The global honeycomb packaging market will grow at a 8.1% CAGR by 2030, states the latest Market Research Future report.
Advances in E-Commerce to Boost Market Growth
The various advances in the e-commerce sector will boost market growth over the forecast period. The emergence of various new e-commerce platforms which guarantee sound and safe delivery of products is a key trend in the modern times. The requirement for preventing damage of transported goods, items, and goods necessitates shock-proof packaging. As honeycomb packaging is a highly resistant type of packaging, its demand automatically is on the rise. E-commerce vendors offer the choice of returning products if the latter gets damaged, and vendors may suffer substantial losses for such events. Thus, these vendors utilized honeycomb packaging for minimizing the chances of goods being damaged at the time of transportation.
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On the basis of product type, squeeze tubes dominated the global tube packaging market and contributed over 60.0% in 2017, in terms of volume. Squeeze tube packaging is used in beauty and cosmetics industry for facial creams, face wash, hair dyes, and others. Growing personal care and cosmetics industry is boosting growth of the squeeze tube packaging segment globally. For instance, according to L’OREAL 2017 annual report, global beauty market grew by 4-5% from 2016 to 2017 and was valued at US$ 231 billion in 2018.
The honeycomb packaging market is segmented as below:
• Interior packaging
• Exterior packaging
• Pallets packaging
By Geographical Landscape
• North America
• South America
The major market players operating in the honeycomb packaging market are ACH Foam Technologies, BASF SE, DS Smith Plc, Huhtamaki Group, Lsquare Eco-Products Pvt. Ltd., Packaging Corporation of America, Sealed Air Corporation, Sonoco Products Company, Smurfit Kappa Group, and WestRock Company.
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