The global thermal insulated bubble wrap market is expected to register a market value of USD 11.2 billion in 2023 and is projected to accumulate a valuation of USD 18.7 billion by exhibiting a CAGR of 5.2% in the forecast period 2023 to 2033. The thermal insulated bubble wrap market registered a growth of 4% CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 11.2 billion |
| Projected Market Value in 2033 | USD 18.7 billion |
| Growth Rate (2023 to 2033) | 5.2% CAGR |
The thermally insulated bubble wrap market is anticipated to grow owing to the high demand for bubble wraps for the packaging of delicate items. Increasing demand of insulated bubble wraps in packaging industries and in electrical and electronic items will propel growth in the market during the forecast period. Also, rising disposable income among individuals and growing demand for variety of products and the availability of different kinds of goods are further expected to fuel the demand for thermal insulated bubble wraps.
In addition, growth in online shopping along with the easy availability of biodegradable bubble wrap are also anticipated to push the growth ahead during the assessment period. Advancements in technology and rapid innovations in packaging are likely to offer numerous growth opportunities for the market expansion in the forthcoming period.
Insulated bubble wrap packaging helps in preventing damage to products from fluctuating temperature & pressure and from physical forces. The wide use of these wraps in foods & beverages, cosmetic, pharmaceuticals, and electronics is fuelling product demand. Thermal insulated bubble wraps are also being employed in several industries. The hazardous nature of chemical that can easily catch fire also require thermal insulated packaging which can assure the safe transit of the product. Bulk chemicals which come in solid, liquid, and gaseous forms, require proper handling which is fulfilled by utilizing bubble wraps.
On the other hand, increasing demand for pharmaceutical products across the globe is another prominent factor augmenting demand for insulated bubble wraps. The global pharmaceutical industry is on a growth path due to the increasing prevalence of chronic diseases and the growing aging population in countries like Japan and China. Pharmaceutical products like vaccines, blood, and temperature-sensitive drugs, are generally transported in insulated bubble wraps for the secure transportation of the product. This factor will boost the product sales in the coming years.
The global population is projected to increase by 1.25% per annum until 2030. Also, the proportion of people between 65 and 80 years of age is estimated to rise to 28% by 2030 as compared to 22% in 2000. This rising trend of aging population requires more medical assistance, which generates high demand for pharmaceuticals, thereby fuelling the demand for insulated bubble wraps in the pharmaceutical sector.
Region-wise, Asia-Pacific is expected to command the market by accumulating over 40% market share by end of the projection period. The growth is attributed to rising penetration of the internet and booming growth in the e-commerce industry along with increasing purchasing power of people, mainly in China and India. Also, rapid urbanization, increased government revenues which is resulting in increased spending over infrastructure, and rising disposable income are some other growth contributors to the regional market.
The entry of government in establishing Public-Private Partnerships (PPPs) to strengthen the automobile and electronics industries is positively influencing market growth in this region. The steps taken by various governments to provide efficient advanced electronics are also driving the insulate bubble wrap market. The market in North America is expected to grow with a CAGR of 4.8% during the projected period. The wide presence of online grocery stores that primarily prefer insulated bubble wraps for the transportation of fruits, vegetables, and processed foods is driving revenue growth in this region.
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Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing thermal insulated bubble wraps are anticipated to create new avenues for market expansion during the forecast period.
The Thermal Insulated Bubble Wrap market is expected to observe a market growth of 4%-5% during the forecast period
In 2021, the USA Thermal Insulated bubble wrap market grew by 3% year on year, bucking initial skepticism about how the market would perform during a global pandemic. Across the whole of North America, the e-commerce application segment witnessed a significant raise in volume in 2020.
The bubble wrap packaging is a form of protective packaging, which is fabricated from a double-layer polyethylene film, and was accidentally invented by the American engineers in the year 1957. As the name suggests, “Thermal Insulated bubble wraps” capture the air within the bubble-shaped hemispherical exterior layer of the material.
The bubbles can be anywhere ranging from 0.24-1 inches and are being selected depending upon the shock-absorption level which is being required. Also, as the products require proper packaging, cushioning, padding and protection against any disruption in the transportation process, the thermal insulated bubble wraps come into picture as they cater to the soft packaging, wherein the air cushioning absorbs the vibrations and shocks and aids to their efficient isolation of delicate products.
Thermal Insulated Bubble Wraps are designed to provide relief from the radiant heat that’s being generated. They also protect the item that is wrapped inside by providing proper padding and shock absorption. It pertains to high tear strength, great durability and is easy to use.
With pure Aluminum on both the sides, it provides excellent resistance towards any tear or puncture. Manufacturers and business owners tend to use the thermal insulated bubble wraps to safeguard their product during the transit.
The increasing disposable income of people contributes as one of the major drivers of the thermal insulated bubble wrap market. The food industry is pulling rapid demand for protective packaging solutions, owing to increasing consumption of freshly produced vegetables and fruits across the globe.
Moreover, the increasing prevalence of the e-commerce websites related to food and beverages packaging is also aiding the need for protecting & packaging perishable goods without any major wastage, thereby proving to be a driver of thermal insulated bubble wrap market.
Also electronics packaging has seen wide applicability of thermal insulated bubble wraps to offer protection to the electronics items, especially during the transportation. Durable and moisture resistant characteristics of thermal insulated bubble wraps are contributing to the soaring demand in the next future.
According to United States Environmental Protection Agency, in 2018 containers and packaging contributed to the majority of Municipal waste that is around 82.2 million tons.
The food packaging increases the packaging waste and also gives rise to pollution and landfills. With that being said, the Governments across the world are pin-pointing the usage of single-use packaging coupled with non-degradable packaging waste.
Thermal Insulated Bubble Wrap are often made of Polyethylene (PE) are prove to be a threat to the environment, resulting in a major drawback or setback to the thermal insulated bubble wraps market. Moreover, the preference of consumers towards the eco-friendly materials across the globe is hampering the growth of the market.
Key players of Thermal Insulated Bubble Wrap Market are as follows:
Key Market Players in Asia-Pacific of Thermal Insulated Bubble Wrap Market
Key players manufacturing Thermal Insulated Bubble Wrap are continuously innovating their products by introducing attributes like expandability, re-usability and flexible variants of Thermal Insulated Bubble Wrap.
In April 2021, Insulated Products Corporation, introduced the “CooLiner insulation roll” which offers light and UV protection, has external reflective barrier, provides intelligent bonding solution which aids in extra strength and elasticity, and also protects against cold and heat, thereby supports the company’s expansion and growth.
The population of India is estimated to be around 1.38 billion, which is the second-largest population in the world. With that being said, the labor related costs are extremely cheap and affordable for to manufacturers, coupled with great innovation rising along the way. Therefore, Indian markets are thriving even in the COVID-19 pandemic as they have large customer matter to cater to.
The COVID-19 pandemic has resulted in great number of customers getting inclined towards online shopping. Regarding temperature sensitive products, insulated packaging is expected to encounter strong sales as the pharmaceutical sector is demanding more and more temperature controlled products in order to keep the products safe.
Therefore, resulting in bulk stocking and panic purchase from the consumer’s side is expected to increase the demand for thermal insulated bubble wrap market.
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