Demand for Cold Chain packaging Materials is expected to rise at a modest pace on the back of increasing popularity of cold chain packaging solutions across various industries. Last two decades reflected an era of hardships faced by highly competitive markets. Against this backdrop, companies pursued the much sought after packaging techniques, such as cold chain packaging, in a bid to reduce cost of the packaging of the product and efficient delivery. This has significantly complemented to the cold chain packaging materials market growth on the global front. In addition, demand for cold chain packaging technology, particularly in the pharmaceutical sector to carry temperature-sensitive formulations, is catching speed, making it a favorable industry for the sales of cold chain packaging materials.
Application Of Cold Chain Packaging Materials In Pharmaceutical Packaging Bound To Rise, Making The Latter An Attractive Industry For The Packaging Technique
The growth of the pharmaceutical industry complements the growth of the cold chain packaging materials market worldwide. According to the International Air Transport Association, around 2.5-12 Billion USD loss is registered every year in the pharma sector during transit due to temperature problems. With more demand for temperature-controlled packaging, especially for drugs and formulations, the demand for cold chain packaging materials is expected to witness a spike in the coming years. In recent conditions of the COVID 19 pandemic, the use of cold chain packaging materials is even more elevated as the formulations used in drug development for the pandemic require highly temperature-sensitive packaging solutions. This has augmented the growth of the materials used in cold chain packaging, in turn supplementing the growth of the overall cold chain packaging materials market. In addition, governments of various countries have laid various guidelines and adopted their respective GDP (Goods Distribution Practices). This is more likely to add fuel to the demand for cold chain packaging materials in the long run. Overall, the pharmaceutical industry is expected to showcase higher attractiveness in the cold chain packaging materials market in the coming years.
North America To Account For A Major Share In The Cold Chain Packaging Materials Market; Europe To Follow Suit
The use of cold chain packaging in the developed nations has been on a higher side in the recent past and is expected to maintain its status quo in the following years. This created a potential growth platform for use of various cold chain packaging materials such as non-wovens, EPS (expanded polystyrene) and others across industries in the developed economies in North America and Europe. US is likely to account for a major share in the global market for cold chain packaging materials. This is mainly attributed toward increasing demand for cold chain packaging in the food and pharmaceutical industry. In addition, companies in the developed economies that are majorly carrying out international trade practices are more inclined toward use of synthetic cold chain packaging materials such as EPS (expanded polystyrene) on the back of their enhanced insulation capabilities. This is expected to generate significant revenue from the EPS segment in the US and Europe cold chain packaging materials market. Moreover, favorable trade policies, government regulations, subsidies, end use market conditions and tax benefits are encouraging new players involved in the manufacturing of cold chain packaging materials in these regions, which is expected to balance the demand and supply scenario, consequently complementing to the growth of the cold chain packaging materials market.
EPS To Reflect Growth Stability; Non-Woven Counterparts’ Green Nature To Boost Demand
The global market for cold chain packaging materials is largely influenced by the demand and sales of cold chain packaging materials across industries worldwide. That said, the demand for expanded polystyrene (EPS) is expected to increase considerably in the years to follow. EPS is typically used for cold chain packaging of pharmaceutical drugs, meat, and sea food products. Light weight and cost efficient nature of EPS coupled with high durability has triggered its adoption. Moreover, use of various materials in packaging solutions is also related to their microbial growth quotient and EPS facilitates decreased microbial growth. Moreover, increasing environmental concerns associated with packaging wastes are making it imperative for governments to mandate use of recyclable materials in packaging solutions. This factor continues to trigger the use of recycled non-woven textiles as an effective cold chain packaging material. In addition, non-woven textiles act as green alternatives to their non-biodegradable counterparts, which is expected to drive the market for non-woven textile cold chain packaging.
Key Questions Answered In The Report
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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