About Pallet Covers
Pallet covers are a special type of protective packaging used to protect packaged products from dust, dirt, and external environmental conditions. Pallet covers prevent scattering during the transportation of goods as they provide unitization. Advanced bio-degradable protective materials are developing in the market to replace the traditional, nondegradable materials like polyethylene and EVOH. To reduce the landfill and bring environmental sustainability in their product outcome, many companies are shifting their focus toward eco-friendly packaging.
Technavio’s analysts forecast the global pallet covers market to grow at a CAGR of 6.27% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global pallet covers market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pallet Covers Market 2017-2021
Technavio recognizes the following companies as the key players in the global pallet covers market: DuPont, Eceplast, Insulated Products Corporation, Orion Plastics, and Protek Cargo.
Other Prominent Vendors in the market are: Flexpak, Image Plastics & Packaging, International Plastics, Pallet Wrapz, Peakfresh, Polar Tech Industries, PolyPak America, PowerPlastics Pool Covers, Syntex Industries, and Uline.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Innovations in pallet covers. The global pallet covers market provides less scope for innovation and technological advances. Nonetheless, the vendors operating in the global pallet covers market are developing diversified products and innovations for enhancing their product portfolios. For instance, Tri-Cor pallet covers are providing customized printed pallet covers with the company name, logo, and product description for adding value to the pallet covers. Also, innovations, such as reversible pallet covers, which can be used as box liners are developed by Layfield Flexible Packaging for creating product differentiation through innovation in the packaging design.”
According to the report, one of the major drivers for this market is Growth in demand for pallets. The global demand for pallets is expected to increase during the forecast period. The demand has witnessed a substantial growth rate of around 4.90%-5.10% during 2012-2017, and it is further expected to register a growth rate of 5.50%-5.75% during the forecast period. This increase in the demand for pallets is due to an increase in the economic activities across the world. For instance, the global GDP has witnessed a considerable growth rate during 2015-2017.
Further, the report states that one of the major factors hindering the growth of this market is Volatile raw material prices. Volatility in the raw material prices that are used for the manufacturing of pallet covers will have a significant impact on the profits of the pallet covers vendors. For manufacturing pallet covers, the raw materials required are polyethylene, PVDC, EVOH, and PVA. These raw material prices are dependent on the crude oil prices. This is because the resins that are processed to make polymers are the by-products derived from crude oil. Hence, the change in crude oil price will directly reflect on the polymer pricing. The polymer market is witnessing a reduction in price since the last few years.
DuPont, Eceplast, Insulated Products Corporation, Orion Plastics, Protek Cargo, Flexpak, Image Plastics & Packaging, International Plastics, Pallet Wrapz, Peakfresh, Polar Tech Industries, PolyPak America, PowerPlastics Pool Covers, Syntex Industries, and Uline.