Newark, Feb. 13, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global paper honeycomb market is expected to grow from USD 7.67 Billion in 2023 to USD 13.06 Billion by 2033, at a CAGR of 5.46% during the forecast period 2024-2033.
This growth is attributed to honeycomb applications in various sectors. For instance, honeycomb panels are used as writing boards, stackers, partitions for portable cabins, sofas, etc. Many organizations make custom-made panels and furniture using honeycomb panels. Paper honeycomb frames are generally used for the safe and ecological transport of car parts like headlights, fenders, engines, etc., in scenarios where returnable packages are considered uneconomical.
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Competitive Strategy
To enhance their market position in the global Paper Honeycomb market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In June 2022: Axxor Group, a leading organization in producing paper honeycomb, decided to expand its production capacity in Pittsylvania County in the US to meet the demand from the packaging industry for sustainable materials that support growth in the e-commerce sector. All these factors help the organization gain market share.
Market Growth & Trends
Honeycomb paper products are broadly used in furniture for their lightweight and strength. This paperboard is a core object for tabletops, doors and other furniture. Honeycomb paper panels have applications for lightweight furniture like cabinets and bookshelves. Honeycomb paper products are also used in the construction sector for their insulation properties and lightweight. Honeycomb paper panels are generally used as core materials for lightweight building materials like partitions, doors and panels. This paper is also used as an insulation material for roofs and walls. It is in demand by many industrial sectors as it is economically priced and easily made. In the furniture sector, it is broadly used to manufacture wooden boards with a filling of paper honeycomb, decreasing the consumption of limited natural raw materials. It fixes and protects the furniture at the time of its transportation. It helps fill empty spaces in the packs of unassembled furniture. The paper pallets decrease the total weight of transported goods, which makes them easier to handle. Similarly, in the glass sector, honeycomb construction has been used for a long for fixing and reliably protecting delicate products. Paper honeycomb is the perfect material for protecting and fixing goods and materials at the time of transportation. Its compressive strength, high load capacity, and low weight have proven useful in many areas. It is useful not only in shipping but also in producing many lightweight materials, and it is also eco-friendly. The packaging sector broadly uses it because of its excellent cushioning products. All these factors will eventually drive the Paper Honeycomb market in the forecasting market.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.46% |
| 2033 Value Projection | USD 13.06 Billion |
| Market Size in 2023 | USD 7.67 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Core, Cell Size, End User, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Paper Honeycomb Market Growth Drivers | Growing use in home décor and construction sector |
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Key Findings
• In 2023, the continuous unexpanded core segment dominated the market with the largest market share of 79.61% and market revenue of USD 6.11 Billion.
The core segment is divided into Continuous unexpanded Core, Slices unexpanded and Pre-expanded sheets. In 2023, the continuous unexpanded core segment dominated the market with the largest market share of 79.61% and market revenue of USD 6.11 Billion. This high market share is attributed to its broad and efficient usage in the packaging and shipping automotive parts.
• In 2023, the 10 to 30 mm segment dominated the market with the largest market share of 45.62% and market revenue of USD 3.50 Billion.
The cell size segment is divided into upto 10 mm, 10 to 30 mm and above 30 mm. In 2023, the 10 to 30 mm segment dominated the market with the largest market share of 45.62% and market revenue of USD 3.50 Billion. It is also broadly used by the transport and logistics sector and automotive companies.
• In 2023, the home décor segment dominated the market with the largest market share of 43.45% and market revenue of USD 3.33 Billion.
The end user segment is divided into transport and logistics, home décor, automotive, building & construction and others. In 2023, the home décor segment dominated the market with the largest market share of 43.45% and market revenue of USD 3.33 Billion. Honeycomb core acts as a proper low-cost filling for the furniture sandwich panels.
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Regional Segment Analysis of the Paper Honeycomb Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Paper Honeycomb industry, with a market share of 40.23% and a market value of around USD 3.09 Billion in 2023. This market share is attributed to the large population and growing disposable income of the people in the region's emerging economies like China and India. It eventually created the demand for cost-effective and eco-friendly materials in several industries like furniture, packaging, automotive and construction. Europe is anticipated to have the highest growth rate as there is growing demand for lightweight and sustainable materials by several industries in the region.
Key players operating in the global Paper Honeycomb market are:
• Crown Holdings Inc.
• Lsquare Eco Products Pvt. Ltd.
• Axxor Group
• Greencore Paper Conversion Pvt. Ltd.
• YOJ Pack-Kraft
• Helios Packaging
• EcoGlobe Packaging Private Limited
• Schutz GmbH & Co. KGaA
• Honicel Nederland B.V.
• MAC PACK
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Paper Honeycomb market based on below mentioned segments:
Global Paper Honeycomb Market by Core:
• Continuous unexpanded Core
• Slices unexpanded
• Pre-expanded sheets
Global Paper Honeycomb Market by Cell Size:
• Upto 10 mm
• 10 to 30 mm
• Above 30 mm
Global Paper Honeycomb Market by End User:
• Transport and Logistics
• Home Décor
• Automotive
• Building & Construction
• Others
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About the report:
The global Paper Honeycomb market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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