Paper Honeycomb Market Key Players Analysis 2031
The Paper Honeycomb Market size is projected to reach US$ 9.24 billion by 2031 from US$ 6.04 billion in 2023. The market is expected to register a CAGR of 5.4% in 2023–2031. Adoption of the recycled paper honeycombs, is likely to remain key paper honeycomb market trend.
Paper Honeycomb Market Analysis
Growing demand for lightweight and sustainable materials, is driving the paper honeycomb demand. Paper honeycomb is a lightweight and sustainable material that can potentially aid in the reduction of waste and pollution. The growing awareness of the environmental impact of conventional materials such as plastic and metal is further driving the demand for paper honeycombs. 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. In the past few years, automotive manufacturers have emphasized the recyclability of paper honeycomb, aligning with the goals of the 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 market growth.
Paper Honeycomb Market Overview
Paper honeycomb is a 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 a hexagonal structure. The hexagonal structure of paper honeycomb offers a 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 the utilization of sustainable material is fueling the paper honeycomb demand.
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
Market Size Value in US$ 5.80 billion in 2022 Market Size Value by US$ 8.90 billion by 2030 Growth rate CAGR of 5.4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
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
| Market Size Value in | US$ 5.80 billion in 2022 |
| Market Size Value by | US$ 8.90 billion by 2030 |
| Growth rate | CAGR of 5.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Paper Honeycomb Market Drivers and Opportunities
Growing Automotive Industry to Favor Market
Paper honeycomb panels are used in the interior of vehicles to create lightweight and durable components. Paper honeycomb is used in various automotive applications such as interior trim panels, load floors, sandwich panels, and other lightweight applications. According to a report published by the European Automobile Manufacturers’ Association (ACEA), global motor vehicle production rose by 1.3% from 2021 to 2021 and registered production of 79.1 million motor vehicles in 2021, of which 61.6 million passenger cars were produced. According to the Bureau of Transportation Statistics report, China accounts for one of the dominant markets for the production of passenger cars and commercial vehicles. The growing automotive industry is one of the major drivers of global paper honeycomb market share.
Strategic Development Initiatives by the Key Market Players – An Opportunity in Paper Honeycomb Market
Strategic partnerships and collaborations with other companies and research institutions facilitate knowledge assistance, regulatory compliance, market share expansion, and new product development. Expansion of market presence involves the acquisition of other companies and strengthening of distribution network, positively affecting revenue streams. In 2022, Axxor expanded its production in Pittsylvania with an investment of US$ 3.5 million. The initiative aimed at capitalizing the growing demand for packaging materials. Therefore, the strategic development initiatives by the key market players are expected to have a positive impact on the paper honeycomb market.
Paper Honeycomb Market Report Segmentation Analysis
Key segments that contributed to the derivation of the paper honeycomb market analysis are product type, and end-use industry.
- Based on type, the paper honeycomb market is divided into continuous unexpanded, slices unexpanded, and others. Continuous unexpanded segment held a larger market share in 2023.
- Based on end-use industry, the paper honeycomb market is divided into automotive, building and construction, packaging, furniture, aerospace, and others. Automotive segment held a larger market share in 2023.
Paper Honeycomb Market Share Analysis by Geography
The geographic scope of the paper honeycomb market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific held the significant share in the paper honeycomb market. The market in Asia Pacific is driven by the continuous development of the construction, packaging, and automotive sectors. Packaging is one of the major applications of paper honeycomb in the region. According to the Bureau of Transportation Statistics report, China accounts for one of the dominant markets for the production of passenger cars and commercial vehicles. Asia Pacific marks the presence of major automotive companies Toyota Motor Corporation, Tata Motors Ltd, Hyundai Motor Company, Nissan Motor Co Ltd, and Honda Motor Co Ltd. Therefore, the growing automotive industry, and prevalence of construction and packaging industries is expected to drive the market growth.
Paper Honeycomb Market Report Scope
Paper Honeycomb Market News and Recent Developments
The paper honeycomb market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:
- 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 the aerospace industry. (Source: Hexcel Corporation, Press Release)
Paper Honeycomb Market Report Coverage and Deliverables
The “Paper Honeycomb Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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 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.
Get Free Sample For