DUBLIN--(BUSINESS WIRE)--The "Thermal Pallet Covers Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Application (Pharmaceutical, Food & Beverage, Chemicals, and Others)" report has been added to ResearchAndMarkets.com's offering.
The global 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. 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 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, thermal pallet covers market is segmented into pharmaceutical, food & beverage, chemicals, and others. The food & beverage segment held the largest market share in 2020. In the food & beverage industry, thermal pallet covers are extremely popular. 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 simple application.
The market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific accounted for the largest share of the market. The market in APAC comprises several economies such as China, India, Japan, South Korea, Australia, and the Rest of APAC. These countries are witnessing a growing manufacturing industry coupled with rising industrialization, which offers lucrative opportunities for key market players in thermal pallet covers market. China is mainly dominating the regional market, followed by other countries such as Japan, India, and the Rest of APAC. The growing population, rising disposable income levels of population, and substantial economic conditions are propelling demand for pharmaceuticals and food and beverage products, which is driving the growth of the thermal pallet covers market in the region.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Thermal Pallet Covers market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
Market Dynamics
Drivers
- Growing Demand from Various End User Industries
- Increasing Benefits of Using Thermal Pallet Covers in Logistics Services
Restraints
- Environmental Impacts of Single-Use Thermal Pallet Covers
Opportunities
- Growing Product Innovation and Research & Development Activities
Future Trend
- Emerging Trend of Bio-Based And Recyclable Thermal Pallet Covers
Companies Mentioned
- CargoWise Solutions Limited
- QProducts & Services
- Insulated Products Corporation
- Protek Cargo
- ECEPLAST
- PAC Worldwide Corporation
- TP Solutions
- ECOCOOL
- Softbox
- Nordic Cold Chain Solutions
For more information about this report visit https://www.researchandmarkets.com/r/8nwu2l
