Growing need for protective packaging in the food and beverage industry is expected to fuel demand for insulated shipping products. As the requirement for packaging temperature-sensitive products increase, manufacturers are focusing on developing technologically advanced packaging solutions. Transparency Market Research states that the global insulated shippers market is projected to reflect a CAGR of 9.4% during the forecast period, 2017-2026.
Factors Fuelling the Global Market Growth
Growth of the global insulated shippers market is mainly bound by various macro-economic and micro-economic factors. With the growing demand for protective packaging of various products, manufacturers are incorporating technologically advanced packaging solutions to ensure safe shipping of the products. Cold chain shipping and distributed control system continues to remain the most preferred packaging and shipping solutions among the supply chain. As delivering products safely is becoming important, manufacturers are mainly focusing on developing shipping containers with closed cell spray foam, rigid polystyrene foam panels and fiberglass.
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Transportation of temperature sensitive products such as blood, organs, biologic materials, pharmaceutical products and chemicals will continue to boost demand for insulated packaging solutions. Growing need to shipping various perishable food products with long shelf life safely is projected to boost demand for insulated shipping products globally. Food products that are particularly manufactured in a specific region continues to witness significant demand in various restaurants, hotels and shops. Pervasive demand for traditional food and beverage products in various countries is projected to rev up demand for insulated shipping containers during the forecast period. As the shipping containers are equipped with features that ensure freshness and quality of food products, sales of the insulated shipping packages is projected to increase. In addition, various food products can be subject to various temperature conditions during transportation. Increasing demand for temperature sensitive packaging solutions is further projected to impact growth of the global insulated packaging market.
Shipping pharmaceutical products is also projected to fuel demand for insulated shipping containers and packaging solutions globally. With the increasing demand for shipping various pharmaceutical spray products and liquid pharmaceutical products, manufacturers are focusing on offering temperature-sensitive packaging solutions to deliver the pharmaceutical solutions safely. In addition, manufacturers are further focusing on implementing the controlled distribution and cold chain system in order to track and monitor storage and distribution system of the packaged pharmaceutical products. Exposure to air, heat, cold and humid weather can spoil the pharmaceutical products and reduce its efficacy. Delivering pharmaceutical products that are ineffective and are of degraded quality could impact the health of patients adversely. Bound to these factors, manufacturers are mainly focusing on offering insulated and temperature sensitive pharmaceutical products for protective delivery.
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Sales to Remain High for Pharmaceutical Application
As the requirement of light-weight, effective and robust thermal insulation increases, demand for the expanded polystyrene is projected to remain high globally. In terms of revenue, the expanded polystyrene product type segment is projected to witness highest growth, recoding more than US$ 700 Mn by 2026-end. On the other hand, the other product type segment is projected to reflect a healthy CAGR over the forecast period.
During the forecast period, the ambient application type segment is projected to witness the fastest growth in the global market. In contrary, the pharmaceutical application segment is projected to generate significant revenues, accounting for more than US$ 500 by 2017-end.
Based on end use, the others segment is projected to reflect a significant CAGR throughout the forecast period. However, the pharmaceutical end use segment is projected to witness a robust revenue growth, representing more than US$ 1,100 Mn by 2026-end.
Major players in the global market of insulated shippers are Cold Chain Technologies Inc., Sonoco Products Company, Snyder Industries, Inc., Pelican Biothermal LLC, Cryopak Industries Inc., Saeplast Americas Inc, Tempack Packaging Solutions S.L., TKT GmbH, American Aerogel Corporation and EcoCool GmbH.