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.
As effective packaging continues to influence the productivity quotient of end use industries, the demand for pallet wraps is estimated to see a promising outlook through 2029. While pallet wraps play a vital role in the spectrum of warehouse storage and transportation, the FMI study expects a window of opportunities facing the market participants active in the global market landscape.
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.
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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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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.
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