Growing Demand from Various End-Use Industries
According to our latest market study on “Thermal Pallet Covers Market 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Thermal pallet covers safeguard temperature-sensitive goods from the effects of harsh weather and decrease the risk of excursions. The heat transmission from the environment to a product can be slowed by using thermal pallet covers. They help maintain the ambient temperature of goods in transit and protect the temperature-sensitive products from small temperature spikes that can occur during loading and unloading, cross docking, and warehousing and packaging. Growing demand from various application segments, such as pharmaceuticals, food & beverage, and chemicals, is one of the key factors driving the growth of the thermal pallet covers market. Moreover, the rapid growth of shipping and logistics industry is projected to propel demand for thermal pallet covers in the coming years.
Thermal pallet covers have wide application across industries such as pharmaceuticals, food & beverage, chemicals, and paints & pigments. Pharmaceutical products, especially drugs and medicines, are highly temperature sensitive. Temperature fluctuations have been a concern for logistics businesses, specializing in pharmaceutical and healthcare shipping services. Exposure to extreme weather conditions and temperature changes can cause damage to the product, which can lead to stock wastage and losses. Therefore, thermal pallet covers are extensively used while loading, unloading, warehousing, and cross-docking of pharmaceutical drugs.
In the food & beverage sector, the use of thermal pallet covers is quite common. Certain food and beverages, such as frozen food, perishable food products, ice-creams, frozen desserts, bakery goods, and alcoholic beverages, are extremely sensitive to temperature. These products need to be stored and shipped at ambient temperature conditions. In temperature fluctuations, thermal pallet covers help in preventing losses and damages of perishable food products. Therefore, these covers are in high demand from the food & beverage industries.
Chemicals are generally highly sensitive to environmental conditions. Different chemicals require different temperature and pressure condition depending upon their physical and chemical characteristics. They demand careful packaging during transit. Thermal pallet covers are affordable and effective solution to meet different temperature requirements for shipping the chemicals. Therefore, several industrial chemical manufacturers require thermal pallet covers for the transportation of chemical products to ensure their safety from extreme temperature and environmental conditions. As a result, the demand for thermal pallet covers is significantly increasing from the chemical industry. All these factors are driving the growth of thermal pallet covers market across the world.
A few key players operating in the thermal pallet covers market are CargoWise Solutions Limited, QProducts & Services, Insulated Products Corporation, Protek Cargo, ECEPLAST, PAC Worldwide Corporation, TP Solutions, ECOCOOL, Softbox, Nordic Cold Chain Solutions, TLX Cargo, Krautz TEMAX, and Cold Chain Technologies, Inc. The key players are attempting to broaden their customer base by developing innovative products that address a variety of applications and consumer needs. They are also incorporating different technologies into products to appeal to a broad range of consumers across the world.
Impact of COVID-19 Pandemic on Thermal Pallet Covers Market
The COVID-19 pandemic has drastically affected the manufacturing industries in terms of operational efficiency owing to many factors such as extended lockdowns across different regions, restrictions on international trades, shutdown of manufacturing units, travel bans, disruptions in supply chain, and shortage in the supply of raw materials. The pandemic had a direct negative impact on logistics companies that deal with the movement, storage, and flow of goods. Logistics companies enable trade and commerce by assisting businesses to deliver their products to clients, both within and across international borders. Supply chain interruptions are influencing the sector's competitiveness and economic growth. Logistics companies engaged with industries, such as automobile, electronics, medicines, medical equipment and supplies, and consumer items, are among adversely affected companies across the world. 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 owing to the COVID-19 outbreak is driving the demand for thermal pallet covers from the pharmaceutical industry. On the other hand, the interruptions in the value chain is limiting the availability of raw materials, which is hindering the growth of the thermal pallet covers market.
Businesses are resuming as most of the countries are easing previously imposed restrictions. Moreover, the introduction of COVID-19 vaccines by governments of countries has eased out the situation leading to rise in business activities across the world. Moreover, logistics companies involved in the transportation of vaccines are among the key consumers of thermal pallet cover as the vaccines are temperature sensitive and require ambient atmospheres for its storage. Thus, this factor is significantly boosting the market growth. The pandemic has spurred the development of the e-commerce industry. Therefore, customers get access to a wide range of products, such as essential goods, convenience products, and safety goods. It has also allowed businesses to continue their operations despite limitations and restrictions on industrial and transportation activities. The e-commerce industry has significantly contributed to the revival of logistics operations, which, in turn, is expected to positively impact the growth of the thermal pallet covers market in the forthcoming years. Furthermore, rising demand for essential food products would propel the market growth during the forecast period. The COVID-19 pandemic had a severe impact on the thermal pallet covers market during the initial phase. However, the market is expected to gain a significant growth in the coming years.
