Global Insulated Packaging Market to Reach USD 17.14 Bn by 2024
The insulated packaging material comprises of low thermal conductivity material to resist the flow of heat. It is used as part of a cold chain to help maintain product freshness and efficacy. Therefore, the purpose of insulated packaging is to preserve product from damages during transport.
Owing to its property of resisting the flow of heat it has been widely adopted in various industries such as food & beverage, pharmaceuticals, and electronics. The rising demand from cosmetics, ready-to-eat food products, carbonated beverages and medicines are expected to fuel the growth of global insulated packaging market
As read in a report “Global Insulated Packaging Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024
” the global market will be expand to cross USD 17.14 Bn by 2024. The market was close to 12.1 Bn and will exhibit a CAGR of 5.10% from 2018 to 2024.
The insulated packaging material has been classified on the basis of corrugated cardboard, metal insulated packaging, glass packing, and plastic. Corrugated cardboard contains linerboard and fluted corrugated sheet which make corrugated cardboards stronger and allow them to withstand high amounts of pressure. The properties like high impact strength, bending resistance, tear resistance, and burst strength enables their application in pharmaceutical industry, thus boosting the growth of insulated packaging market.
Metal insulated packaging has been extensively used in electronic industry and pharmaceutical industry for the packaging of products hence, accelerating the growth of IP market. Glass packing products are lightweight and used for packaging beverages including juices, carbonated beverages, alcoholic drinks, and energy drinks thereby propelling the growth of IP market.
Plastic is used to pack the meat and preserve them over a long period. Furthermore, other materials include wood and paper, wood to be used to make boxes and barrels. The barrels made up of wood are used for aging and storing beer such as craft beer. Paper is used to manufacturing cardboards, cartons, and boxes that are used to store and transport various food & beverage, electronic, & pharmaceutical products. Aforementioned, application of insulated packaging product is shaping the growth of the market in a positive outlook.
With the rising trend of ready-to-eat and drink, the insulated packaging is highly in demand from food & beverage industry. Moreover, rising health awareness among people has led to the rise in global demand for FMCG and product safety this, in turn, has bolstered the growth of IP market.
Additionally, the growth of IP market is majorly dependent on the supply of raw material, hence the presence of big and small packaging firms in the market has created the great opportunity for the IP market.
Currently, the rising concern over improving the living of standard along with the increasing concern towards safe and protective products is propelling the growth of IP in emerging countries. Expanding population coupled with the high disposable income in Asian countries like China and India are in favor of growth of IP market. Also, the concept of Goods and Service Tax (GST) to ease tax and the “Make in India” initiative to encourage domestic manufacturing activities are expected to be the key factors driving the IP market in India.
However, rapid industrialization and increasing manufacturing sectors in emerging countries are likely to continue generating the room for growth of IP market.
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