Global Insulated Packaging Market is forecasted to value over USD 17.8 billion by 2026 end and grow at CAGR of over 5.3% during the forecast period 2019 to 2026.
Several major industries like healthcare, food and beverages, chemicals, pharmaceuticals, cosmetics etc. have to administer transportation of their products which can be subjected to extreme conditions like cold or heat, high pressures, vibrations etc. These products profoundly depend on reliable and robust packaging that is done using insulating materials. Insulated materials have low conductivity of heat due to which they can easily resist the heat flow.
Furthermore, they can assist products to refrigerate, stay warm or cold thus reducing the issue of varying temperatures. A significant factor to be considered while choosing the insulation material is thermal conductivity. Thermal conductivity is inversely proportional to the resistance of heat i.e. a lower thermal conductivity gives a better resistance of heat. Various insulating materials are available at different temperature ranges depending on the value of thermal conductivity. Some of the commonly used insulated packaging materials are Polyurethane (PUR) foam, Expanded Polystyrene (EPS) foam, expanded silica, insulating cement, mineral fiber, radiant barrier films etc. Pre-formed shapes, bags, boxes, flexible sheets, rigid boards, flexible blankets are some of the insulated packaging forms that are used widely.
The insulated packaging market is growing at a faster rate due to the demand for FMCG products across the world and increasing awareness regarding product safety and standards among consumers. Industries such as healthcare and food& beverages, where the quality of a product is crucial, will undoubtedly drive the global market even further considering their global demand. The primary drivers responsible for positive market growth are retailers, local packaging firms and private consumers. The local packaging firm pays a vital role in driving the insulated packaging market as its responsibility to deliver the product fresh and intact in the local markets.
North America, until now, was leading the global insulated packaging market. However, it is anticipated that it will lose its top spot to the Asia Pacific region during the forecast period. One of the fundamental reasons for this change is the shift of consumer product manufacturing base from developed countries to emerging economies like the Asia Pacific and Latin America. Moreover, a change in lifestyle amongst the population especially in countries like China and India and increase in their capability to spend on food, especially ready to eat foods are some of the vital forces that drive the global insulated market in the positive direction. Europe is second to the Asia Pacific region in this market with a market share of about 30%. Rest of the world account for a small share of the market and it is expected to stay the same during the forecast period.
Pouch packaging is on a vast demand in recent time as it is available in various forms like a zipper, retort, spouted etc. As there has been a rise in small-volume product consumption, sachet packaging demand is on a rise. Pouches are lightweight and along with that, they offer durability, insulation and high strength from the external surroundings and these are the factors due to which established market players prefer pouch packaging over other types leading to its market growth.
Food & beverages are transported globally and to maintain the freshness of the products, it is of paramount importance that the packaging should be of maximum protection and hence this sector demands for insulated packaging for their products, therefore, boosting the insulated packaging market further. Similarly, the pharmaceutical industry also requires insulated packaging to their products for longer sustainability and therefore the insulated packaging market witnesses a positive growth.
• Huhtamaki OYJ
• Amcor Ltd.
• Sonoco Products Company
• American Aerogel
• Marko Foam Products
• Providence Packaging
In May 2017, Cryopak established a partnership with Purolator which is a logistics and freight package provider company and who has an extensive network in Canada. This relationship will help Cryopak strengthen its market position as a full-service and an integrated provider of supply solutions.
The insights presented here are from a research study on Global Insulated Packaging Market by FutureWise Market Research.