb packaging solutions that enable multi-directional wrapping and secure fit for various fragile goods. The rising focus toward convenience and sustainability in external packaging is also expected to fuel the regional market.
Asia Pacific honeycomb market is also expected to witness an impressive growth over the forecast period. The significant demand for honeycomb packaging materials is driven by the growth in ecommerce industries, increased urbanization, and expansion of end-user industries in this region.