Insulated Packaging Market - Gross Earning and Emerging Growth Opportunity To 2023
Insulated packaging is made from materials with low thermal conductivity and higher heat resistance. The production and supply of temperature sensitive products from pharmaceutical, cosmetic and other industries have increased significantly, which is resulting in the development of high quality insulated packaging. Market Research Future (MRFR) has published a detailed report stating that the global insulated packaging market is anticipated to expand moderately at a CAGR of 5.68% during the forecast period of 2017-2023.
Market Drivers and Restraints:
Rapid increase in global population is inducing high demand for various products with improved shelf life. Insulated packaging provides the contents with protection against the damage caused by heat. Increased production of temperature-sensitive products in various industries such as food and beverages, pharmaceutical, cosmetic and others is inducing high demand for insulated packaging solutions, resulting in the expansion of the global insulated packaging market.
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With the introduction of high quality, lightweight materials that provide insulation to the packaging, the demand for insulated packaging is increasing in various industrial sectors, which in turn is propelling the growth of the global insulated packaging market during the assessment period. However, availability of alternatives for insulated packaging, high cost of temperature-sensitive products and government regulations regarding the production of plastic-based packaging are likely to restrain the growth of the global insulated packaging market during the forecast period.
The global insulated packaging market has been segmented on the basis of material, packaging type and application. Based on material, the insulated packaging market has been segmented into glass, plastic, wood, cupboard, and others.
Based on packaging type, the insulated packaging market has been segmented into box & container, flexible blanket, bags, wraps, and others. Based on application, the insulated packaging market has been segmented into food and beverage, industrial, personal care, healthcare and others. Among these, the food and beverage segment is expanding with a significant market share in the global insulated packaging market.
Geographically, the global insulated packaging market has been segmented into four major regions such as Asia Pacific, North America, Europe, and the Middle East and Africa. The Asia Pacific region is market to project dominance over the global insulated packaging market. High demand for insulated packaging in rapidly developing pharmaceutical and food and beverages industries is majorly driving the insulated packaging market in the Asia Pacific region. In North America region, the insulated packaging market is majorly driven by the increasing demand for ready-to-eat food products, high-quality cosmetic products and other materials that require insulated packaging in this region. Increasing utilization of insulated packaging in the pharmaceutical is majorly driving the insulated packaging market in the Europe region.
In October 2018, OptumRx, a specialist in pharmacy care services, has switched from expanded polystyrene to biodegradable and recyclable material for its refrigerated home delivery packaging
In October 2018, Borealis, an Austria-based leader of innovative solutions in the field of base chemicals, polyolefins and fertilizers, has announced a strategic alliance with Bockatech, a U.K. based provider of patented EcoCore technology which is a new plastic molding technology for sustainable insulated packaging.
In October 2018, Aqua-Pak, a provider of logistics, insulated packaging consulting and design services, has announced that it has acquired Mansonville plastic group of companies
The major players profiled by MRFR that are operating in the global insulated packaging market are Deutsche Post DHL (Germany), Amcor Ltd. (Australia), E.I. Du Pont De Nemours and Co. (the U.S.), Huhtamaki OYJ (Finland), Sonoco Products Company (the U.S.), Exeltainer (Spain), American Aerogel Corporation (the U.S.), Thermal Packaging Solutions (Australia), TemperPack (the U.S.), Insulated Products Corp (the U.S), and Davis Core & Pad Co.(the U.S.)
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