Rockville , May 30, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global honeycomb board market is expected to be valued at US $ 2.26 Billion by 2033-end. The market is expected to witness a CAGR of 6.5% during the forecast period.
Due to a strong consumer preference for e-Commerce, the packaging business is growing quickly. The dynamics of packaging materials used in the sector have been reversed as a result. Strong requests from the logistics sector to packaging businesses for a decrease in truckload costs brought on by the weight of packaging have echoed across the material industry. This started a series of events that eventually led to the development of honeycomb technology, which uses a low-cost, lightweight honeycomb-like structure in between sandwiched panels.
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A honeycomb core, like the kind found within a beehive, and two surface-covering materials that sandwich it and provide a robust framework are generally used to create unique panels, which are inspired by nature. When sandwiched between two layers, the honeycomb core produces high tensile strength, enhanced cushioning, and effective shock absorption.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 2.26 Billion |
| Growth Rate (2023-2032) | 6.5% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 139 Figures |
Key Driving Forces Accelerating the Market Growth
- Honeycomb boards offer excellent strength-to-weight ratio and cushioning properties, making them ideal for packaging applications. The increasing demand for sustainable and lightweight packaging solutions across various industries, such as e-commerce, consumer goods, automotive, and electronics, is driving the growth of the honeycomb board market.
- Honeycomb boards are used extensively in the construction industry for applications such as doors, partitions, ceilings, and furniture components. The growth in construction activities, particularly in residential and commercial sectors, is fueling the demand for honeycomb boards as they provide lightweight, durable, and cost-effective solutions.
- Honeycomb boards are typically made from environmentally friendly materials, such as paper and cardboard, which are recyclable and biodegradable. With increasing concerns about sustainability and environmental impact, there is a growing preference for honeycomb boards over traditional materials like wood or plastic, driving the market growth.
- Honeycomb boards are widely used in transportation and logistics industries for pallets, crates, dunnage, and protective packaging. These boards offer high strength, rigidity, and impact resistance while being lightweight, contributing to improved fuel efficiency, reduced shipping costs, and enhanced product protection during transit.
Vital indicators shaping the Future of the Industry
- The increasing focus on sustainability and environmental consciousness is a vital indicator that will shape the future of the honeycomb board market. Consumers and businesses are seeking eco-friendly packaging solutions, and honeycomb boards, being recyclable and made from renewable materials, align well with these trends. The market will be influenced by the demand for sustainable packaging across various industries.
- Continuous technological advancements and innovation in honeycomb board manufacturing processes will play a crucial role in shaping the market's future. Improvements in board strength, durability, fire resistance, moisture resistance, and customization options will expand the application scope and drive market growth. Additionally, advancements in manufacturing efficiency and automation will impact production capabilities and cost-effectiveness.
- Government regulations and industry standards regarding packaging materials, recycling, and sustainability will have a significant impact on the honeycomb board market. Compliance with regulations, such as restrictions on single-use plastics, will drive the adoption of alternative packaging materials like honeycomb boards.
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Recent Developments:
- In 2019, Green & Light and BASF SE partnered together to create improved Elastoskin, a honeycomb board used for vehicle trunk floors.
- In 2020, Toray Advanced Composites, EconCore, a pioneer in thermoplastic honeycomb core technology, and Bostik collaborated to develop FST-certified thermoplastic honeycomb panels for use in mass transportation applications, such as airplane interiors.
Key Companies Profiled In this Report
- DuPont
- Honeycomb Cellpack A/S
- 3A Composites GmbH
- Corex Honeycomb
- Honecore
- Premier Packaging Products
- Hexcel Corporation
- Grigeo, AB
- Rebul Packaging
Challenges hindering the market growth
- The manufacturing process of honeycomb boards involves specialized equipment and technologies, which can be expensive to set up and maintain. The initial investment required for production facilities, machinery, and skilled labor can pose a challenge for new entrants and smaller manufacturers. High production costs can limit market growth and make honeycomb boards less competitive compared to alternative materials.
- Honeycomb boards are primarily made from paper, cardboard, or other renewable materials. The availability and cost of these raw materials can fluctuate depending on factors such as supply-demand dynamics, environmental regulations, and global market conditions.
- Despite the benefits offered by honeycomb boards, there may be a lack of awareness and understanding among potential customers. Many industries and businesses may not be familiar with the applications and advantages of honeycomb boards compared to traditional materials.
Strategies for manufacturers/suppliers to scale in the market
- Innovation and product development are crucial for scaling in the honeycomb board market. Manufacturers should allocate resources to research and development activities to improve product performance, develop new variants, and explore innovative applications. This strategy enables manufacturers to offer differentiated products that meet evolving customer needs.
- Efficient supply chain management is vital for scaling operations. Manufacturers should optimize their supply chain processes to ensure timely procurement of raw materials, efficient production scheduling, and smooth distribution of finished products. This strategy helps minimize costs, reduce lead times, and enhance customer satisfaction.
- Collaborating with strategic partners can accelerate market growth. Manufacturers can establish partnerships with suppliers, distributors, or complementary businesses in the value chain. These partnerships can provide access to new markets, distribution networks, technical expertise, or shared resources, enabling manufacturers to scale their presence and reach a broader customer base.
Key Segments of Honeycomb Board Industry Research Report
- By Material :
- Metal Honeycomb Boards
- Aluminum
- Steel
- Titanium Aluminum
- Others
- Non-metal Honeycomb Boards
- Plastic
- PP
- PVDF
- PVC
- Others
- Non Plastic
- Carbon Fiber
- Fiberglass
- Paper
- Others
- Plastic
- Metal Honeycomb Boards
- By Type :
- Reinforced
- Non-reinforced
- By End-use Industry :
- Aerospace
- Automotive
- Marine
- Construction
- Packaging
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global honeycomb board market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based Material (Metal, Non-metal), By Type (Reinforced, Non-reinforced), By End-use Industry (Aerospace, Automotive, Marine, Construction, Packaging) & By Region.
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