The thermal pallet covers market for pharmaceutical application is expected to grow from US$ 1,240.62 million in 2021 to US$ 2,302.96 million by 2028; it is expected to grow at a CAGR of 9.2% from 2021 to 2028.
Thermal pallet covers are required in the shipment of products that need temperature control. The covers can keep the pallet warm or cool during storage and shipping. The pharmaceutical industry is a major industry that enhances the demand for thermal pallet covers globally. The global market is segmented on the basis of type and geography.
In 2020, North America held the largest revenue share of the global market. The market in North America is segmented into the US, Canada, and Mexico. The region has a robust pharmaceutical sector. The US and Canada are home to the world's largest pharmaceutical companies, such as Johnson & Johnson, Novartis, and Pfizer. Due to the rising prevalence of chronic diseases, increasing awareness regarding health, and broader access to modern healthcare products and services, the pharmaceutical industry in North America is growing at a rapid pace. Further, the US is one of the major producers and exporters of pharmaceutical products. The rise in exports of pharmaceutical products from the region, coupled with a well-established pharmaceutical industry, is driving the thermal pallet covers market for pharmaceutical application across North America.
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Thermal Pallet Covers Market: Strategic Insights
Market Size Value in US$ 1,240.62 Million in 2021 Market Size Value by US$ 2,302.96 Million by 2028 Growth rate CAGR of 9.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Thermal Pallet Covers Market: Strategic Insights
| Market Size Value in | US$ 1,240.62 Million in 2021 |
| Market Size Value by | US$ 2,302.96 Million by 2028 |
| Growth rate | CAGR of 9.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Thermal Pallet Covers Market for Pharmaceutical Application
The thermal pallet covers market, before the COVID-19 pandemic, was mainly driven by the increasing use of thermal pallet covers for shipping different pharmaceutical products. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. In the initial phases of the pandemic, the chemical & materials industry suffered serious disruptions due to the restrictions on supply chains of key raw materials and disturbed manufacturing processes owing to restrictions imposed by government authorities in various countries.
The COVID-19 outbreak propelled the need for pharmaceutical products, especially medicines and drugs, which has created the demand for thermal pallet covers. Most of the pharmaceutical products are life-saving and valuable and need to be safely transported at safe temperatures through the supply chain. The demand for these covers has also increased among the logistics companies involved in the transportation of vaccines. As the economies started reviving their operations in 2021, the demand for thermal pallet covers is further rising globally for different pharmaceutical applications.
Global Thermal Pallet Covers Market for Pharmaceutical Application Breakdown – by Region
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increasing Use of Thermal Pallet Covers for Shipment of Pharmaceutical Products
In the pharmaceutical industry, it is essential to protect all pharmaceutical shipments during transit, no matter how long or short the transit distance is. Various issues can impact the viability and quality of medications during shipment. When dealing with the shipment of drugs and other pharmaceutical products, temperature is one of the most critical parameters to be controlled. As a result, the demand for thermal pallet covers increases to ensure that temperatures stay at the appropriate level.
The growing demand for different pharmaceutical products, such as medicines, drugs, and vaccines, due to the increasing population, rising aging population, and the treatment of various diseases creates a need for temperature-controlled pharmaceutical transportation.
Type Insights
Based on type, the global thermal pallet covers market for pharmaceutical application is segmented into aluminum foil, polymer, and others. The aluminum foil segment held the largest share in the global thermal pallet covers market for pharmaceutical application in 2020. Thermal pallet covers are often made of aluminum foil, which provides enhanced thermal insulation. Aluminum foil is laminated over the polyethylene covers, which provides an efficient shield against radiant, conductive, and convective heat transfer, protecting temperature-sensitive cargo from decay. The growing number of shipments consisting of temperature-sensitive pharmaceutical products is projected to drive the demand for aluminum foil thermal pallet covers during the forecast period.
Thermal Pallet Covers Market for Pharmaceutical Application, by Type – 2020 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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. are among the players operating in the global thermal pallet covers market for pharmaceutical application. Players in the thermal pallet covers market focus on providing high quality products to fulfil the customer demand. With product innovation and customization strategies, market players are trying to capture a high market share.
Report Spotlights
- Progressive industry trends in the thermal pallet covers market for pharmaceutical application to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the thermal pallet covers market for pharmaceutical application from 2019 to 2028
- Estimation of global demand for thermal pallet covers for pharmaceutical application
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the thermal pallet covers market for pharmaceutical application
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the thermal pallet covers market for pharmaceutical application at various nodes
- Detailed overview and segmentation of the market, as well as the thermal pallet covers market for pharmaceutical application industry dynamics
- Size of the thermal pallet covers market for pharmaceutical application in various regions with promising growth opportunities
Thermal Pallet Covers Market for Pharmaceutical Application
Type
- Aluminum Foil
- Polymer
- Others
Company Profiles
- ECOCOOL
- ECEPLAST
- Insulated Products Corporation
- PROTEK CARGO
- CSafe Global
- PAC Worldwide Corporation
- Thermal Packaging Solutions
- Nordic Cold Chain Solutions
- QProducts & Services
- CargoWise Solutions Ltd
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
Frequently Asked Questions
Some of the prominent players operating in the global 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.
The global thermal pallet covers market for pharmaceutical application is highly competitive, owing to the presence of global and regional players. These players are competing with each other based on product quality and product differentiation.
In 2020, North America led the global thermal pallet covers market for pharmaceutical application owing to the significant growth of the region’s pharmaceutical industry coupled with the presence of leading market players operating actively across the region.
Based on type, the aluminum foil segment held the largest share in 2020. Aluminum foil is laminated over the polyethylene covers, which provides an efficient shield against radiant, conductive, and convective heat transfer, protecting temperature-sensitive cargo from decay.
Based on geography, Asia Pacific is projected to grow at the fastest CAGR over the forecast period owing to the rapid growth of the pharmaceutical sector across the region, increasing prevalence of chronic illnesses, and rising population.
The global thermal pallet covers market for pharmaceutical application is primarily driven by the growing number of shipments consisting of temperature-sensitive pharmaceutical products coupled with strong growth of the global pharmaceutical industry.
The List of Companies - Thermal Pallet Covers Market for Pharmaceutical Application
- Thermal Packaging Solutions
- Nordic Cold Chain Solutions
- CargoWise Solutions Limited
- QProducts & Services
- Insulated Products Corporation
- Protek Cargo
- ECEPLAST
- PAC Worldwide Corporation
- ECOCOOL
- CSafe Global
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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