According to a new research report by Global Market Insights Inc., the Paper Honeycomb Market size is likely to reach USD 4.8 billion by 2026. Growing population coupled with continuous changing food habits of people is supporting the demand for packaged foods in Europe and Asia Pacific.
The rising per capita income along with easy access to food products is driving the consumption of packaged foods. Additionally, growing consumer awareness of healthy food and supportive food industry product innovations coupled with the adaptation to customer consumption preferences are proliferating the food processing industry across the regions. This growing demand for processed food will fuel the paper honeycomb market demand in the coming years.
The exponential rise of COVID-19 cases across the globe has adversely impacted several end-user industries such as automotive, building & construction, and food & beverage. Several regions have started their economic activities owing to the adverse impact on the economy. According to a survey commissioned by the California Farm Bureau, California wine grapes growers are expected to incur around USD 1.7 billion losses owing to the shutdown of restaurants during lockdown. This is expected to hamper the paper honeycomb market share in the food & beverage business for a certain period.
Browse key industry insights spread across 250 pages with 173 market data tables & 21 figures & charts from the report, “Paper Honeycomb Market By Core (Continuous Unexpanded, Slices Unexpanded, Pre-Expanded Sheets), By Application (Automotive, Building & Construction, Household Appliances, Furniture, Food & Beverages, Ceramics, Glass, Distribution, Electronics, Metal Mechanics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Pre-expanded sheets demand will grow steadily
Pre-expanded sheets are expected to showcase steady growth of 2.8% owing to the limited usage of these cores. They include expansion of the slices and manufacture to custom fit specific length, width, and height of the applications. Such products offer certain metal mechanics and electronic applications. Customized requirement along with additional products required in the manufacturing of these cores escalates the prices of pre-expanded sheets.
Increasing demand from the furniture industry
Paper honeycomb materials are used in a wide range of furniture applications such as table, sofa, chairs, and racks. Greater flexibility along with lightweight benefits offered by these cores will drive the paper honeycomb market growth. High strength-to-thickness ratio, higher compression strength, and aesthetic qualities of paper honeycomb are driving the popularity of materials for furniture applications.
The rising product usage by several interior furniture manufacturers will drive the market growth. The product demand for furniture in 2019 accounted for 20% and is expected to grow at a CAGR over 3.5%.
Europe market will exhibit healthy growth
Europe is a lucrative market for the automotive industry and has some of the leading automobile manufacturers such as Volkswagen, Mercedes, BMW, etc. Increasing purchasing power, rising population, and better standards of living will create a surge in the demand for luxurious vehicles and effective mobility. Furthermore, the launch of several new passenger car models in the region along with the development of new production facilities will drive the paper honeycomb market growth in the next few years. Thus, the region will hold a share of over 15% in 2026.
The market is highly fragmented with the presence of multinational and regional manufacturers
The global market is highly fragmented with the presence of multinational and regional manufacturers. Some of the prominent industry players operating in the paper honeycomb industry include Smurfit Kappa, DuPont, Hexcel Corporation, PCA Hexacomb, and Grigeo AB. Other notable players operating in the market include Hexágonos Meixcanos, Honicel Nederland B.V., American Containers, and IPC Industrial Packaging Corporation among others.
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