Pallet Wraps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029
Pallet Wraps Market: Overview
Strides in the consumer markets have led to shifts in the palletizing industry. Not only materials used for making pallets but also the packaging has played a crucial role in the expansion. The drive for pallet wraps stems from this trend. The demand for effective packaging for palletizing has posited industries’ attention on ‘in-transit’ product safety. Plastic stretch films made primarily of PVC were a popular option for end-use industries for pallet wraps. Over the years, an array of materials and composites have been used by manufacturers of pallet wraps, thereby broadening the demand potential in the pallet wraps market.
Heavy duty wraps need high-performing pallet wraps, and an increased focus has been using eco-friendly materials and reusable packaging formats to bring down the carbon footprints of transit substantially.
The various end-use industries in the pallet wraps market are food and beverages, pharmaceuticals, chemicals and fertilizers, personal care and cosmetics, electrical and electronics, consumer goods, and automotive. Food and beverage is one of the major end-use industries of pallet wraps. Key product types in the pallet wraps market are hand wrap rolls and machine rolls. Market analysts have segmented the pallet wraps market on the basis of material types and thickness. Key material types manufacturers may consist of LLDPE, LDPE, HDPE, PET, Polyamide, and polypropylene.
Pallet Wraps Market: Competitive Analysis and Key Developments
Manufacturers of pallet wraps are leaning on pivoting their brand success stories on eco-friendliness and reusability. Several players in the pallet wraps market are keen on developing reusable pallet wraps for heavy duty applications for various end-use industries, with the aim to gain a strong standing among consumers. Most players are replacing plastic wrap materials with reusable and eco-friendly alternative. These will help spur competitive spirit among new entrants as well as incumbents in the pallet wraps market. Some players are also offering customized labels to attract businesses in the palletizing industry. They are focusing on meeting the needs of close-loop deliveries.
Forward-looking companies offer pallet wrapping automation systems to meet the wide cross-section end-use industries’ needs, particularly the food industry. Some of the aspiring players aiming for substantial stakes in the pallet wraps market are looking for new value propositions in mergers and acquisitions. Top players are keen on expanding their portfolio through attractive product launches.
Pallet Wraps Market: Key Trends
The global pallet wraps market has seen strides on the back of rise of organized retail in various parts of the world. Growing demand for automated pallet wrapping system in the food and beverages industry has unlocked a vast lucrative avenue for players in the market. The pallet wraps market has seemingly attracted a large impetus from increasing trend of light weight and eco-friendly wraps. The advent of bioplastics has expanded the canvas for various stakeholders in the pallet wraps market to play with. Growing demand for closed-loop deliveries in the palletizing industry has expanded the scope of product advancements and innovation in the market.
Pallet Wraps Market: Regional Analysis
The key regions in the pallet wraps market are North America, North America, Europe, Latin America, East Asia, South Asia, the Middle East and Africa. Of these, South Asia has been replete with new opportunities for players, in part due to the rapidly rising demand in end-use industries. Numerous economies in South Asia are seeing a rapid growth of organized retail ecosystems, which has spurred the demand for pallets and wraps for transporting goods to retail. Key industries are food, beverages, and pharmaceuticals.
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