Demand for Thermal Insulation Packaging to Rise at 18.3% CAGR in Pharmaceutical Industry
Rising applications within the pharmaceutical sector is a chief driver of the thermal insulation packaging market. In a new study by Future Market Insights, an ESOMAR-certified market research and consulting firm, predicts the market to reach a valuation of $58.37 billion in 2021. Within the pharmaceutical industry, products are often shipped across the globe. Pharmaceutical logistics is a complex web of local, regional and international chain that requires multiple modes of transportation. Air and ground have been the most preferred modes of transportation, however sea freight is also gaining traction nowadays.
Specialized production of pharmaceuticals and high-value ingredients used for production of medicines mean that the products need to move faster and at a larger scale through multiple climatic zones. Rapid expansion of emerging markets demands new or more efficient shipping lanes. The emergence of new markets have led to the challenge of distribution of temperature sensitive pharmaceuticals to a wide geographical reach.