Insulated Styrofoam Shipping Boxes Market Forecast and CAGR
With the rising customers purchasing unique, perishable, and delicate products through digital platforms, it becomes a necessity for the transporting team to deliver the product in its original form by maintaining the required temperature, thus, raising the demand and usage of insulated styrofoam shipping boxes and growing the sales. As a result, the insulated styrofoam shipping boxes market is set to witness steady growth during 2021-2031, with a CAGR of around 9%.
What is Driving Demand for Insulated Styrofoam Shipping Boxes Market?
Insulated styrofoam shipping boxes are a reliable source manufactured in order to keep safe the product being transported from ordinary shocks, jerks, and maintain the desired temperature around it to maintain its quality and shape to keep up with the expectations of the consumers.
The insulated styrofoam shipping boxes industry is driven by both, local and international moving of goods. In addition, the availability of options to re-shape the existing insulated styrofoam shipping box into the desired shape within a small span of time has resulted in fueling the demand, therefore, boosting the growth of the insulated styrofoam shipping boxes industry.
The development in the sectors like medical, food and beverage, and chemicals are growing the sales opportunity among consumers thus, resulting in the fueling of import and export of products in regional and international markets. Thus, insulating styrofoam shipping boxes have become a necessity in order to maintain the quality of products, growing sales.
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What Factors are Likely to Grow the Sales of Insulated Styrofoam Shipping Boxes?
One of the key factors likely to augment the sales of insulating Styrofoam shipping boxes across the world is the growing number of players in the cultivation of organic food and the rise in the production of various organic products.
Thus, such insulating Styrofoam shipping boxes have a tremendous usage in the packaging and transporting of products to keep the freshness and quality intact.
Further, with the involvement of a little more expense, the customer can gain the assurity of the product not being damaged while transporting, thus, it encourages the packaging team to increase the implementation of insulated Styrofoam shipping boxes.
In addition, the compact size of these shipping boxes is dominant over refrigerated containers and saves a whole lot of electricity used in the other case, therefore, creating an opportunity for the development of insulated Styrofoam shipping boxes market in terms of sales.
COVID-19 Impact on Insulated Styrofoam Shipping Boxes Market
The sudden outbreak of the COVID-19 had resulted in railing out of strict regulation by the regional governments worldwide reducing the movement and interaction of individuals to almost minimum. This resulted in the rise of unemployment especially for the labor class working in industries, ports, construction, and many other sectors, therefore, dropping the production capacity.
The raw material used for the production of various products was also in minimal quantity and was unavailable due to temporary pause of import and export of materials between developed and developing countries, therefore, heavily impacting the production and usage of insulated Styrofoam shipping boxes. However, the controlled unwinding of lockdown and rising demands of necessary products are projected to fuel the growth of the packaging industry.
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U.S. and Canada Insulated Styrofoam Shipping Boxes Market Outlook
The presence of various players involved in the manufacturing of products in the medical, food, and chemical industry within the countries of North America, makes it a prominent region for the growth in sales of insulating Styrofoam shipping boxes globally. During the forecast period, the demand is likely to rise compared to the current times, as a number of end-use industries make a gradual recovery.
Demand for insulated Styrofoam shipping boxes in U.S. and Canada will be led by the food and beverage sector. The culture involves a high amount of consumption of meat, seafood, and juices, thus, fueling the transportation of both raw and pre-cooked meals. These insulated shipping boxes maintain the temperature, thus, saving it from being spoiled, therefore, growing the usage and sales of insulating Styrofoam shipping boxes.
Europe Demand Outlook for Insulated Styrofoam Shipping Boxes
Many countries in Europe have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in the U.S. and Canada, pharmaceutical spending in Europe continues to drive demand for insulated Styrofoam shipping boxes.
The presence of various players in the countries of Europe having high-tech technologies to manufacture products in the medical sectors are promoting the usage and sales of insulated styrofoam shipping boxes. Further, the rising demands for the customer to fuel the usage of protective packaging solutions are expected to create a lucrative opportunity for the fueling of sales of insulated styrofoam shipping boxes.
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Who are the Key Manufacturers and Suppliers of Insulated Styrofoam Shipping Boxes?
Some of the leading manufacturers and suppliers of insulated Styrofoam shipping boxes include
- THIMM THE HIGHPACK GROUP
- Harwal Group
- Sonoco Products Company
- Drew Foam Companies Inc.
- Marko Foam Products
- Topa Thermal
- Sofrigram SA
- Radwa Corporation
- COOL Sarl
- Zhuhai Ronghui Packaging Products Co.Ltd.
- W.W. Grainger Inc.
- Guangzhou Elephant Color Printing & Packaging Co.Ltd
- XiMan Industrial Co. Limited
Many companies are investing their time and money in aiming to manufacture such boxes that can store products at maintained temperatures for a longer duration. For instance, in 2021, Panasonic had developed VIXELL™- a vacuum insulated cooling box that can maintain a temperature of -70C for up to 18 days using dry ice.
Insulated Styrofoam Shipping Boxes Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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By Material Type
- Expanded Polystyrene (EPS)
- Expanded Polypropylene (EPP)
- Expanded Polyurethane (EPU)
- Expanded Polyethylene (EPE)
By Product Type
- Hinged Boxes
- Un-hinged Boxes
By End-use Industry
- Food & Beverage
- Meat, Poultry and Seafood
- Dairy Products
- Ready-to-Eat Meals
- Personal and Beauty Care
- Food & Beverage
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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