The thermal pallet covers market size was valued at $4,148.15 million in 2020, projected to reach $10,469.73 million by 2028 to grow at a CAGR of 12.5% from 2021 to 2028; while in 2020, Asia-Pacific accounted for the largest share of the global market.
New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Thermal Pallet Covers Market: Key Insights
According to our new research study on “Thermal Pallet Covers Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Pharmaceutical, Food & Beverage, Chemicals, and Others),” the market was valued at US$ 4,148.15 million in 2020 and is projected to reach US$ 10,469.73 million by 2028; it is expected to grow at a CAGR of 12.5% from 2021 to 2028.
Thermal Pallet Covers Market: Competitive Landscape and Key Developments
CargoWise Solutions Limited; QProducts & Services; Insulated Products Corporation; Protek Cargo; Eceplast; PAC Worldwide Corporation; TP Solutions; ECOCOOL; Softbox Systems Ltd.; and Nordic Cold Chain Solutions are among the well-established players operating in the thermal pallet covers market.
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The thermal pallet covers market in North America is estimated to grow at the highest CAGR during the forecast period. These products are used for providing thermal protection to pallets during transport, loading/unloading, and storage, as an exposure to excessively cold/hot temperatures may damage products and goods. North America is a huge contributor to the growth of the thermal pallet covers market due to the existence of effective manufacture and trade policies. The well-established food & beverages industry is contributor to the high demand for thermal pallet covers in the region.
Growing Demand from Various End-User Industries Fuels Thermal Pallet Covers Market Growth:
Thermal pallet covers have wide application in industries such as pharmaceuticals, food & beverages, and chemicals. Pharmaceutical products, especially drugs and medicines, are highly temperature sensitive. Temperature fluctuations have been a concern for logistics businesses catering to pharmaceutical and healthcare companies. Exposure to extreme weather conditions and changes in temperature can damage these products, leading to stock wastage and losses. Therefore, thermal pallet covers are extensively used while loading, unloading, warehousing, and cross-docking pharmaceutical products. In the food & beverages sector, the use of thermal pallet covers is quite common. Frozen food, perishable food products, ice creams, frozen desserts, bakery goods, and alcoholic beverages, among others, are extremely sensitive to temperature. These products need to be stored and shipped at ambient temperature conditions. During temperature fluctuations, thermal pallet covers help protect perishable food products from damage. Chemicals are generally highly sensitive to environmental conditions. Different chemicals require different temperature and pressure condition, depending upon their physical and chemical characteristics. Thermal pallet covers are affordable and effective solutions adopted to meet different temperature requirements while shipping chemical and chemical products.
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Thermal Pallet Covers Market: Segmental Overview
Based on application, the thermal pallet covers market is segmented into pharmaceutical, food and beverages, chemical, and other. The market for pharmaceuticals is estimated to grow at the highest CAGR of 14.1% during 2021–2028. Many drugs often need to be maintained withing a certain temperature range until the dose is administered. Pharmaceutical industry is adhered to temperature restrictions to ensure the basic formulation of drug is consistent and efficiency is not hampered. Thermal pallet covers offer excellent protection against temperature excursions by shielding the pharmaceutical products from solar radiations and extreme ambient temperatures (hot and cold).
Impact of COVID-19 on Thermal Pallet Covers Market:
The COVID-19 pandemic has drastically affected the logistics businesses that deal with the movement, storage, and transport of goods. Supply chain interruptions are influencing the sector's competitiveness and economic growth. Logistics companies catering to industries such as automobile, electronics, medicines, medical equipment and supplies, and consumer items are among adversely affected ones during the COVID-19 pandemic. Ocean freight, land freight, and air freight recorded weak demand leading to slow operations and losses. However, growing demand for pharmaceutical products, especially medicines and drugs, amid the pandemic is driving the adoption of thermal pallet covers in the pharmaceutical applications. Also, the introduction of COVID-19 vaccines and surge in the number of vaccination drives are expected to ease the situations in many countries, which is expected result in the improved performance of the thermal pallet covers market in the coming months.
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Key Questions to Request for Thermal Pallet Covers Market:
Can you list some of the major players operating in the global thermal pallet covers market?
In 2020, which region held the largest share of the global thermal pallet covers market?
Which application segment accounted for the largest share in the global thermal pallet covers market?
Which application segment is the fastest growing in the global thermal pallet covers market?
In 2020, which country is the leading country of the global thermal pallet covers market in Asia Pacific?
What is the key driver for the growth of the global thermal pallet covers market?
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