North America holds over 25% of the Thermal Insulation Packaging Market Share. The latest innovations in e-commerce have given thermal insulating packaging solutions providers ample opportunities to adopt innovative technologies and designs which will increase their market share.
NEWARK, Del, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global thermal insulation packaging market is expected to grow at a substantial rate with a robust CAGR of around 17.2% between 2022 and 2030. The global market is expected to reach US$ 247.1 Bn by the year 2030. The global supply chain has created the requirement for thermal insulation packaging.
Owing to the surge in the distribution of food & beverage and pharmaceuticals has intensified the demand for reliable thermal insulation packaging solutions. The higher emphasis on the efficient delivery of food and pharmaceutical products has resulted in driving the need for thermal insulation packaging to ensure the integrity of the products.
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Surging focus on the safety of food and pharmaceuticals is gaining traction over recent years, along with favorable government regulations combined with recent changes in trends have resulted in higher demand for safe packaging to assure the quality of products. With regulatory changes, businesses have prepared themselves for regulatory expansion.
Technological advancements in thermal insulation packaging solutions are expected to enable accurate tracking of logistics and improve data management. These aforementioned factors are expected to bolster growth in the global thermal insulation packaging market.
According to FMI estimations, the global thermal insulation packaging market is projected to see a significant hike post-pandemic owing to the increased demand for thermal insulation packaging solutions in the pharmaceutical industry, predominantly for medical products including testing kits, vaccine distribution, and the development of drugs to treat infections.
The development of drugs in order to treat patients increases the urgency for more reliable thermal insulation packaging systems as temperature control determines the stability and quality of the drugs.
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Data loggers combined with temperature sensors and USB connection points are gaining massive popularity and are becoming very common and cheap to include. These label-like loggers easily get fixed to the packaging, continuously track temperature conditions, and provide a full summary of time and temperature data. In addition to that, battery-powered data loggers can include the latest technologies such as RFID, Wi-Fi, and GPS, and can provide real-time information regarding temperature fluctuations.
Due to a surging increase in the demand for temperature-sensitive products, it has drawn regulatory attention. Now regulatory bodies are emphasizing ensuring that the food and pharmaceutical products are complying with the norms and have been kept within approved temperature ranges during transit. Strict regulations and high visibility across the supply chain have grown temperature-sensitive products which make temperature monitoring a must for pharmaceutical and food manufacturers.
Several manufacturers are leveraging this opportunity to build efficient proactive strategies which assist them to identify excursions and send replacements to minimize delays. Moreover, serialization requirements for biopharma products have intensified the demand for in-depth know-how of the temperature of products in transit.
As per the recent market trends, thermal insulation packaging solutions offer a rapid expansion of their rental businesses and are comparatively less focused on fresh sales of their products. Attributed to the higher costs of shippers and insulated containers coupled with environmental concerns associated with their disposal, buying these still remains an uneconomical and non-ecological solution for most end users.
Prominent companies operating in the thermal insulation packaging market are focusing on strategic collaborations with technology partners. Surging investments in technology including cloud computing and IoT solutions are expected to aid the thermal insulation packaging market in multiple ways. Such technological improvements in the market promise better control, visibility, and accountability for thermal insulation packaging solutions.
Thermal Insulation Packaging Market By Packaging Type (passive, active, and cold storage), Insulation Material (EPS, PUR, VIP, PCM, and Others),Temperature Range (Less than -40°C, -20 to -40°C, -1 to -20°C, 0 to 10°C, and 10 to 25 °C), Application (Food and Beverage, Pharmaceuticals, and Others)
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2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
3.2.1. Trends by Packaging Type and Application (Reusability, Size Preference, Eco-friendly Material, Coolants/PCM/Dry Ice)
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More Insights into the Thermal Insulation Packaging Market
The U.S. is expected to dominate the global thermal insulation packaging market as it holds the largest chunk of the market globally. Being the largest manufacturing sector in the North American region, the U.S. comprises a maximum portion of frozen foods. Thermal insulation packaging is expected to grow owing to the need for packaging for frozen food distribution across the region.
Explore Our Trending Reports of FMI's Packaging Market Insights Landscape
Recyclable Thermal Insulation Packs Market Size: According to latest research, the global market of Recyclable Thermal Insulation Packs is anticipated to grow with a CAGR of 6% in between the assessment period of 2021-2031.
FMCG Packaging Market Share: The global FMCG packaging market is expected to reach US$ 418.8 Bn in 2022, with sales growing at a CAGR of 5.7% through 2032.
Biodegradable Packaging Market Trends: Biodegradable packaging market is set to enjoy a valuation of US$ 448.2 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032.
Beverage Packaging Market Analysis: Beverage packaging market is estimated at USD 104.8 Bn in 2022 and is projected to reach USD 128.2 Bn by 2027, at a CAGR of 4.1% from 2022 to 2027.
Packaging Laminates Market Growth: Packaging laminates market is set to top US$ 5.9 Bn in 2022, and is predicted to expand at a steady CAGR of 5% to reach a valuation of US$ 8.9 Bn by 2030.
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