Sep 25, 2017   SOURCE: BusinessWire

Pallet Covers Market - Growth Opportunities and Forecast | Technavio

According to the latest market study released by Technavio, the global pallet covers market 2017-2021 is expected to grow at a CAGR of more than 6% during the forecast period.

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Technavio has published a new report on the global pallet covers market from 2017-2021. (Graphic: Bu ...

Technavio has published a new report on the global pallet covers market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Pallet Covers Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

According to Sharan Raj, a lead analyst at Technavio for packaging research, “The high growth in the pallet covers market is due to the increase in manufacturing and transportation activities at a global level. Also, trends such as advertisement printed pallet covers and development of insulated thermal packaging covers, are further driving the demand for pallet covers. Macroeconomic factors, such as growth in the global GDP and rising per-capita income of the consumers, are also playing a vital role in the growth of the market.”

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The market research analysis categorizes the global pallet covers market into three major end-user segments. They are:

  • Pharmaceutical industry
  • Food industry
  • Chemical industry

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Global pallet covers market in pharmaceutical industry

The global pallet covers market in the pharmaceutical industry segment is expected to witness substantial growth during the forecast period. Pallet covers prevent pharmaceutical products from contamination with external toxins and harsh environmental conditions. The global pharmaceutical sales are witnessing a remarkable growth rate, which will further drive the demand for pallet covers for efficient and effective storage and transportation of pharmaceutical products.

Global pallet covers market in food industry

The food industry is witnessing growth due to the increase in the global demand for packaged food. The growth of the packaged food industry is driving the demand for the pallet covers for the storage and movement of the goods in warehouses and for the transportation of goods from production facilities to the retailers.

“The trend of using insulated thermal pallet covers for the protection of perishable products during transportation is driving the requirement for pallet covers from the food industry. For instance, Uline has developed customized thermal packaging for the food industry by designing cool shield bubble rolls and pallet covers. Similarly, Power Plastics Industrial has developed thermally insulated 3-layered thermal pallet covers for protecting food items against temperature fluctuations in the cold chain,” says Sharan.

Global pallet covers market in chemical industry

The chemical industry requires pallet covers for the storage and transportation of products to protect chemicals from moisture, heat, and UV radiation for sensitive material packaging. Shrink pallet covers are widely used by the chemical industry to provide better protection and strength to the protective packaging of chemical products.

Technological advances like developing pallet covers for handling large volumes of products is further driving the use of pallet covers in the chemical industry. For instance, Pallet Wrapz developed pallet covers for carrying chemicals in drums having a capacity of 55 gallons. The global chemical industry is expected to witness a substantial growth rate which will drive the global demand for pallet covers.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • DuPont
  • Eceplast
  • Insulated Product Corporation
  • Orion Plastics
  • Protek Cargo

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