Honeycomb Paper Market Research, 2030
The global honeycomb paper market was valued at $6.5 billion in 2020, and is projected to reach $11.0 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.
Honeycomb is a type of structure that can be found in nature or is created artificially. Honeycomb paper is sandwiched between two thin sheets to create honeycomb packaging materials. Honeycomb paper panels, honeycomb paper core, honeycomb paper pallets, and honeycomb paper boards are a few products that are available in the market.
Expanded paper honeycomb (EPH) is a type of paper honeycomb that is expanded and de-moisturized and then cut to size pieces of paper honeycomb. This type of paper honeycomb is used as a core-filling material in applications such as interior doors, partition walls, and automotive components. Factors such as high pressure strength, improved deformation properties, and 100% recyclable, makes paper honeycomb a widely used product as a core material and a sandwich material between the facings of softwood, hardboard plywood, plasterboard, and others. Expanded paper honeycomb is a handy and cost-effective product used as a core filling material in interior doors. In addition, it can also be used as a core material for flat surfaced and molded interior doors. Use of expanded paper honeycomb as a substitute over traditional filling materials such as solid fillings, chipboard stripes and tube board in interior doors and partition walls, is driving its demand in the global market. In addition, block paper honeycombs are low-cost and versatile core materials that are used in applications such as doors, partition walls, and automotive. Deforming properties, high pressure strength, and ability to adapt to any shape makes block paper honeycomb viable to be used in diverse applications serving to building & construction, protective packaging, and transport & logistic end-use industries All these factors collectively surge the demand for honeycomb paper, thereby augmenting the global market growth.
However, minimal breakage resistance & folding resistance, susceptible to puncture, and poor processing performance of paper honeycomb paperboard limit the application of honeycomb paper in certain end-use industries, which is expected to hamper the market growth.
On the contrary, paper honeycomb pallets are a widely used and preferred product for air shipments owing to their low weight and durability. In addition, honeycomb paper pallets added with water resistance coatings can be used during sea shipments. Transport & logistic end-users require solid and high strength support material for increasing their storage capability and protective packaging during transportation. Moreover, reduced weight of packaging material further contributes toward increasing profit. Light weight and strength of honeycomb paper makes it viable to be used in the transport and logistical end-use industry. In addition, hygienic production process followed during production of honeycomb paper makes it ideal during transport and packaging of food and pharmaceutical products. Key-players in the honeycomb pallets market are engaged in the production of paper pallets for transport and logistics that are approved and designed by EURO standards, provide additional support that comes into play during forklifting of packed products, and ability to lift the packaged products in four ways. Transport & logistic end-use industry includes transport and shipment of electronic gadgets & products, automobile spare parts, and other industrial control units. Honeycomb paper edge protectors and corners are widely used to safeguard goods during transportation. This factor is anticipated to offer new growth opportunities during the forecast period.
The honeycomb paper market is segmented on the basis of core type, cell size, end-use industry, and region. On the basis of core type, the market is categorized into expanded paper honeycomb, blocks paper honeycomb, continuous paper honeycomb, and others. By cell size, the global honeycomb paper market is classified into up to 10mm, 10-30 mm, and above 30 mm. The end-use industries covered in the report include home decor, transport & logistics, automotive, building & construction, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Lsquare Eco-Products Pvt. Ltd. (Honecore), EcoGlobe Packaging Private Limited (EcoGlobe), Greencore Packaging, Crown Holdings Inc., Schütz GmbH & Co. KGaA, Honicel Nederland B.V., Axxor, YOJ Pack-Kraft (YOJ), Helios Packaging, and Macpack.
Source: AMR Analysis
The Asia-Pacific honeycomb paper market accounted for 43.2% of the market share in 2020, and is projected to grow at the highest CAGR of 6.2% during the forecast period. Paper honeycomb panels are used in home décor applications such as portable sofas and other furniture products. Strength-to-weight ratio and stiffness of paper honeycomb makes it an ideal product to be used in the home décor end-use industry. China home décor sector is gaining importance owing to rise in demand and adoption of eco-friendly products. In addition, key-players in the home décor industry are adopting innovative yet versatile products.
Source: AMR Analysis
In 2020, the continuous paper honeycomb core type was the largest revenue generator, and is anticipated to grow at a CAGR of 5.4% during the forecast period. Use of continuous paper honeycomb in automotive applications such as trunk plates and hat boards is the key market trend. In addition, it can also be used in applications such as desks, shelves, wardrobe sliding doors, cabinet carcass, and kitchen worktops drive the demand of the global market.
Source: AMR Analysis
The 10-30 mm cell size segment accounted for 47% of the market share in 2020, and is projected to grow at the highest CAGR of 5.6% during the forecast period. Honeycomb paper cell size ranging from 10 mm to 30 mm is used in doors lined with ply, high density fiberboard (HDF), flush, skin and sliding doors. Generally, standard cell size of 15 mm, 21 mm, and 28 mm are widely preferred by furniture manufacturers, architecture designers, transport & logistics industry, and automotive manufacturers.
