Thermal Pallet Covers Market is Growing due to Growing Demand from Various End User Industries

According to The Insight Partners latest market study on "Thermal Pallet Covers Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application," 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.

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 the product is slowed by using thermal pallet covers. The ability of thermal pallet covers to reflect heat and reduce moisture content inside aids in extending the time it takes for the product mass to lose its warmth. Thermal pallet covers maintain the ambient temperature of goods in transit. They protect the temperature-sensitive products from small temperature spikes that can occur during loading and unloading, cross docking, and during warehousing and packaging.

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Players operating in the thermal pallet covers market for pharmaceutical application adopt product innovation and research and development strategies to meet customers' requirements. For instance, Cold Chain Technologies launched the pallet cover system with integrated phase change material (PCM). The company launched this product to protect temperature-sensitive biopharmaceuticals and other therapies during shipping. Further, in 2018, UK based TLX Cargo launched a new thermal cover with phase change material. On the other hand, some companies are also developing thermal blankets and thermal covers made from bio-degradable plastics. For instance, Krautz TEMAX is one company that provides bio-based thermal blankets and covers for pallets. The company also invests heavily in developing and producing bio-based thermal blankets. Using bio-based and biodegradable materials for manufacturing thermal pallet covers would ultimately lower the environmental impact throughout the product life cycle and contribute to sustainability. Such product innovations are expected to open lucrative opportunities in the thermal pallet covers market for pharmaceutical application over the forecast period.

A few players operating in the thermal pallet covers market for pharmaceutical application include ECOCOOL, ECEPLAST, Insulated Products Corporation, PROTEK CARGO, CSafe Global, PAC Worldwide Corporation, Thermal Packaging Solutions, Nordic Cold Chain Solutions, QProducts & Services, and CargoWise Solutions Ltd., among others.

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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.

Based on application, the 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.

Table of Content:

1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Thermal Pallet Covers Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Expert Opinion
4.4 Ecosystem Analysis

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