Cold Chain Packaging Refrigerants Market To Be Driven By The Importance Of Cold Chain Packaging Refrigerants In Safely Transporting Important Consignments In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.4%
The market is expected to be driven by the importance of cold chain packaging refrigerants in ensuring that products maintain the desired temperature consistent with relevant safety regulations and quality standards. The increasing product innovation, coupled with demand for sustainable refrigerants products, will have an excellent impact on the market. Along with this, the increasing demand for biopharmaceutical products, such as drugs, vaccines, blood, and others, can spur lucrative opportunities for the global market. The flourishing biopharmaceutical in emerging nations will contribute further to the growth of the market. For instance, African countries, like Nigeria, South Sudan, and others have rapidly increased the supply of polio vaccines due to a high prevalence rate in the region and growing government support.
Industry Definition and Major Segments
To maintain the temperature inside passive cold chain packaging containers, like polyurethane boxes regulated, cold chain packaging refrigerants are employed. These refrigerants are widely used in cold chain packaging to keep temperature-sensitive items like vaccines and pharmaceuticals at a safe level.
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By product type, the market is segmented into:
• Foam Bricks
• Gel Packs
• Others
The major applications of the market are:
• Pharmaceuticals
• Food
• Industrial
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The rising ageing population is expected to enable speedy expansion of the market growth in the coming years. The heavy demand for critical drugs and enzymes, such as insulin, will further promote the growth of the market. Besides, the growing awareness about the advantages of packaging refrigerants, such as protection and temperature maintenance for sensitive products, will intensify growth in the forecast period. Also, the growing utilisation of cold chain packaging refrigerants in the distribution of various products is expected to propel the market growth globally. Furthermore, liberalisation, government efforts to reduce food waste, and multinational company expansion of retail chains are expected to boost industry growth over the forecast period.
Key Market Players
The major players in the market are Cold Chain Technologies, Sonoco ThermoSafe, Schaumaplast GmbH & Co. KG, Tempack Packaging Solutions, S.L., and Cyropack, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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