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Commerce sector, which requires shipping without damaging the products. Honeycomb packaging is preferred for exterior packaging owing to its properties such as lightweight, strength, vibration and shock absorption, dimension stability, and stability over a wide range of temperature change. Among end-use industry, automotive segment accounted for the dominant position in 2016 and is expected to maintain its dominance over the forecast period. Honeycomb packaging is used for protective packaging of brakes, steering, climate and audio components, gearboxes, wheels, and other automotive components. Unlike wood, honeycomb packaging does not require export certification. This makes honeycomb packaging an easy shipping solution for automotive parts.
Request Sample of this Report, https:// www. coherentmarketinsights. com / insight / request-sample / 1034 Key Takeaways of the Market:
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According to Coherent Market Insights’ study, North America accounted for the highest market share of 34.79 % in terms of revenue in the global honeycomb packaging market in 2016. Stringent regulations in the U. S. by regulatory bodies such as Environment Protection Agency and others on environmental effects of packaging waste has led to increasing demand for ecofriendly packaging materials. Also, growing e-Commerce sector is expected to drive growth of the market. The United States Census Bureau estimated that the total e-Commerce sale was US $ 394.4 Bn in 2016, which exhibited an increase of 15.1 % from 2015 Furthermore, there is a significant demand for honeycomb packaging from the automotive sector. For instance, according to the International Trade Administration( ITA), U. S. Department of Commerce, the U. S. exported approximately 2.1 million light vehicles valued at US $ 57 Bn; automotive parts approximately valued at US $ 80 Bn; used vehicles approximately valued at US $ 5.5 Bn; and medium and heavy duty vehicles approximately valued at US $ 5 Bn. Thus, growing automotive sector and e- Commerce are driving growth of the honeycomb packaging market in this region. In Asia Pacific region, the honeycomb packaging market is growing rapidly due to increasing demand from various end-use industries such as consumer goods, automotive, furniture, and e-Commerce. For instance, India Brand Equity Foundation( IBEF) estimated that the automobiles export will exhibit a CAGR of 2.05 % during 2016 – 2026. Also, various government initiatives such as Automotive Mission Plan 2016 – 26( AMP 2026), which targets fourfold growth of automotive industry is estimated to further drive the growth of the automotive sector. This in turn is expected to drive growth of the honeycomb packaging market in the region. Further, increasing Internet and smartphone penetration is fuelling growth of e-Commerce sector, which has augmented growth of the honeycomb packaging market. For instance, Internet penetration in India increase from 4 % in 2007 to 34.08 % according to IBEF. IBEF also estimated that the Internet users in India is estimated to increase at CAGR of 15.6 % from 450 million in 2017 to 700 million by 2020. This increase in Internet usage is expected to drive growth of the e-Commerce sector, in turn affecting honeycomb packaging market. The key players operating in the global honeycomb packaging market include 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.