The thermal pallet covers market was valued at US$ 4,599.65 million in 2021 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.
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.
By region, the thermal pallet covers market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.In 2020, Asia-Pacific held the largest share in the market.
The market growth in the region is attributed to the increasing demand from the food packaging industries across Asia-Pacific.China is mainly dominating the regional market, followed by Japan, India, and the Rest of APAC.
The key players operating in the region are TLX Cargo and Softbox SilverSkin.The key manufacturers are adopting strategies, such as research & development, technological advancement, merger & acquisition, and expansion, to develop high-quality and innovative products to meet the end users’ requirements.
For instance, TLX Cargo is offering TLX4, which gives 4 hours of protection for goods being shipped between both 2–8°C and 15–25°C temperature. The silver outer surfaces of TLX 4 incorporate a low-emissivity surface that has been designed to reflect over 97% of thermal radiation over the measured spectral range. Such factors are bolstering the market growth in the region.
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.
CargoWise Solutions Limited, QProducts & Services, Insulated Products Corporation, Protek Cargo, ECEPLAST, PAC Worldwide Corporation, TP Solutions, ECOCOOL, Softbox, and Nordic Cold Chain Solutions are among major players operating in the thermal pallet covers market.
The overall thermal pallet covers market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the thermal pallet covers market.
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