Yahoo Finance North America Insulated Shipping Containers Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
North America Insulated Shipping Container Market was valued at USD 1,412. 68 million in 2021, and it is projected to be worth USD 2,102. 47 million by 2027, registering a CAGR of 6. 72% during the forecast period, 2022-2027.
New York, May 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Insulated Shipping Containers Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" - https://www.reportlinker.com/p06271929/?utm_source=GNW
Insulating shipping containers is a common way to keep storage containers from experiencing excessive temperature fluctuations. An insulated container is the unit of choice for storing or exporting chemicals, pharmaceutics, packaged products, and foods. 20ft, 40ft, and 40ft high cube insulated shipping containers are the most common sizes.
Key Highlights
Pharmaceuticals, fresh vegetables, beverages, frozen goods, and chemicals require precise temperatures to be maintained. They must also be safeguarded from contamination by filtering the air entering and leaving the container. Insulation plays a significant function in this situation. It completely seals a shipping container from the outside and aids in the preservation of the carried products’ condition.
Thermal packing insulated shipping container liner kits are the most cost-effective method of protecting goods in storage since they are designed to reduce the risk of condensation significantly. The liners can also preserve perishable goods, including food, beverages, and pharmaceuticals that need to be transported at a constant temperature.
Expanded polystyrene (EPS) containers are among the most employed insulated shipping containers in the food and pharmaceutical industries. EPS coolers provide several advantages, including thermally insulating, lightweight, and inexpensive. Over 100 counties, including Los Angeles, Portland, New York, and Washington, DC, have already banned polystyrene foam products due to their environmental effect and non-biodegradability.
The temperature of drugs varies rapidly depending on the environment in which it is located. A vaccine can go out of the required temperature range after a few minutes when unprotected and exposed to heat or cold. As a result of these variations, insulated shipping containers use is driving the market growth.
The market witnessed a significant amount of food items cold stored in warehouses. For instance, according to the US Department of Agriculture, Over 2.3 billion pounds of frozen vegetables were cold stored in warehouses in the United States as of December 31, 2021, followed by dairy products (1,6 billion pounds); frozen potatoes (1.0 billion pounds) among others. Such demand for frozen products is expected to increase demand for insulated shipping containers.
With the outbreak of COVID-19, high-quality cold transport containers became significant in the pharmaceutical transportation process, ensuring that pharmaceutical businesses can overcome the numerous shipping challenges and container manufacturers are adhering to strict regulatory guidelines for the public’s benefit. Pharmaceutical chemicals and products, and the containers used to transport them, are subject to stringent regulations imposed by the Food and Drug Administration and other regulatory bodies.
Key Market Trends
Lifesciences and Pharmaceutical Segment Holds Significant Share
Temperature-sensitive medications, such as high-value specialized cancer drugs and vaccinations for infectious diseases, are widely produced and transported in the United States. They require temperature control throughout the supply chain to assure their safety and efficacy. As a result, insulated shipping containers will play an essential role in preventing the loss of high-value medications due to temperature changes.
Increased expectations for handling temperature-sensitive pharmaceuticals will drive sales growth for insulated shipping containers. Demand in pharmaceutical and medical applications will be supported by a rising regulatory focus on compliance with storage temperature regulations.
The United States has become a world leader in drug discovery and development, with a substantial number of manufacturers, primarily to its investment in biomedical research. As the U.S. and Canada have prominent life sciences and pharmaceutical manufacturers, the demand for these containers is high and is further set to grow with the manufacturing expansions.
In March 2021, Raybow USA Inc, the North American unit of a global provider of outsourced pharmaceutical process development and manufacturing services, announced to expand its operations in North Carolina, tripling both its capacity and workforce.
The company is investing around USD 15.8 million in expansion. Biomedical Advanced Research and Development Authority (BARDA) pitched new strategic partnerships starting in May 2020 to expand Pharmaceutical Manufacturing in America (PMIA) and has continued making investments throughout the pandemic. In addition, the growing expansions of the insulated shipping containers manufacturers are analyzed to boost the market growth rate in the region.
United States is Expected to Register Highest Growth Rate
North America is one of the significant markets for insulated shipping containers, with the United States accounting for a substantial share in the region. The country’s enormous demand can be attributed to the vast presence of various vendors, Exports, and Imports. According to U.N. Comtrade, In 2021, the Export value of fresh, chilled, or frozen pork in the United States accounted for USD 5.96 billion, increasing by USD 1.93 billion compared to 2015. Such an increase in export trade will bring significant opportunities to the insulated shipping use in the country.
Also, the government regulations in the country, for instance, the food-contact packaging sector of the United States is highly regulated by the Food and Drug Administration (FDA). With food being one of the most sensitive products to transfer and store, the regulations are expected to promote the adoption of insulated shipping containers in the country.
The market growth is driven by expansion; for instance, in February 2022, Tyson Foods, Kentucky Governor Andy Beshear, and Bowling Green city officials announced a new USD 355 million bacon manufacturing facility. The 400,000 square foot plant, which is expected to open in late 2023, will employ 450 people and assist meet the company’s Wright and Jimmy Dean brands’ expanding demand. Such expansions are analyzed to bolster demand for insulated shipping containers for transporting the food.
According to Census.gov, the US Department of Commerce, e-commerce sales in the United States have consistently increased for over a decade, with significant increases in the preceding two years. Total e-commerce sales in the United States reached USD 870.7 billion in 2021, rising by 14.3% from USD 759.6 billion in 2020. such instances will drive demand for the insulated shipping containers needed.
Competitive Landscape
North America Insulated Shipping Containers Market is fragmented owing to the presence of a large number of players such as Polar Tech Industries, Sonoco Thermosafe, Custom Pack, Inc., etc which are making the market competitive. Some of the recent developments in the market are -
February 2022 - Cascades announced an expansion plan for the isothermal packaging market. The company has announced a plan to expand its isothermal distribution products with a new production facility in the western United States, in Tacoma, Washington.
November 2021 - OtterBox announced a thermally efficient Liviri container series, which is meant to convert wine shipping from seasonal to year-round safely and sustainably. Even in the hottest and coldest months, the new Liviri Vino 6-bottle hard-sided wine boxes maintain wine at safe temperatures for five days while traveling ground transit.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271929/?utm_source=GNW
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