Thermal pallet covers are required in the shipment of products that need temperature control. The covers can keep the pallet warm or cool during storage and shipping. The pharmaceutical industry is a major industry that enhances the demand for thermal pallet covers globally. The global market is segmented on the basis of type and geography.
In 2020, North America held the largest revenue share of the global market. The market in North America is segmented into the US, Canada, and Mexico. The region has a robust pharmaceutical sector. The US and Canada are home to the world's largest pharmaceutical companies, such as Johnson & Johnson, Novartis, and Pfizer. Due to the rising prevalence of chronic diseases, increasing awareness regarding health, and broader access to modern healthcare products and services, the pharmaceutical industry in North America is growing at a rapid pace. Further, the US is one of the major producers and exporters of pharmaceutical products. The rise in exports of pharmaceutical products from the region, coupled with a well-established pharmaceutical industry, is driving the thermal pallet covers market for pharmaceutical application across North America.
The thermal pallet covers market, before the COVID-19 pandemic, was mainly driven by the increasing use of thermal pallet covers for shipping different pharmaceutical products. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. In the initial phases of the pandemic, the chemical & materials industry suffered serious disruptions due to the restrictions on supply chains of key raw materials and disturbed manufacturing processes owing to restrictions imposed by government authorities in various countries.
The COVID-19 outbreak propelled the need for pharmaceutical products, especially medicines and drugs, which has created the demand for thermal pallet covers. Most of the pharmaceutical products are life-saving and valuable and need to be safely transported at safe temperatures through the supply chain. The demand for these covers has also increased among the logistics companies involved in the transportation of vaccines. As the economies started reviving their operations in 2021, the demand for thermal pallet covers is further rising globally for different pharmaceutical applications.
In the pharmaceutical industry, it is essential to protect all pharmaceutical shipments during transit, no matter how long or short the transit distance is. Various issues can impact the viability and quality of medications during shipment. When dealing with the shipment of drugs and other pharmaceutical products, temperature is one of the most critical parameters to be controlled. As a result, the demand for thermal pallet covers increases to ensure that temperatures stay at the appropriate level.
The growing demand for different pharmaceutical products, such as medicines, drugs, and vaccines, due to the increasing population, rising aging population, and the treatment of various diseases creates a need for temperature-controlled pharmaceutical transportation.
Based on type, the global thermal pallet covers market for pharmaceutical application is segmented into aluminum foil, polymer, and others. The aluminum foil segment held the largest share in the global thermal pallet covers market for pharmaceutical application in 2020. Thermal pallet covers are often made of aluminum foil, which provides enhanced thermal insulation. Aluminum foil is laminated over the polyethylene covers, which provides an efficient shield against radiant, conductive, and convective heat transfer, protecting temperature-sensitive cargo from decay. The growing number of shipments consisting of temperature-sensitive pharmaceutical products is projected to drive the demand for aluminum foil thermal pallet covers during the forecast period.
ECOCOOL, ECEPLAST, Insulated Products Corporation, PROTEK CARGO, CSafe Global, PAC Worldwide Corporation, Thermal Packaging Solutions, Nordic Cold Chain Solutions, QProducts & Services, and CargoWise Solutions Ltd. are among the players operating in the global thermal pallet covers market for pharmaceutical application. Players in the thermal pallet covers market focus on providing high quality products to fulfil the customer demand. With product innovation and customization strategies, market players are trying to capture a high market share.
The regional trends and factors influencing the Thermal Pallet Covers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Thermal Pallet Covers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.24 Billion |
| Market Size by 2028 | US$ 2.3 Billion |
| Global CAGR (2021 - 2028) | 9.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Thermal Pallet Covers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Thermal Pallet Covers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global thermal pallet covers market for pharmaceutical application is primarily driven by the growing number of shipments consisting of temperature-sensitive pharmaceutical products coupled with strong growth of the global pharmaceutical industry.
Based on geography, Asia Pacific is projected to grow at the fastest CAGR over the forecast period owing to the rapid growth of the pharmaceutical sector across the region, increasing prevalence of chronic illnesses, and rising population.
Based on type, the aluminum foil segment held the largest share in 2020. Aluminum foil is laminated over the polyethylene covers, which provides an efficient shield against radiant, conductive, and convective heat transfer, protecting temperature-sensitive cargo from decay.
In 2020, North America led the global thermal pallet covers market for pharmaceutical application owing to the significant growth of the region’s pharmaceutical industry coupled with the presence of leading market players operating actively across the region.
The global thermal pallet covers market for pharmaceutical application is highly competitive, owing to the presence of global and regional players. These players are competing with each other based on product quality and product differentiation.
Some of the prominent players operating in the global thermal pallet covers market for pharmaceutical application include ECOCOOL, ECEPLAST, Insulated Products Corporation, PROTEK CARGO, CSafe Global, PAC Worldwide Corporation, Thermal Packaging Solutions, Nordic Cold Chain Solutions, QProducts & Services, and CargoWise Solutions Ltd.