Softbox Temperature Control Packaging Market is Expected To Grow At 9.48% Of CAGR By 2023
Softbox Temperature Control Packaging Market Overview
Market Research Future (MRFR), asserts that the global Softbox Temperature Control Packaging Market is expected to exhibit a CAGR of 9.48% over the forecast period of 2018-2023 and value at USD 8,762.4 million by 2023. Primarily, the increase in number of thermal-sensitive drugs is gaining traction for the market. The fast-paced expansion of the market is due to the growing need for preserving drugs and their raw materials form extreme temperature conditions.
Key Players
- Storopack Hans Reichenecker GmbH
- va-Q-tec AG, Sofrigam
- DB Schenker
- Sonoco ThermoSafe
- Cold Chain Technologies
- United Parcel Service of America, Inc. (UPS)
- KUEHNE + NAGEL INC
- Softbox Systems Limited
- Envirotainer AB
- Pelican Bio Thermal
- DHL International GmbH.
Segmental Overview
The Softbox Temperature Control Packaging Market is segmented by payload capacity, product, type of use, temperature range, type, and end-use industry. By product, the market is divided into insulated containers and insulated shippers. The insulated shippers segment is likely to lead in forecast period.
By type, the market is segmented into passive systems and active systems. The active systems segment is expected to expand at a CAGR of 9.14% over the review period.
By temperature range, the market is segmented into Up to 10°C, 10°C to 20°C, and more than 20°C. The up to 10°C segment is anticipated to thrive at 9.93% CAGR and touch USD 4,329.4 million by 2023.
By payload capacity, the market is segmented into Up to 10 L, 10-20 L, 20-40 L, 40-150 L, and more than 150 L. The up to 10 L segment is likely to lead by a CAGR of 9.53% through the review period. The 40-150 L segment is expected to expand at a CAGR of 9.88% by 2023.
Regional Outlook
Regionally, the Softbox Temperature Control Packaging Market has been studied across Europe, Asia Pacific, North America, and the Rest of the World (RoW).
The ever-increasing pharmaceutical industry in North America is expected to impel the market growth in this region. Presence of pharmaceutical regulatory bodies in the region can cast a positive influence on the market. The US market is anticipated to show a healthy growth.
The Europe market is likely to expand by 9.42% over the review period. The existence of robust supply chain logistics is a major factor that is likely to determine the growth of the regional market. Other factors such as development of novel drugs and increase number of contract research organization (CROs) can surge the regional market.
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