Based on application, the thermal pallet covers market is segmented into pharmaceutical, food & beverage, chemicals, and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
According to our latest market study on “Thermal Pallet Covers Market 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Thermal pallet covers safeguard temperature-sensitive goods from the effects of harsh weather and decrease the risk of excursions. The heat transmission from the environment to a product can be slowed by using thermal pallet covers. They help maintain the ambient temperature of goods in transit and protect the temperature-sensitive products from small temperature spikes that can occur during loading and unloading, cross docking, and warehousing and packaging. Growing demand from various application segments, such as pharmaceuticals, food & beverage, and chemicals, is one of the key factors driving the growth of the thermal pallet covers market. Moreover, the rapid growth of shipping and logistics industry is projected to propel demand for thermal pallet covers in the coming years.
Thermal pallet covers have wide application across industries such as pharmaceuticals, food & beverage, chemicals, and paints & pigments. Pharmaceutical products, especially drugs and medicines, are highly temperature sensitive. Temperature fluctuations have been a concern for logistics businesses, specializing in pharmaceutical and healthcare shipping services. Exposure to extreme weather conditions and temperature changes can cause damage to the product, which can lead to stock wastage and losses. Therefore, thermal pallet covers are extensively used while loading, unloading, warehousing, and cross-docking of pharmaceutical drugs.
In the food & beverage sector, the use of thermal pallet covers is quite common. Certain food and beverages, such as frozen food, perishable food products, ice-creams, frozen desserts, bakery goods, and alcoholic beverages, are extremely sensitive to temperature. These products need to be stored and shipped at ambient temperature conditions. In temperature fluctuations, thermal pallet covers help in preventing losses and damages of perishable food products. Therefore, these covers are in high demand from the food & beverage industries.
Chemicals are generally highly sensitive to environmental conditions. Different chemicals require different temperature and pressure condition depending upon their physical and chemical characteristics. They demand careful packaging during transit. Thermal pallet covers are affordable and effective solution to meet different temperature requirements for shipping the chemicals. Therefore, several industrial chemical manufacturers require thermal pallet covers for the transportation of chemical products to ensure their safety from extreme temperature and environmental conditions. As a result, the demand for thermal pallet covers is significantly increasing from the chemical industry. All these factors are driving the growth of thermal pallet covers market across the world.
A few key players operating in the thermal pallet covers market are CargoWise Solutions Limited, QProducts & Services, Insulated Products Corporation, Protek Cargo, ECEPLAST, PAC Worldwide Corporation, TP Solutions, ECOCOOL, Softbox, Nordic Cold Chain Solutions, TLX Cargo, Krautz TEMAX, and Cold Chain Technologies, Inc. The key players are attempting to broaden their customer base by developing innovative products that address a variety of applications and consumer needs. They are also incorporating different technologies into products to appeal to a broad range of consumers across the world.
Impact of COVID-19 Pandemic on Thermal Pallet Covers Market
The COVID-19 pandemic has drastically affected the manufacturing industries in terms of operational efficiency owing to many factors such as extended lockdowns across different regions, restrictions on international trades, shutdown of manufacturing units, travel bans, disruptions in supply chain, and shortage in the supply of raw materials. The pandemic had a direct negative impact on logistics companies that deal with the movement, storage, and flow of goods. Logistics companies enable trade and commerce by assisting businesses to deliver their products to clients, both within and across international borders. Supply chain interruptions are influencing the sector's competitiveness and economic growth. Logistics companies engaged with industries, such as automobile, electronics, medicines, medical equipment and supplies, and consumer items, are among adversely affected companies across the world. 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 owing to the COVID-19 outbreak is driving the demand for thermal pallet covers from the pharmaceutical industry. On the other hand, the interruptions in the value chain is limiting the availability of raw materials, which is hindering the growth of the thermal pallet covers market.
Businesses are resuming as most of the countries are easing previously imposed restrictions. Moreover, the introduction of COVID-19 vaccines by governments of countries has eased out the situation leading to rise in business activities across the world. Moreover, logistics companies involved in the transportation of vaccines are among the key consumers of thermal pallet cover as the vaccines are temperature sensitive and require ambient atmospheres for its storage. Thus, this factor is significantly boosting the market growth. The pandemic has spurred the development of the e-commerce industry. Therefore, customers get access to a wide range of products, such as essential goods, convenience products, and safety goods. It has also allowed businesses to continue their operations despite limitations and restrictions on industrial and transportation activities. The e-commerce industry has significantly contributed to the revival of logistics operations, which, in turn, is expected to positively impact the growth of the thermal pallet covers market in the forthcoming years. Furthermore, rising demand for essential food products would propel the market growth during the forecast period. The COVID-19 pandemic had a severe impact on the thermal pallet covers market during the initial phase. However, the market is expected to gain a significant growth in the coming years.
Thermal Pallet Covers Market Breakdown – by Region, 2020
The report segments the thermal pallet covers market as follows:
Thermal Pallet Covers Market Size, Share | Forecast by 2028
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Based on application, the thermal pallet covers market is segmented into pharmaceutical, food & beverage, chemicals, and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
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21 November 2024