"Overview of Pallet Wraps Market"
Pallet Wraps Market value was estimated at US$ 5 Bn in 2018. It Is Projected To Witness A CAGR Of 4.0% During The Forecast Period (2019-2027).
Rise in demand for load palletization in end use industries such as pharmaceuticals, food and beverages, automotive, and electrical and electronics among others is expected to boost the growth of the market. Packaged foods are gaining traction across various countries where pallets wraps are widely used.
Moreover, pallet wraps offer printability that helps in branding and promotion. These products offer product appeal and offer consumers better packaging solutions. In addition to this, pallet wraps also reduce the packaging volume during transit and acts as a suitable solution for manufacturers that are looking for cost reduction while transit. High demand for effective handling, bundling is expected to boost the demand of pallet wraps market.
Also high demand for pallet wraps in various industries such as food & beverage, pharmaceutical in Asia Pacific region is expected to boost the growth of the market during the forecast period. Rising demand for packaged foods across various countries is also expected to contribute to the growth of pallet wraps market.
On The Basis Of Material, Polyethylene Based Packing Peanuts Is Expected To Witness High Demand During Forecast Period
PE based peanuts had accounted for a significant share of xx% in 2018 and is expected to remain dominant during forecast period. Various benefits offered by PE are expected to contribute to the pallet wraps market. However, demand for Pvdc remains passive owing to various environmental concerns related to the consumption of these materials in the market. Owing to various stringent regulations related to the consumption of Pvdc in various countries is expected to slow down the consumption of this material.
On The Basis Of Industry, Food And Beverage Is Expected To Witness High Demand During The Forecast Period
Food and Beverage had accounted for a significant share of xx% in 2018 and is expected to remain dominant during the forecast period. Many companies in the food and beverage landscape are inclined towards pallet wrapping and moving away from manual wrapping. Automated pallet wraps are preferred in various sectors including food and beverage sector owing to high cost savings and also it offers plethora of opportunities to the key players. Food producers are widely spread all across the nations and it is vital for these companies to disseminate products to maintain better supply demand chain.
Asia Pacific Is Expected To Remain Dominant during Forecast Period and it Is Expected To Witness A CAGR Of Xx%
Retail environment in emerging economies is expected to witness moderate growth in many years to come. Penetration of specialty retailers in emerging economies is expected to witness high growth. Organized retail ecosystems are very common in South Asia and has emerged as one of the key aspects influencing the growth of various countries across South Asia. Various end use industries are relying on packaging formats that are pragmatic form of transportation.
Key manufacturers in the market are focusing on business expansion via organic and inorganic ways. These are paying attention to mergers and acquistions along with other strategic initiatives in order to establish their presence in the market. Manufacturers are also focusing on increasing production of eco-friendly and light weight pallet wraps grades. Many of the manufacturers are adopting expansion and merger strategy to expand their business and product portfolio.
Some of the leading companies in the market are Avery Dennison Corporation, Fuji Seal International, Inc., Henkel, CCL Label Inc., Inland Labels, 3M, and UPM-Raflatac. Intertape Polymer Group and Berry Global, Inc. are the leading manufacturers of pallet wraps across the globe. High adoption of pallet wraps by end users in emerging economies is expected to create profit for pallet wrap manufacturers.
Pallet Wraps Market Segmentation:
Pallet Wraps Market by Product:
- Hand Wrap Rolls
- Machine Rolls
Pallet Wraps Market by Thickness Type:
- < 15 mm
- 15 - 30 mm
- 30 - 45 mm
- > 45 mm
Pallet Wraps Market by Material Type:
Pallet Wraps Market by Film Type:
- Blown Film
- Cast Film
Pallet Wraps Market by End Use:
- Food & Beverages
- Chemicals & Fertilizers
- Personal Care & Cosmetics
- Consumer Goods
- Electrical & Electronics
Pallet Wraps Market by Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa