May 27, 2022 04:00 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 27, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Isothermal Bags & Containers Market finds that growing trade of goods and commodities worldwide as well as rising need for safe transportation via effective packaging solutions, are factors that influencing the growth of Isothermal Bags & Containers Market. Additionally, rapid industrialization in developing and developed countries and increasing food and pharmaceutical industries around the world is further propelling the market growth.
The total Global Isothermal Bags & Containers Market is estimated to reach USD 1045.9 Million by the year 2028. The Global Market revenue stood at a value USD 762.9 Million in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.4%, states Vantage Market Research, in a report, titled “Isothermal Bags & Containers Market Size, Share & Trends Analysis Report by Product Type (Bags, Containers, Others), by Material Type (Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), by Application (Pharmaceuticals, Food, Chemical, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Growing Trade of Goods Worldwide
Trade is one of the major and vital factors responsible for the growth and revenue drop of the market. The trade in pharmaceuticals, food, and chemicals across the globe is increasing swiftly. This is owing to an increasing demand for these products owing to an increasing population across the globe. According to the Ministry of Commerce and Industry, April exports jumped 24.22%, continuing the record-breaking 2021-22 performance, resulting in the highest ever exports in April. Furthermore, according to the World Trade Organization, China, the top exporter of merchandise trade in 2020, accounted for 13 per cent of the world’s total (up from 12 per cent in 2019), totaling USD 2,323 billion. The share of medical goods in world merchandise trade grew from 5.3 per cent in 2019 to 6.6 per cent in 2020. Also, trade in manufactured goods represented 71 per cent of world merchandise exports in 2020, with a value of US$ 12.1 trillion. Thus, increasing trade activities is further propelling the demand for isothermal bags & containers, ultimately driving the market growth over the forecast period.
Key Insights & Findings from the Report:
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Segmentation of the Global Isothermal Bags & Containers Market:
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Room for Product Damage during Travel
There are a number of factors that always leave a space for product damage during the transit. Hence, witnessing as a restraining factor for the market growth greater susceptibility to shocks and vibrations of isothermal compression bags and containers is a hindrance. These factors are inevitable even while going along the straightest of lines, and they cause disturbances in the process of compression isomerical equipment performing as a restriction to market growth over the forecast period.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The Report on Isothermal Bags & Containers Market Highlights:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Isothermal Bags & Containers Market in 2021. The major driving factors for the market are presence of major players in the region, steady growth of the pharmaceutical and food industries, and Increasing trade in region.
List of Prominent Players in the Isothermal Bags & Containers Market:
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Isothermal Bags & Containers Market Size, Share & Trends Analysis Report by Product Type (Bags, Containers, Others), by Material Type (Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), by Application (Pharmaceuticals, Food, Chemical, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/isothermal-bags-and-containers-market-822846
October 2021: Platinum Equity announced the signing of a definitive agreement to acquire Pelican Products, a global leader in the design and manufacture of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions for the healthcare industry.
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