The paper honeycomb market size was valued at US$ 5.80 billion in 2022 and is projected to reach US$ 8.90 billion by 2030; it is anticipated to record a CAGR of 5.4% from 2022 to 2030.
The report highlights key factors driving the market growth and prominent players along with their developments in the market.
MARKET ANALYSIS
Paper honeycomb is lightweight, durable and sustainable material used in automotive, construction and furniture applications. It is made from recycled paper or other types of paper, bound together in hexagonal structure. The hexagonal structure of paper honeycomb offers high strength-to-weight ratio. Paper honeycomb is available in several forms such as continuous unexpanded honeycomb core, unexpanded slices, and pre-expanded sheets. Rising sustainability initiatives and government policies promoting utilization of sustainable material is fueling the paper honeycomb market.
GROWTH DRIVERS AND CHALLENGES
Growing demand for lightweight and sustainable materials as well as increasing use in automotive applications are the factors driving the paper honeycomb market. Paper honeycomb is a lightweight and sustainable material that can potentially aid in reduction of waste and pollution. The growing awareness of the environmental impact on conventional materials such as plastic and metal is further driving the paper honeycomb market. Substituting cast iron and traditional steel components with lightweight materials such as high-strength paper honeycomb reduces the total weight of a vehicle, thereby reducing the fuel consumption of a vehicle. Moreover, paper honeycomb is suitable for the manufacturing of interior components, interior panels, headliners, and door panels. The application of paper honeycomb in the automotive sector is growing at a significant pace.
In past few years, automotive manufacturers have emphasized on recyclability of paper honeycomb, aligning with the goals of automotive industry to reduce waste and promote environmental responsibility. Therefore, a high demand for sustainable and renewable materials from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles drives the paper honeycomb market. The limited load bearing capacity and hygroscopicity of paper honeycomb pose a challenge to the paper honeycomb market. Paper honeycomb is strong material, but cannot support weight compared to other materials such as metals and plastics, thereby limiting applications in heavy duty packaging and structural components. It is subject to structural deformation when exposed to moisture, thus limiting application in outdoor as well as marine applications. Therefore, hygroscopicity and limited load bearing capacity of paper restraining the paper honeycomb market growth.
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Paper Honeycomb Market: Strategic Insights
Paper Honeycomb Market
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CAGR (2023 - 2031)
5.40%
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Market Size 2023
US$ 6.11 Billion
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Market Size 2031
US$ 9.31 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Honicel Honeycomb Material Holdings Ltd
- Grigeo Klaip?da AB
- Argosy International Inc
- Axxor
- KOHLSCHEIN GmbH and Co KG
- Yamaton Paper
- IPC Industrial Packaging Corporation
- Lsquare Eco Products Pvt Ltd
- Signode Industrial Group LLC
- Lhexagone
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Continuous Unexpanded
- Slices Unexpanded
- Others
End-Use Industry
- Automotive
- Building and Construction
- Packaging
- Furniture
- Aerospace
- Others
Geography
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Paper Honeycomb Market: Strategic Insights
-
CAGR (2023 - 2031)5.40% -
Market Size 2023
US$ 6.11 Billion -
Market Size 2031
US$ 9.31 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- Honicel Honeycomb Material Holdings Ltd
- Grigeo Klaip?da AB
- Argosy International Inc
- Axxor
- KOHLSCHEIN GmbH and Co KG
- Yamaton Paper
- IPC Industrial Packaging Corporation
- Lsquare Eco Products Pvt Ltd
- Signode Industrial Group LLC
- Lhexagone
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type - Continuous Unexpanded
- Slices Unexpanded
- Others
End-Use Industry - Automotive
- Building and Construction
- Packaging
- Furniture
- Aerospace
- Others
Geography - Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REPORT SEGMENTATION AND SCOPE
The "Global Paper Honeycomb Market Analysis to 2030" is a specialized and in-depth study with a significant focus on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation on the basis of type, end-use industry, and geography. The report provides key statistics on the consumption of paper honeycomb worldwide, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the paper honeycomb market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the paper honeycomb market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets. The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global paper honeycomb market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global paper honeycomb market is segmented on the basis of type, end-use industry. Based on type, the paper honeycomb market is segmented into continuous unexpanded, slices unexpanded, and others. Based on end-use industry, the paper honeycomb market is segmented into automotive, building and construction, packaging, furniture, aerospace, and others. Based on type, continuous unexpanded segment accounted for a significant share in the paper honeycomb market in 2022. Continuous unexpanded paper honeycomb is efficient and economical for applications where large amounts are required. Slices unexpanded paper honeycomb are developed for end-use applications where cut-to-size pieces of honeycomb are required.
