Insulated packaging materials market to grow at a CAGR of 5.1% by 2028. In 2020, Asia-Pacific held the largest revenue share of the global market.
NEW YORK, UNITED STATES, November 23, 2021 /EINPresswire.com/ — According to the latest market study on “Insulated Packaging Materials Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Type, and End-Use” the market was valued at US$ 11,876.04 million in 2021 and is projected to reach US$ 16,799.84 million by 2028.
Market Size Value in – US$ 11,876.04 Million in 2020
Market Size Value by – US$ 116,799.84 Million by 2028
Growth rate – CAGR of 5.1% from 2021-2028
Forecast Period – 2021-2028
Base Year – 2021
No. of Pages – 153
No. Tables – 84
No. of Charts & Figures – 79
Historical data available – Yes
Segments covered – Material Type, Type, and End-User
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Insulated packaging materials have low thermal conductivity and are heat resistant. They are primarily used for the shipping of temperature-sensitive products to safeguard the products from fire or explosion hazards and maintain products efficiency. The material is needed in industries, such as chemical, personal care, food & beverages, and healthcare, which deal with temperature-sensitive products.
Surging demand for temperature-sensitive products is going to influence the insulated packaging materials market globally
Rising per capita disposable income, increasing investments in the improvement of cold chain infrastructure, growing end-user industries, and accessibility to medical facilities attribute to the growth of the insulated packaging materials market. In the past few years, the healthcare and pharmaceuticals industries have witnessed an unprecedented rise in demand for temperature-controlled/insulated packaging due to an increase in the demand and transportation of temperature-sensitive pharmaceuticals products and samples. Temperature-sensitive products mainly belong to the food & beverages and pharmaceuticals industries. Changing consumer lifestyles, rising per capita disposable income and adoption of convenience products increase the consumption of processed, frozen, and packaged food products. In addition, rising consumer spending on packaged products and increasing global output of temperature-sensitive manufactured goods propel the growth of the insulated packaging materials market.
Impact of COVID-19 on Insulated Packaging Materials Market:
The ongoing COVID-19 pandemic has significantly increased the demand for medicines and COVID-19 vaccines across the world. The trade for such medicines and vaccines is propelling the need for a suitable packaging system, such as insulated packaging, to maintain the product quality at the desired temperature. Thus, COVID-19 pandemic has had a positive impact on the growth of the global insulated packaging materials market and is expected to continue to do so during the coming years.
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Insulated Packaging Materials Market: Material Type
Based on material type, the global insulated packaging materials market is segmented into plastic, wood, corrugated cardboard, and others. The corrugated cardboard segment is anticipated to account for the largest revenue share during the forecast period. Corrugated cardboard is made of linerboard and fluted corrugated sheets. These components strengthen corrugated cardboard and allow it to withstand high pressure. Corrugated cardboard is typically produced using flute lamination machines, also known as corrugators. The cardboards are highly impact-resistant, bending-resistant, tear-resistant, and burst resistant.
Insulated Packaging Materials Market: Competitive Landscape and Key Developments
Sealed Air, FEURER Group GmbH, Sancell, The Wool Packaging Company Limited, CoolPac, Cascades Inc., ICEE Containers Pty Ltd, TemperPack, Icertech, and Insulated Products Corporation are among well-established players in the global insulated packaging materials market. Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users. For instance, in 2020, Cascades inc. and Goodfood Market Corp. came into partnership. Goodfood Market Corp. makes the excellent use of the recyclable and insulating container northbox produced by the Cascades inc. as their mainstay delivery box to help keep the shipped groceries safe and fresh while also spreading the company’s name throughout the country.
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The overall size of the global insulated packaging materials market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the insulated packaging materials market.
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Source: EIN Presswire