Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Honeycomb Paper Market by Core Type (Expanded Paper Honeycomb, Expanded Paper Honeycomb Blocks Paper Honeycomb, Continuous Paper Honeycomb, Others), by Cell Size (Upto 10 mm, 10 to 30 mm, Above 30 mm), by End-use Industry (Home Decor, Transport and Logistics, Automotive, Building and Construction, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” The report indicates that the global market for honeycomb paper industry is expected to value at $11.0 billion by 2030. The market generated $6.5 billion in 2020 and is projected to display the fastest CAGR of 5.4% during the forecast period of 2021 to 2030.
Factors influencing the growth of the market:
The global honeycomb paper market is experiencing growth due to surge in usage of expanded paper honeycomb as an alternative to traditional filling materials like tube board, chipboard stripes, and solid fillings in partition walls and interior doors. However, inadequate processing performance of paper honeycomb restrains the application of honeycomb paper in specific end-use industries, which hinders the market growth. Nevertheless, paper honeycomb pallets are extensively utilized and highly favored for air shipments due to their lightweight nature and strong durability. This factor is estimated to offer remunerative growth opportunities to the market in future.
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The 10 to 30mm segment to rule the roost by 2030
On the basis of cell size, the 10 to 30 mm segment held the largest market share of nearly half of the global honeycomb paper market in 2020 and is expected to continue its supremacy throughout the forecast timeframe. Also, the same segment is estimated to display the fastest CAGR of 5.6% during the forecast period. Surging population along with swift urbanization has accelerated the expansion of the building and construction industry among both developed and developing countries where honeycomb paper with cell size of 10 mm to 30 mm is utilized for producing cores of different interior doors.
The home décor segment to grab the dominant share
By end-use industry, the home décor segment grabbed the largest market share if more than two-fifths of the total market revenue in 2020 and is projected to retain its dominant share by 2030. The same segment is expected to showcase the fastest growth with 5.8% CAGR throughout the forecast timeframe. The growth is attributed to the fact that paper honeycomb core is highly adopted for comprehensive home décor applications like interior furniture products and interior doors.
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Asia-Pacific, followed by Europe and North America eld the major share in 2020
Under the region category, Asia-Pacific, followed by Europe and North America, gained the largest market share in 2020, accounting for more than two-fifths of the total market share. The same region is expected to showcase the fastest growth with 6.2% from 2021 to 2030. The superior strength ratio of honeycomb core materials positions them as an excellent alternative to conventional chipboard strips and tube boards for home décor applications. The home decor industry in the Asia-Pacific region is gaining momentum due to surge in adoption and demand of sustainable products.
Leading market players:
- YOJ Pack-Kraft
- Schütz GmbH & Co. KGaA
- Crown Holdings Inc.
- Axxor
- MAC PACK
- Helios Packaging
- EcoGlobe Packaging Private Limited
- Honicel Nederland B.V.
- Greencore Packaging
- Lsquare Eco Products Pvt. Ltd.
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