The global sales of thermal pallet covers are estimated to be worth USD 641.2 million in 2021 and are anticipated to reach a value of USD 1,039.6 million by 2031. Sales are projected to rise at a CAGR of 5.0% over the forecast period between 2021 and 2031. The revenue generated by thermal pallet covers in 2020 was USD 610 million.
The market is driven by the increasing demand to preserve temperature-sensitive commodities such as pharmaceuticals, food items, and chemicals during transportation and storage. In addition, growing global cold chain logistics, especially for perishable products and vaccines, boost the demand for high-quality thermal covers.
Innovations in the insulating materials, offering better temperature control and energy efficiency, act as the critical drivers for this market. Furthermore, increasing regulatory standards for product safety and compliance, which augment the adoption of thermal pallet covers, also drive growth.
The trend for sustainability is driving innovation in eco-friendly and reusable thermal covers. Additional demands arise from the increase in global trade and e-commerce, adding to the need for reliable temperature-sensitive packaging solutions.
Global Thermal Pallet Covers Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 610 million |
| Estimated Size, 2021 | USD 641.2 million |
| Projected Size, 2031 | USD 1,039.6 million |
| Value-based CAGR (2021 to 2031) | 5.0% |
The growing food and beverages industries are expected to boost the demand in the coming years since several food and beverages need safe & protective packaging during transportation.
Further the requirement of proper temperature regulation in the packaging also creates significant opportunities for thermal pallet covers in the food and beverages industries. Improper packing transportation results in severe losses for the companies as the product quality gets downgraded and results in rejections back to the manufacturers.
Several chemicals require specific temperature controlled conditions during transportation and storage. Several chemicals are highly reactive, and volatile in the general environmental condition and these chemicals need special packaging during transportation.
Thermal pallet covers are highly efficient in maintain the temperature and making the interior portion contactless with the environment, thus the demand of this cover is anticipated to witness significant growth in the chemical industries.
Substantial growth in the pharmaceutical industries is anticipated to boost the consumption rate over the forecast period. Several drugs and medicine in the pharmaceutical and healthcare sector need to be maintained at a specific temperature until the dosage completed.
Temperature specification for the medicine and drugs need to be maintained so that the effectiveness of the medicine remains and the drug not get hampered.
The significantly growing demand of the medicine and drugs are generating strong demand for the Thermal Pallet Covers and the sector is also estimated to remain a prominent application segment for the market.
Further the demand for these covers has witnessed a sudden surge as a few key COVID-19 vaccine types, such as the one developed by Pfizer, require special temperature controlled packaging for their storage and transportation.
The strong growth in the food and beverages industries has boosted the demand in USA and Canada. Substantially growing pharmaceutical and healthcare sector is also expected to be significantly contributing towards the growth of thermal pallet covers in both the countries.
The mass vaccination program undertaken by the USA government during 2020/2021 has resulted in a massive surge in demand for such temperature controlled packaging products. Strong development in the chemical industries in USA has resulted in the growth in the demand, which is also expected to grow in the coming years.
Strong trade activities of both the countries with various countries across the globe is also boosting the demand, since the countries are highly associated with trade of food and beverages, chemical and medicine products. The substantial trade results in strong demand for the special kind of covers, since the trade needs transportation of the substances with proper packaging.
Significant development in the chemical industries are expected to benefit the consumption of the special type of covers over the coming assessment period in Asia Pacific region.
Further, substantially growing pharmaceutical and medical sector and exports of cost efficient medicine and drugs from certain countries of Asia Pacific region is also anticipated to boost the growth of the market in this region.
Strong demand of food and beverages owing to the presence of high population density also boosting the sales of thermal pallet covers, to store & transport of certain types of food and beverages without damages.
Substantial growth in the exports of chemicals, food and beverages sectors across India, China, and ASEAN countries also has boosted the growth in the demand of the covers in Asia Pacific region. Moreover the presence of several manufacturers in this region also has benefited through easy availability of the product.
Some of the leading manufacturers and suppliers of Thermal Pallet Covers include
Key players are focusing on expansion strategies including acquisition of small and medium size market participants. Further the key players are focusing on establishing new manufacturing units in the emerging market to increase their market presence across the globe.
Further players are investing a significant amount in research and development activities to develop products which are associated with low carbon footprint along with less hazards generations. This will lead them to the sustainable development, which will benefit the companies to sustain in the longer run.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Thermal Pallet Covers Market
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