NEWARK, Del, June 27, 2024 (GLOBE NEWSWIRE) -- The honeycomb packing paper market is witnessing expansion at a CAGR of 4.3%, reaching a valuation of USD 149.3 million in 2024. The industry is likely to cross USD 227.5 million by 2034. The increased online sales and innovations have brought lucrative opportunities in the global market. Consumers are looking forward to convenient, water-resistant, and moisture-resistant packaging, increasing the demand for honeycomb wrapping paper.
The demand for honeycomb packing paper has surged due to the increasing incidents of product damage and wastage during transit. Such robust packaging solutions have become essential to ensure the safe transportation of valuable items such as heavy consumer electronics, industrial machinery, glass products, and other sensitive equipment. As products become more valuable and the consequences of damage more costly, the need for reliable and durable packaging solutions like the honeycomb packing paper market develops.
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The honeycomb packing paper market is particularly advantageous due to its lightweight yet strong structure, which provides excellent cushioning and shock absorption. Such initiatives make honeycomb paper ideal for protecting heavy and delicate items during shipping. The hexagonal cells in honeycomb wrapping paper distribute weight evenly and absorb impact, reducing the risk of damage significantly. Such innovative design is crucial for industries where the integrity of the product is paramount, such as electronics and machinery.
The rise of the e-commerce sector has further amplified the demand for honeycomb packing paper. With the proliferation of online shopping, the volume of products being shipped has increased exponentially. Consumers now expect fast and reliable delivery of their purchases, which necessitates the use of packaging that can withstand the rigors of transportation. E-commerce companies prioritize reducing return rates due to damaged goods, making honeycomb wrapping an attractive option due to its superior protective qualities.
The decline in footfall at traditional retail outlets has shifted the focus towards direct-to-consumer shipping, further boosting the need for robust packaging solutions. Retailers and manufacturers are now more reliant on effective packaging to ensure their products reach consumers in perfect condition, reinforcing the demand for honeycomb packaging paper.
“The increasing demand for honeycomb packing paper is driven by transit product protection, e-commerce growth, decline in physical retail, and the push for sustainable packaging solutions. As businesses prioritize product protection and environmental responsibility, honeycomb packaging is expected to gain popularity.” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Honeycomb Packing Paper Market:
- Unbleached honeycomb paper claims a significant revenue share of 59.8% in 2024.
- The demand for honeycomb packaging in the United States is predicted to exhibit a CAGR of 2.7% by 2034.
- In 2024, the wrapping with honeycomb paper dominated the market with revenue share of 47.8%.
- The honeycomb packing paper industry in the China is anticipated to see a CAGR of 5.8% from 2024 to 2034.
- The honeycomb packing sector in India is projected to showcase a CAGR of 6.3% through 2034.
Competitive Analysis of the Honeycomb Packing Paper Sector
The honeycomb packing paper market is a competitive and fragmented space with numerous companies struggling for market share. Leading manufacturers focus on product innovation, developing wrapping papers in various sizes and designs, and exploring new features like integrated portion control markings.
Market players adopt a multi-pronged approach, including strategic partnerships with retailers, online advertising campaigns, and continuous investment in research and development. Such approach helps expand product portfolios and solidify customer bases within the ever-evolving honeycomb packing paper market, benefiting consumers through continuous innovation and product development.
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Recent Industry Developments in the Honeycomb Packing Paper Sector
- In keeping with the packaging industry's rising emphasis on sustainability, Fourniture Industrie Service (FIS) created a sustainable bubble wrap composed of recycled kraft paper in February 2024. It is intended to provide lightweight, flexible protection for fragile objects.
- Packaging expert Canpac, situated in Ahmedabad, established a branch called Altpac in October 2023 that specializes in eco-friendly packaging for retail and e-commerce. The division will provide environmentally friendly substitutes, such as boxes, shopping bags, and eCommerce mailers. In order to guarantee operational effectiveness and brand consistency, Altpac will make use of Canpac's pan-Indian operations.
Key Players of the Honeycomb Packing Paper Industry
- EcoCushion Paper
- Ranpak Holdings Corp.
- Vérité Eco Packaging
- Primepac
- The Packaging Club
- CPS Paper Products
- BENZ Packaging
- Modepack d.o.o.
- Sealed Air Corporation
- Smurfit Kappa Group
- DS Smith
- Packaging Corporation of America
- Pratt Industries
- Mondi Group
- International Paper
- WestRock Company
- Ranpak Holdings Corp.
- Huhtamaki Oyj
Key Segments of the Honeycomb Packing Paper Industry
By Grade:
In terms of grade of paper, the industry is bifurcated into bleached and unbleached paper.
By Application:
In terms of application, the industry is segregated into cushioning, void fill, and wrapping.
By Thickness:
The industry is classified based on the thickness of paper, as up to 80 GSM, 80 to 100 GSM, and above 100 GSM.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
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Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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