Source: AMR Analysis
By end-use industry, the home decor end-use industry dominated the global market in 2020, and is anticipated to grow at a CAGR of 5.8% during the forecast period. Paper honeycomb core is widely adopted for wide home décor applications such as interior doors and interior furniture products is the key market trend. In addition, high strength ratio of honeycomb core materials make them an ideal substitute over other traditional chipboard strips and tube boards for home décor applications. Honeycomb core materials serve the purpose of low-cost and firm filling material for production of furniture sandwich panels and help to reduce the overall weight without compromising the aesthetic look and durability of the furniture.
IMPACT OF COVID-19 ON THE GLOBAL HONEYCOMB PAPER MARKET
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The honeycomb paper market has been negatively impacted due to the wake of COVID-19 pandemic, owing to its dependence on building & construction, automotive & transportation, home decor, aerospace, and other sectors.
- According to a report published by the Society of Indian Automobile Manufacturers (SIAM) in April 2020, sale of passenger vehicles, commercial vehicles and two‐wheeler vehicles declined by 51%, 88% and 40% respectively in March 2020. Also, several automotive companies have either shutdown or shrank their operations, due to the risk of infections among the workforce where honeycomb paper is used for making spare tire covers, trunk plates, door trim panels, hat boards, and roofing.
- This has temporarily hampered the demand for the honeycomb paper market amid the COVID-19 period. In addition, the falling income of customers and international travel restrictions have led to contraction of the demand for honeycomb paper among the aerospace sectors. For instance, according to a report published by Airlines for America in October 2020, the commercial airline passenger volume in September 2020 was 68% less than September 2019, affecting long-term existential threat to manufacturers, the supply chain, and to the entire air travel industry.
- Also, COVID-19 has put a temporary break on various aircraft manufacturing projects, which in turn has reduced the demand for honeycomb paper used in ballistic body armor and as a substitute over asbestos among the aerospace & aviation sectors. In addition, the honeycomb paper market has witnessed a downfall in demand among the construction sectors, owing to temporary halt on various building and construction project amid the COVID-19 period.
- In 2020, honeycomb paper prices were high in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability. Firm downstream demand for honeycomb paper and stronger upstream costs are expected to sustain the price gain.
- However, increase in awareness for using eco-friendly products among citizens of both developed and developing economies may surge the popularity of honeycomb papers in various end-use sectors post COVID-19 scenario. Furthermore, the building & construction, packaging and transportation activities are projected to get back on track and start functioning with full capacity post COVID-19 period, which in turn may enhance the performance of the honeycomb paper market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the honeycomb paper market analysis from 2020 to 2030 to identify the prevailing honeycomb paper market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the honeycomb paper market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global honeycomb paper market trends, key players, market segments, application areas, and market growth strategies.
Honeycomb Paper Market Report Highlights
| Aspects | Details |
 By Core Type |
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 By Cell Size |
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 By End-use Industry |
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 By Region |
|
 Key Market Players | Honicel Nederland B.V., Axxor, YOJ Pack-Kraft, EcoGlobe Packaging Private Limited, Crown Holdings Inc., Helios Packaging, MAC PACK, Greencore Packaging, Schütz GmbH & Co. KGaA, Lsquare Eco Products Pvt. Ltd. |
Analyst Review
The global honeycomb paper market is expected to exhibit high growth owing to its use in marine, aerospace, healthcare, and food packaging sector. High strength ratio of honeycomb core materials makes them an ideal substitute over other traditional chipboard strips and tube boards for home décor applications. Honeycomb core materials serve the purpose of low-cost and firm filling material for production of furniture sandwich panels and help to reduce the overall weight without compromising the aesthetic look and durability of the furniture. In addition, paper honeycomb furniture is gaining importance owing to portability, cost-effectiveness, easy to assemble, and environment friendly is anticipated to augment the demand for the global honeycomb paper market.
Export certification is of utmost importance during packaging and export of expensive automotive parts. Traditional protective materials require export certification that in turn increases hassle and cost of transport. To overcome this problem, paper honeycombs are used as these do not require any certification and hassle free export activities can be carried out in the international automotive market. This factor is anticipated to offer new growth opportunities during the forecast period.
The increasing expenditure in aerospace sectors for upgrading aircrafts with modern armor facilities where honeycomb paper is used in ballistic body armor and as a substitute over asbestos may fuel the growth of the honeycomb paper market. Moreover, the sales of electronic and home appliances have shown an impressive growth in recent years owing to factors such as increased consumer purchasing power, digitalization, sustainability, consolidation and rise in middle class income. Thus, the use of honeycomb paper boards for protective packaging of electronics and home appliances may create lucrative opportunities for the market.
The use of continuous paper honeycomb in automotive applications such as trunk plates and hat boards is the key market trend.
Paper honeycomb core is widely adopted for wide home décor applications such as interior doors and interior furniture products. In addition, the high strength ratio of honeycomb core materials makes them an ideal substitute for other traditional chipboard strips and tube boards for home décor applications.
Asia-Pacific honeycomb paper market accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 6.2% during the forecast period.
The global honeycomb paper market was valued at $6.5 billion in 2020 and is projected to reach $11.0 billion by 2030.
The top companies to hold the market share are Lsquare, Eco-Products Pvt. Ltd. (Honecore), EcoGlobe Packaging Private Limited (EcoGlobe), Greencore Packaging, Crown Holdings Inc., Schütz GmbH & Co. KGaA, Honicel Nederland B.V., Axxor, YOJ Pack-Kraft (YOJ), Helios Packaging, Macpack
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