The projected CAGR for the global market for reflective air bags, which is now valued at US$7.8 billion in 2023, is 6.1%. Due to packaging advancements, the market is anticipated to grow to US$ 14.1 billion by 2033.
Packaging plays a crucial role in attracting the buyers towards the respective products offered by the producers along with providing protection while transporting. Unique packaging helps in the identification process as well as it aims at differentiating from the other competitors’ products present in the market.
Among various kind of packaging solutions, airbag packaging is one of the famous and well-known packaging solutions adopted by industries like food & beverages, automotive, pharmaceutical and electronics & electrical sector. Reflective air bags are subsidiary of airbags available with water-leak resistance and temperature controlling property.
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These airbags use cushioning with lamination for providing insulation via confined air and reflection to protect the items present inside. The rising demand for reflective air bags packaging is gaining traction day by day due to its flexible packaging format and it is anticipated to boost the growth of reflective air bags market over the forecast period.
Reflective Air Bags Market: Dynamics
Drivers:
A reflective air bag is able to maintain a chilled cold chain for a while (minimum 24 hours) and offer protection for the inside-products with cushioning. Additionally, these reflective air bags are leak-resistant, waterproof, fold flat and create spaces for storage. These are some of the key factors which are driving the reflective air bags market’s growth in the industry.
Restraints:
Being a metal-foil based air bag, the bag is comparatively costly than other products which might hamper the growth of reflective air bags market in future.
Opportunities
Demand from Third Party Logistics to Augment the Sales of Reflective Air Bags
Reflective air bags market is witnessing an increasing growth day by day due to the growth of the e-commerce industry. Reflective air bags are being widely used in the e-commerce industry and third party logistics service sector. Players associated with third-party logistics services, mainly focus on warehousing, storing and transportation process. All the players of third party logistic providing services are adopting these reflecting air bags rapidly as packaging solutions as these bags minimize the transportation costs of the manufacturing companies due to its lightweight property. The growing demand from the third-party logistics service sector is anticipated to propel the growth of reflective air bags market globally in the future.
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Industrial Growth is Opening the Door for Reflective Bags Market to Grow
Reflective air bags are being extensively used for packing consumer-durable products that in turn is augmenting the demand reflective air bags during the forecast period. The hiking growth rates of food & beverage industry, pharmaceutical industry are influencing the production rate of reflective air bags as these bags are equipped with the capability of controlling temperature inside the packaging solution which helps in maintaining the chemical and structural integrity of the inside product. Furthermore, reflective air bag is used as a packaging solution in the automobile sector which is anticipated to escalate the growth of reflective air bags market in near future.
Reflective Air Bags Market: COVID-19 Impact
The sudden outbreak of COVID-19 has created obstacles for various industries. Majorly all the industrial sectors are facing challenges to grow due to the implemented lockdown and social distancing rule across the globe which ultimately has affected the industries negatively. Food & beverage, automotive and other sectors are experiencing declined growth rates due to the interruption in the supply chain management system. On the contrary, the pharmaceutical industry and electronics and electrical industry have witnessed inclined growth rates because of the speeding infection and trend of “work from home”. But the overall market’s growth will depend on the severity and duration of the pandemic situation.
Reflective Air Bags Market: Regional Outlook
North America is expected to lead the reflective air bags market due to the massive growth of the pharmaceutical industry and cosmetic & personal care sector. Europe is anticipated to witness a slightly declined growth rate owing to its maturity.
Asia Pacific region is expected to register the highest return on growth among all the regions because of the growth of e-commercial sector and food & beverage industry in developing nations like China, India and Japan. Latin America and Middle East & Africa regions reflective air bags markets are expected to witness slow growth rates due to the negligible growth in industrial sectors present in these regions.
Reflective Air Bags Market: Key Players
- Hydropac
- Swicofil AG
- Insulated Products Corporation
- Packman Packaging Private Limited
- TP Solutions
- Nordic Cold Chain Solutions
Report Highlights:
- A detailed overview of the reflective air bags market
- Changing reflective air bags dynamics in the industry
- In-depth reflective air bags segmentation
- Historical, current, and projected reflective air bags size regarding volume and value
- Recent industry trends and developments in the reflective air bags
- Competitive landscape of the reflective air bags
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on reflective air bags performance
- Must-have information for reflective air bags players to sustain and enhance their market footprint
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Reflective Air Bags Market: Segmentation
The global reflective air bags market is segmented by function, distribution channel and end-use.
By function :
- Void Fill
- Cushioning
By distribution channel :
- Automotive
- Chemical
- Agriculture
- Oil and Gas
- Research and Development
- Others
By end-use :
- Food
- Beverages
- Electronics & semi-conductor
- Pharmaceutical
- Industrial goods
- Automotive parts
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