Future Market Insights, in its latest research study, delineates growth of pallet wraps market from 2019 to 2029 and outlines overarching trends upholding growth. According to the report findings, pallet wraps sales reached approximately 3,123.1 ‘000 Tons in 2018, and are likely to grow by 3.2% YOY in 2019.
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The expansion of logistics sector has driven the adoption of palletization as an ideal process to ensure in-transit product security and stability. With palletization becoming the new norm in industrial packaging, manufacturers continue to focus on showcasing a vast portfolio featuring pallet wraps of varying blends and formulations best-suited to end user requirements.
According to the research study, sales of pallet wraps will continue to gain tailwinds from the evolving consumer demand for sturdy and durable packaging forms. The global packaging industry has witnessed a wave of new consumer demands come to the fore, this dynamicity of consumer choices has resulted in constant improvements in the existing packaging models and innovations in the new ones.
The report opines that end user sentiments will continue to incline towards pallet wraps of 15-30 mm thickness, followed by < 15 mm. Price stands firm as the key factor dictating consumer decisions, which is a key reason why end users would continue to prefer low thickness variants available in reasonable prices. With end use industries embracing the automation trend, sales of machine rolls will continue to outdo the sales of hand wrap rolls during the forecast period.
Polyethylene will continue to be a force to reckon with in the material space, with global sales estimated to reach approximately US$ 2.6 Bn in 2019. The primary advantages upholding polyethylene’s position as the ‘material of choice’ are its usability quotient, versatility, easy processability, cost-efficiency, and recyclability. As per the report estimates, polyamide will continue to closely trail polyethylene through 2029, on account of its beneficial properties such as strength and stiffness, puncture resistance, and fracture strain.
According to the research study, food and beverages will continue to be at the forefront of demand for pallet wraps in 2019 and beyond. Effective packaging remains a critical variable in ensuring safe transportation of food and beverage products during bulk transport, and pallet wrap grades continue to befit these requirements.
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TECHNOLOGICAL ADVANCEMENTS ENSURE BETTER PROPERTIES
With technological advancements, the pallet wraps market is growing at a faster rate.
- For instance, highly advanced packaging film introduced by SABIC, manufactured through a multi-layered & polymer blend technology that offers increased load stability for food packaging.
- Improvements in film properties have allowed manufacturers to reduce film thickness by 40%.
- The increased production for higher line speeds of wider and thinner films has enabled increased production of pallet wraps, which is expected to double the production rates and finished roll widths over the last ten years.
- Increasing efficiency of film by using latest technology for hand & machine pallet wraps is also one of the main reasons for the growth of the pallet wraps market globally.
Manufacturers Accelerate their Sustainability Drive by Committing to ‘Eco-Friendly’ Products
Leading players in the pallet wraps market are focusing on establishment of new production facilities and distribution units across lucrative economies of South Asia, with an objective to increase their sales revenues and tapping into new customer bases. According to the report, manufacturers are rethinking their production processes to align with the sustainability trend, reduce production costs, and enhance the brand value. Use of bio-based plastics continues to be in the spotlight as a prominent manufacturing trend, which will help the market players to revitalize their products’ marketability via ‘eco-friendly’ claims.
Mergers and acquisitions have a place of their own in the manufacturers’ growth strategies, states the FMI analysis. Through strategic mergers and acquisitions, manufacturers get an opportunity to leverage the combined know-how in product development and manufacturing processes, along with wider accessibility to a large number of resources.
This study analyzes growth trail of pallet wraps market during 2019-2029, and forecasts a volume CAGR of 3.5% for the market revenues. For compelling insights on pallet wraps market, write in to the analyst at press@futuremarketinsights.com
Regional Outlook:
North America is expected to lead the global pallet wraps market followed by Asia Pacific region and Europe. North America is a region with some of the world’s leading manufacturers and converters of plastic films and pallet wraps. Asia Pacific is a growing market for pallet wraps, with the presence of various small and medium manufacturers, especially in China. This is expected to drive the global pallet wraps market in the region.
Key Players operating in the pallet wraps market:
- Eurofilms Extrusions Ltd.
- Gruppo Fabbri Vignola S.p.A.
- ERGIS S.A.
- Dennisons Plastics Ltd
- Hazel 4D
- Manuli Stretch S.p.A.
- Sigma Stretch Film
- Hi-Tech Plastics, Inc.
- Mariner Packaging Company
- American Manufacture Company
- AVPack Plastics
- Megaplast S.A.
- Reusable Logistics Solutions LLC
- Qualpack Ltd.
- Indigo Industrial Supplies Limited
- Pro Plastic
- Elite Plastics Limited
- Printed Polythene Ltd.
- Polywrap Vic Pty Ltd
- Nuova Group Inc.