Based on end-use industry, packaging segment accounted for a significant share in the paper honeycomb market in 2022. Paper honeycomb is used as protective packaging material to protect fragile items during transportation. Paper honeycomb is used as inner packaging components such as dividers, inserts, and cradles to secure items. Honeycomb edge protectors are placed on the edges of packaged goods to prevent corner and edge damage. Paper honeycomb panels are used in the interior of vehicles to create lightweight and durable components. Paper honeycomb panels are used in interior doors and partitions, as these materials offer lightweight alternative to conventional materials. Paper honeycomb panels are also utilized in furniture manufacturing as a replacement for plywood. It is also used in production of aerospace components and appliances.
REGIONAL ANALYSIS
The report provides a detailed overview of the global paper honeycomb market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for a significant share in the paper honeycomb market in 2022. Asia Pacific paper honeycomb market is dominated by continuous development of construction, packaging and automotive sectors. Packaging is one of the major applications of paper honeycomb in the region. Asia Pacific marks presence of major automotive companies Toyota Motor Corporation, Tata Motors Ltd, Hyundai Motor Company, Nissan Motor Co Ltd and Honda Motor Co Ltd. North America offers an extensive growth opportunity for the paper honeycomb manufacturers due to the growing utilization of paper honeycomb in several end-use industries, including automotive, construction, aerospace, and packaging. Rising government support for utilization of sustainable materials in Europe is further driving the demand for paper honeycomb in the region. European manufacturers are developing new applications and enhancing the performance of paper honeycomb materials.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global paper honeycombs market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
In May 2023, Hexcel Corporation completed an expansion project at its engineered core operations facility in Morocco. The expansion aimed at meeting the growing demand for lightweight advanced composite materials in aerospace industry.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
COVID-19 pandemic had several impacts on the paper honeycomb market, leading to disruption in supply chain. The availability of raw materials and transportation were affected, thereby delaying production. Industries such as automotive, aerospace, and construction are significant consumers of paper honeycomb, and witnessed reduced demand during the pandemic. International trade was impacted, causing challenges for paper honeycomb manufacturers that rely on global markets. Import and export restrictions affected business operations. The pandemic also underscored the significance of sustainability and eco-friendly materials.
In late 2021, the global paper honeycomb market began recovering from the losses incurred in 2020, with the revival of construction activities and automobile production. Expansion in production capacities in the chemicals & materials industry post-COVID-19 pandemic in many regions, such as Asia Pacific and North America, is expected to create lucrative opportunities for the paper honeycomb market in the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Honicel Honeycomb Material Holdings Ltd, Grigeo Klaipėda AB, Argosy International Inc, Axxor, KOHLSCHEIN GmbH and Co KG, Yamaton Paper, IPC Industrial Packaging Corporation, Lsquare Eco Products Pvt Ltd, Signode Industrial Group LLC, and Lhexagone, are a few of the key players operating in the paper honeycomb market.
Paper Honeycomb Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.11 Billion |
| Market Size by 2031 | US$ 9.31 Billion |
| Global CAGR (2023 - 2031) | 5.40% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, End-Use Industry, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
- Honicel Honeycomb Material Holdings Ltd
- Grigeo Klaip?da AB
- Argosy International Inc
- Axxor
- KOHLSCHEIN GmbH and Co KG
- Yamaton Paper
- IPC Industrial Packaging Corporation
- Lsquare Eco Products Pvt Ltd
- Signode Industrial Group LLC
- Lhexagone
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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