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Honeycomb Paper Market Expected to Reach $11.0 Billion by 2030—Allied Market Research

 
2022
Honeycomb Paper Market

Report Code : A11829

quote The global honeycomb paper market is expected to possess high growth potential in the coming years. 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. In addition, it can also be used during production of furniture cushions owing to its smooth surface and durability. 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 durab quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Honeycomb Paper Market," The honeycomb paper market was valued at $6.5 billion in 2020, and is estimated to reach $11.0 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.

Honeycomb-shaped structures can be found in nature or are created artificially. These are sandwiched between two thin sheets to create honeycomb packaging materials. Honeycomb paper panels, honeycomb paper core, honeycomb paper pallets, and honeycomb paper boards are 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 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 it a widely used paper honeycomb 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. All these factors collectively drive its demand in the global market.

However, minimum processing performance of paper honeycomb paperboard is expected to hamper the market growth. For instance, paper honeycomb core or panels cannot be easily transformed into box-shaped packaging products or containers such as corrugated cardboard. However, there are several processes and technologies that are used to convert paper honeycomb paper panels into corrugated cardboard shape. However, due to low degree of automation, the final product obtained may not offer high degree of protection as compared to other corrugated cardboard products.

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 in building & construction, protective packaging, and transport & logistic end-use industries, which is anticipated to create remunerative opportunities for the expansion of the honeycomb paper market in the future.

The honeycomb paper market is segmented on the basis of core type, cell size, end-use industry, and region.

By core type, the market is segregated into expanded paper honeycomb, blocks paper honeycomb, continuous paper honeycomb. The continuous paper honeycomb segment dominated the global market in terms of revenue in 2020, with over two-fifths of the total share. Expanded paper honeycomb is a durable, strong, and cost-effective solution that can be used as core filling material during production of furniture panels. Moreover, high strength-to-weight and strength-to-thickness ratio of expanded paper honeycomb improves the durability of furniture products without compromising furniture aesthetic looks. Expanded paper honeycomb can also be used during production of furniture products that are highly susceptible to maneuverability during transportation and handling.

By cell size, the market is segregated into expanded up to 10 mm, 10-30 mm, and above 30 mm. The 10-30 mm segment dominated the global market in terms of revenue in 2020, with over half the total share. Growing population coupled with rapid urbanization has surged the growth of the building & construction sector in both developed and developing economies where honeycomb paper of cell size ranging from 10 mm to 30 mm is used for manufacturing cores of different interior doors. This may act as one of the key drivers responsible for the growth of the honeycomb paper market for cell size between 10 mm to 30 mm.

 

COVID-19 analysis

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 has 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 shrank 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 findings of the study

• By core type, the expanded paper honeycomb segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.0% from 2021 to 2030.

• By cell size, the 10 to 30 mm segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.6% from 2021 to 2030

• By end use, the home decor segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.8% from 2021 to 2030.

• By region, Asia-Pacific garnered the highest share of 43% in 2020, in terms of revenue, growing at a CAGR of 6.2%.

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quote 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 quote

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