The global pallet wraps market stands at a net worth of US$ 5.9 Bn in 2022, and is projected to rise at a CAGR of 3.8% to end up with an estimated valuation of US$ 7.8 Bn by 2029. Sales of pallet wraps contributed 2% to the global films market revenue in 2021. Amidst changing packaging trends, demand for reusable pallet wraps is expected to see a major rise over the coming years.
Pallet shrink wraps as well as black pallet wraps have also seen a notable increase in demand over the years and are expected to follow the same trend through 2029.
Pallet wraps are used to wrap goods before they are placed on a pallet. These wraps are specific wrapping machines used in the handling and picking of pallet loads varying in weight and height. Packaging products are tightly wrapped in order to keep goods in one position for the duration of shipment. The growing popularity of these wraps is expected to increase sales growth of the global pallet wraps market in the coming years. The increasing focus on lightweight packaging solutions is projected to boost the sales growth of the global Pallet Wraps market during the forecast period set between 2021 and 2031.
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Market Players Driving Sustainability through Eco-Friendly Products
Leading manufacturers of pallet wraps are establishing new production facilities and distribution units across lucrative economies such as South Asia with the objective of increasing their sales revenues and tapping into new customer bases. Market players are rethinking their production processes to align with the sustainability trend, lessen production costs, and enhance brand value.
Use of bio-based plastics continues to be in the spotlight as a prominent manufacturing trend, which will help market players drive their products’ marketability with eco-friendly claims.
- In June 2021, Mondi in collaboration with Italian machine producer ACMI created a new wrapping system for pallets. The new wrapping system uses paper instead of plastic and is called Advantage StretchWrap. The new eco-friendly pallet wrap is part of the new sustainable packaging trend that is transforming the packaging industry.
Competitive Landscape
Pallet wrap suppliers are focusing on research and development of sustainable and eco-friendly pallet wraps that are climate-friendly. Pallet wrap companies are also adopting various organic and inorganic growth strategies to boost pallet wrap sales on a global level.
- In January 2022, Cortec a leading environment-friendly solutions provider announced the launch of the world’s first biodegradable stretch film. The Eco Wrap stretch film received ‘OK compost INDUSTRIAL’ from TUV Austria in November.
- Intertape Polymer Group Inc.
- Berry Global Inc.
- Scientex Berhad
- Aep Industries Inc.
- Sigma Stretch Film Corp.
- Coveris
- Rosenflex (U.K.) Limited
- Polifilm GmbH
- Anchor Packaging Inc.
- Paragon Films Inc.
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Key Segments of Pallet Wraps Industry Survey
Pallet Wraps Market by Thickness:
- <15 mm Pallet Wraps
- 15-30 mm Pallet Wraps
- 31-45 mm Pallet Wraps
- >45 mm Pallet Wraps
Pallet Wraps Market by Product:
- Hand Wrap Rolls
- Machine Rolls
Pallet Wraps Market by Film:
- Blown Film Pallet Wraps
- Cast Film Pallet Wraps
Pallet Wraps Market by Material:
- Polyethylene Pallet Wraps
- LLDPE
- LDPE
- HDPE
- Polyethylene Pallet Wraps
- Polypropylene Pallet Wraps
- Polyethylene Terephthalate Pallet Wraps
- Polyamide Pallet Wraps
- PVdC Pallet Wraps
Pallet Wraps Market by End Use:
- Pallet Wraps for Food & Beverages
- Pallet Wraps for Pharmaceuticals
- Pallet Wraps for Chemicals & Fertilizers
- Pallet Wraps for Personal Care & Cosmetics
- Pallet Wraps for Consumer Goods
- Pallet Wraps for Automotive
- Pallet Wraps for Electrical & Electronics
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