North America Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application Type (Pharmaceutical Preparations, Injectables, Blood Derivatives, Vaccine & Serum, and Others) and Container Size (Small, Med

North America Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application Type (Pharmaceutical Preparations, Injectables, Blood Derivatives, Vaccine & Serum, and Others) and Container Size (Small, Medium, and Large)

The reefer container for pharmaceutical market in North America is expected to grow from US$ 566.28 million in 2022 to US$ 1,086.87 million by 2028. It is estimated to grow at a CAGR of 11.5% from 2022 to 2028.

Rising Preference for Maritime Trade over Airborne Trade

The maritime transport is used to transport for large volumes in a single container ship which can handle 20,000 twenty-foot equivalent units. It is one of the greenest and most environmentally safe way to move cargo. The ocean cargo involves linear shipping, it is the most economical way of transporting goods North America. Thus, maritime transportation being a cost-efficient solution is preferred at a wide scale over airborne trade. The growth prospects in maritime trading activities owing to rise in demand for pharmaceutical products drives the market outlook over the forecast period. All major trading economies had witnessed an imports and exports rise above pre-pandemic levels in the fourth quarter of 2021, with trading activities in increasing more strongly in the developing countries than in developed economy. Thus, increasing seaborne trading activities helped businesses to get recovered in 2021 upon relaxation of national lockdowns, availability of vaccines and other measures to contain the spread of the virus began in many countries. Thus, such growth prospects in adopting the maritime transportation are anticipated to drive the demand for reefer container market over the forecast period.

Market Overview

The US, Canada, and Mexico are among the major economies in North America. The main factors responsible for the growth of the North America reefer container for pharmaceutical market include the increase in the number of trade routes, increased demand for pharmaceutical drugs, the expansion of the e-commerce industry, and the advent of real-time tracking technology. The pharmaceutical industry is expected to register the highest CAGR during the forecast period, which is attributed to the increasing demand for biologics, cell therapies, vaccines, and blood that require temperature-controlled containers for storage and transportation. Expanded polystyrene (EPS) containers are one of the most commonly used insulated shipping containers in the pharmaceutical industry. EPS coolers are thermally isolating, lightweight, cost-effective, and offer several other advantages. Over 100 counties, including New York, Portland, Washington DC, and Los Angeles, have banned polystyrene foam products due to their environmental impact and nonbiodegradability. The temperature of medicines varies rapidly depending on the environment in which they are placed. As a result of these differences, the use of insulated shipping containers is driving the reefer container for pharmaceutical market growth in North America. Thus, the growing expansions of manufacturers of reefer containers for pharmaceuticals are boosting the reefer container for pharmaceutical market growth in North America.

North America Reefer Container for Pharmaceutical Market Revenue and Forecast to 2028 (US$ Million)

North America Reefer Container for Pharmaceutical Market Segmentation

The North America reefer container for pharmaceutical market is segmented into application type, container size, and country.

Based on application, the market is segmented into pharmaceutical preparations ,injectables blood derivatives, vaccine & serum, and others. The pharmaceutical preparations segment held the largest market share in 2022.

Based on container size, the market is segmented into small, medium, and large. The small segment held the largest market share in 2022.

Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.

BSL REFRIGERATED CONTAINERS; CMA CGM Group; Klinge Corporation; DAIKIN INDUSTRIES, Ltd; Maersk Container Industry AS; Evergreen Marine Corp. (Taiwan) Ltd.; Seaco; TITAN Containers A/S; COSCO Shipping; and W&K Containers, Inc. are the leading companies operating in the reefer container for pharmaceutical market in the region.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific smart bike market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific smart bike market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the smart bike market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution