Expanded polystyrene (EPS), polyurethane (PUR), expanded polypropylene (EPP) and other conventional plastic materials are presently dominating the insulated panels demand in the present market scenario globally. Continuously increasing non-biodegradable plastic waste has resulted into high intolerance towards the conventional plastics with the imposition of strict regulations restraining the usage of conventional plastics. The cold chain participants are gradually switching to the Biodegradable insulated panel from conventional expanded plastic insulated panel to prevent their business from getting impacted by the plastic usage regulations. Thus, the global biodegradable insulated panel market is expected to witness steep inclination in during the forecast period and create large incremental opportunity for the biodegradable insulated panel market players across the globe.
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Global Biodegradable Insulated Panel Market Dynamics
High price and limited availability of bioplastics is one of the primary restraint for the biodegradable insulated panel market as it ultimately impacts the retail price for the final consumer products and the profit margin of the end-user companies of biodegradable insulated panel. Although, the global production capacity of bioplastics is expanding at an impressive pace, leading to relaxation on the price of bioplastics insulated panel. Moreover, strict regulations against the conventional plastics and gradually increasing prices of the conventional plastics have supported the adoption of biodegradable insulated panel. The growth of biodegradable insulated panel market is primarily on the global cold chain services market performance. Packaged fresh produce and ready meals demand is rising at an impressive pace across the globe, propelling the demand for biodegradable insulated panel. Pharmaceutical industry is also developing at a significant pace, driving the growth of biodegradable insulated panel market. Promoting the product with the tag of sustainable solution is one of the prominent trend in the present market scenario, and biodegradable insulated panel have played a crucial role in achieving the same.
In October 2018, Vericool, Inc. introduced Ohana Cooler, a range of reusable and compostable cooler composed of biodegradable insulated panel, specifically for the consumer purpose.
Global Biodegradable Insulated Panel Market Segmentation
The global biodegradable insulated panel market can be segmented on the basis of thickness as
- Up to 1 cm
- 1 to 3 cm
- 3 to 5 cm
- Above 5 cm
The global biodegradable insulated panel market can be segmented on the basis of material as
- Natural Cotton
- Agricultural waste composites
The global biodegradable insulated panel market can be segmented on the basis of application as
- Fresh produce
- Meat, seafood & poultry
- Bakery & confectionary
- Ready meals
- Baby food
- Other food products
- Pet food
Global Biodegradable Insulated Panel Market Regional Outlook
The adoption rate of biodegradable insulated panel is high in the developed economies such as U.S., Germany, Italy, U.K., France, Sweden and Japan. Pharmaceutical industry is the primary driver for the biodegradable insulated panel demand the countries. The pharmaceutical industry and packaged food industry is significantly large in China and India, while the adoption rate for biodegradable insulated panel is relatively slow among end-user industries. This is primarily due to large number of small companies serving the demand for packaged food in the Asia Pacific region, where the competitive edge of companies lies in providing economic products. Although, the violently increasing production of bioplastics in the Asia Pacific region is projected to lower the price for biodegradable insulated panel and generate intense incremental revenue opportunity. The biodegradable insulated panel market is gradually developing in the GCC countries with the rapid growth of pharmaceutical industry.
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Global Biodegradable Insulated Panel Market Key Players
Ecovative Design LLC is one of the unique company to use agricultural waste, specifically mushroom, to manufacture biodegradable insulated panel. Some of the key players operating the global biodegradable insulated panel market are
- Sonoco Thermosafe
- ThermoPod L.L.C.
- Insulated Products Corporation
- KTM Industries, Inc.
- Nature-Pack U.S.
- Vericool, Inc.
- Ecovative Design LLC
- AeroSafe Global