Thermal Pallet Covers Market Size, Share | Forecast by 2028

The thermal pallet covers 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 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. The ability of the covers to reflect heat and reduce moisture content inside aids in extending the time it takes for the product mass to lose its warmth. 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. 

In 2020, Asia-Pacific held the largest share in the thermal pallet covers market. However, North America is expected to register the highest CAGR during the forecast period. North America largely supports the market growth through effective manufacturing and trade policies. The accelerated growth of the food & beverage industry in the region is anticipated to drive the demand for the thermal pallet covers in the coming years since the covers are highly utilized while transporting food and beverage products. According to the US Department of Agriculture, food & beverage, agriculture, and other related sectors contributed $1.109 trillion to the US GDP in 2020, a 5.2% share. With a 13% share, the food & beverage sector ranked third behind housing and transportation sectors among the expenditures of the average American household in 2020. Also, the increasing demand for damage-free packaging, especially in the food & beverage sector, and the presence of prominent market players in North America are anticipated to  drive the market growth in the region during the forecast period. Mettcover is offering 15+ varieties in 100+ sizes of thermal pallet cover across this region. A few products such as Mettcover EX900M, Mettcover EX800M, Mettcover EX700M, and Mettcover EX300M are quite famous in North America.

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 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. 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. 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.

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Thermal Pallet Covers Market: Strategic Insights

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Market Insights
Increasing Benefits of Using Thermal Pallet Covers in Logistics Services

Thermal pallet covers protect temperature-sensitive products from extreme weather conditions and limit the risk of excursions. Time delays and temperature changes are worst issues that can be faced during supply chain activities. Customers can request remuneration or a replacement shipment if the logistics service providers fail to supply temperature-controlled shipments. The cost of replacement can be thousands of dollars. In addition, it may hamper the reputation of an organization as well as lead to client dissatisfaction. However, thermal pallet covers provide high-performance insulation and thermal protection for freight transported by all transportation modes, such as land, air, and water. The covers keep temperature-sensitive products safe and in compliance with the label claims for the duration of their transit. Thermal pallet cover is a more cost-effective solution for logistics companies than other insulation methods, such as refrigerated trucking. The covers are also convenient and reusable, and they fit to various shipment sizes, which makes them flexible. Additionally, thermal pallet covers protect the temperature-sensitive products from small temperature excursions that can occur during loading and unloading, cross docking, and even the most demanding transit conditions. Thus, the numerous benefits of using thermal pallet covers in logistics services are driving the growth of the thermal pallet covers market. 

Application Insights

Based on application, the thermal pallet covers market is segmented into pharmaceutical, food & beverages, chemical, and others. The food & beverages segment led the market with the largest share in 2020. The thermal pallet covers are extremely popular in the food & beverage industry. Customers return shipments to a manufacturer if the food gets spoiled during transportation, which can cause significant loss to manufacturer. The use of thermal pallet covers helps avoid this type of loss. Packaged salads; bakery, confectionery, and dairy products; meat and seafood; and sauces, dips, and dressing items require specific handling in transit to maintain their freshness. Thus, thermal pallet covers are preferred by most food processing industries due to their benefits such as being exceptionally space-efficient, puncture-resistant, protection against cold and heat, and easy to use. As the products are well protected during transportation, the chances of damage significantly decrease, which is financially beneficial for manufacturers. With all the added benefits, thermal pallet covers can confirm to be very profitable to businesses in many food & beverage industries. 

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. Major players in the market adopt strategies such as mergers and acquisitions and product launches to increase their geographical presence and consumer base in North America and South America. 

Report Spotlights

• Progressive industry trends in the thermal pallet covers market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets 
• Quantitative analysis of the thermal pallet covers market from 2017 to 2028
• Estimation of the demand for thermal pallet covers across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and the demand for thermal pallet covers   
• Market trends and outlook coupled with factors driving and restraining the growth of the thermal pallet covers market
• Decision-making process by understanding strategies that underpin commercial interest with regard to thermal pallet covers market growth
• Thermal pallet covers market size at various nodes of market 
• Detailed overview and segmentation of the thermal pallet covers market as well as its dynamics in the industry
• Thermal pallet covers market size in various regions with promising growth opportunities

Thermal Pallet Covers Market Regional Insights

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.

Thermal Pallet Covers Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. CargoWise Solutions Limited
2. QProducts & Services
3. Insulated Products Corporation
4. Protek Cargo
5. ECEPLAST

Disclaimer: The companies listed above are not ranked in any particular order.

Thermal Pallet Covers Market, by Application

• Pharmaceutical 
• Food & Beverages
• Chemical
• Others

Company Profiles

• 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
• Cold Chain Technologies, Inc.