Temperature Controlled Packaging Solutions Market Substantial Rise in Industrial Sectors to Offer Growth Prospects

Global Temperature Controlled Packaging Solutions Market size was valued at US$ 8,648 million in 2016, and is expected to reach US$ 16,925 million by 2023. Active temperature-controlled packaging solutions are widely used as they enable the transportation of any size of the temperature sensitive shipment. Passive temperature-controlled packaging solution allows bulk shipping with lesser cost. The passive temperature-controlled packaging generated the highest revenue in 2016 in the global temperature-controlled packaging solutions industry and is expected to grow at the fastest rate during the forecast period owing to its reusability and high level of technology.
 
The increasing growth in the pharmaceutical industry, developing technology and reusable packaging and rising usage in the transport of Medicines,clinical trial distribution products are also expected to aid in the market growth. On the other hand, rising application in the pharmaceutical, food and beverages sectors, increase in the use of canned food, and others along with high potential growth markets for insulated packaging will aid in growth of the temperature controlled packaging solutions market. For instance, Vericol is a developer for sustainable cold chain packaging which provides cushioning for products to ensure packaging integrity.
 
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Restraints:
High investment and maintenance cost are expected to hamper growth of the temperature-controlled packaging solutions market growth. Strict rules & regulations formulated by government agency will hamper the growth of the temperature controlled packaging solutions market.
 
Regional Insights:
North America was the largest regional market in 2016 and is expected to exhibit a high CAGR over the forecast period. North America dominates the pharmaceutical industry in the world. Multinational companies including Johnson & Johnson, Merck &Co, and Pfizer Inc. hold a significant part of this industry. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), pharmaceutical companies in the U.S. hold the majority of the intellectual property rights of the new medicines and conduct more than 50% of the pharmaceutical R&D. This booming industry is expected to increase the demand for these products in the near future in this region. The Asia Pacific temperature controlled packaging solutions market is projected to grow at the highest CAGR, owing to the increasing demand for insulated packaging from countries such as China, Japan, and India.
 
Competitive Section:
Major players operating in the temperature controlled packaging solutions market are DHL, FedEx Corp., Sonoco Products Company, AmerisourceBergen Corp., Pelican Biothermal, Cold Chain Technologies, Softbox, va-Q-tec AG, Saeplast, Sofrigam SA Ltd., Snyder Industries Inc., ACH Foam Technologies, LLC, Cryopak, Inmark Packaging, and Tempack.
 
In August 2020, Sonoco, one of the largest global diversified packaging companies, announced acquisition of Can Packaging, a privately owned designer and manufacturer of sustainable paper packaging and related manufacturing equipment, based in Habsheim, France, for total consideration of €41.7 million, or approximately US$ 49 million.
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