Honeycomb Paper Market CAGR of 5.4%, Pioneering Progress Future Proofing Your Business with Market Size Expertise
Honeycomb Paper Market CAGR
The increased adoption of expanded paper honeycomb as a substitute for traditional filling materials in various applications.
WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Honeycomb Paper Market," forecasting significant growth in the industry. In 2020, the global honeycomb paper market was valued at $6.5 billion, with projections indicating it will reach $11.0 billion by 2030, boasting a Compound Annual Growth Rate (CAGR) of 5.4% from 2021 to 2030.
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Drivers, Restraints, and Opportunities:
The increased adoption of expanded paper honeycomb as a substitute for traditional filling materials in various applications, such as interior doors and partition walls, is a primary driver of market growth. However, limitations in the processing performance of paper honeycomb paperboard hinder its application in certain industries. Nonetheless, the widespread use and preference for paper honeycomb pallets in air shipments due to their low weight and durability create lucrative opportunities in the market.
Covid-19 Impact:
The pandemic initially led to a downturn in the honeycomb paper market due to the closure of various industries. However, as industries resume operations, the market is expected to recover gradually.
Segmentation Insights:
The 10 to 30 mm segment dominated the market in 2020 and is projected to maintain its dominance by 2030. It is also expected to witness the fastest CAGR of 5.6% during the forecast period, driven by the growth of the building and construction sector.
In terms of end-use industry, the home decor segment held the largest market share in 2020 and is anticipated to continue leading until 2030, with a projected CAGR of 5.8%. This is attributed to the widespread adoption of paper honeycomb core in various home decor applications.
Regional Analysis:
Asia-Pacific led the market in 2020, followed by Europe and North America, collectively generating more than two-fifths of the global honeycomb paper market revenue. Asia-Pacific is expected to exhibit the fastest CAGR of 6.2% by 2030, driven by the rising demand for eco-friendly products in the home decor sector.
Key Players:
Some of the key players in the honeycomb paper market include Lsquare Eco Products Pvt. Ltd., Greencore Packaging, Honicel Nederland B.V., EcoGlobe Packaging Private Limited, Helios Packaging, MAC PACK, Axxor, Crown Holdings Inc., Schütz GmbH & Co. KGaA, and YOJ Pack-Kraft.
Conclusion:
The honeycomb paper market is poised for significant growth, driven by factors such as increased adoption in various industries and rising demand for eco-friendly products. Despite challenges posed by the pandemic, the market is expected to rebound as industries resume operations.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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