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Insulated packaging market includes types, such as boxes & containers, bags & pouches, wraps, and others. The insulated packaging market has varied applications, such as food & beverages, industrial, pharmaceutical, cosmetic, and others. Insulated packaging possesses a unique quality of thermal insulation from the external environment, which fuels the insulated packaging market.
The market for insulated packaging is observed to have reached a stage of maturity in the developing economies, such as Europe and North America. The reason behind this is the high disposable incomes in these regions. The Asia-Pacific region formed the largest market for insulated packaging, in terms of volume, after having accounted for 3,112 KT in 2014. Europe formed the second-largest market, with a market share of ~30.0%. The Asia-Pacific region is projected to be the fastest-growing market for insulated packaging during the forecast period from 2015 to 2020. The global insulated packaging market is projected to grow at a CAGR of 5.12% from 2015, to reach USD 14.2 billion by 2020.
This market is driven by the growth in the parent packaging industry along with excellent thermal insulation properties and innovative packaging products in the insulated packaging market. The rising population has also contributed to the growth of the insulated packaging market. High disposable incomes have enabled the end-users to spend more on this kind of packaging, which facilitates an increase in the shelf-life of various products. Moreover, the changing mindset of end-users has triggered the usage of insulated packaging in their day-to-day life.
The global insulated packaging market is marked with an intense competition due to the presence of a large number of big and small firms. New product launches, mergers & acquisitions, and partnerships & expansions are the key strategies adopted by market players to ensure their growth in this market. Companies such as Deutsche Post DHL (Germany), E.I. Du Pont De Nemours and Co (U.S.), Huhtamaki OYJ (Finland), and Sonoco Products Company (U.S.) are some of the prominent companies in the insulated packaging market, comprising major market shares.