The Pallet Wraps Market is expected to increase at a 4% CAGR from 2023 to 2033, from USD 6.14 billion in 2023 to USD 9.12 billion in 2033.
Pallet wrap is constructed primarily of low-density polyethene and is used to wrap products used in packing goods onto pallets. It helps to reduce product loss, eliminate load tampering, and protect workers from injury. Owing to its flexibility, the product is tightly bonded, secure, and safe.
Factors such as reduced manufacturing costs and the development of innovative sensors equipped with pallet wrap to monitor product height and regulate weight are driving market value growth. Furthermore, advanced packaging machines boost packing speed and increase market demand. Yet, the hefty operational costs hamper the market's growth rate.
Increased manufacturing for fast line speeds of broad and thin films has permitted expanding production of pallet wraps, creating a good potential for market expansion. The demand for trained labor is expected to slow down market growth even further, posing obstacles to the market's growth rate.
| Report Attribute | Details |
|---|---|
| Pallet Wraps Market Value (2023) | USD 6.14 billion |
| Pallet Wraps Market Anticipated Value (2033) | USD 9.12 billion |
| Pallet Wraps Market Growth Rate (2023 to 2033) | 4% CAGR |
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The pallet wraps market accounted for USD 6.09 billion in 2022, expanding at a 3.6% CAGR from 2018 to 2022. Demand for packaging has evolved exponentially over the past years, and this is due to an increase in demand for packaged food and goods from e-commerce channels.
Heavy-duty pallet wraps, handy wraps, pallet shrink wraps, colored pallet wraps, black pallet wraps, industrial pallet wraps, eco-friendly pallet wraps, etc., are a few products expected to have a bright outlook over the forecast period.
Rising focus on packaging, growing demand for lightweight solutions, increasing technological proliferation, changing requirements of in-transit packaging mandates, significantly expanding logistics industry, and rising demand for eco-friendly pallet wraps are key trends anticipated to drive pallet wrap sales.
Pallet wrap shipments are anticipated to rise as the adoption of palletization increases exponentially in the logistics industry. Rapid industrialization across the world is expected to increase the consumption of pallet wraps.
The emergence of eCommerce shopping trends and an increase in online shopping are also expected to increase demand for pallet shrink wraps. Pallet stretch films are also anticipated to see an increase in sales with rising innovation and research for thin and strong films.
| Attributes | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 3.6% |
| Forecast CAGR (2023 to 2033) | 4% |
As per the FMI analysts, a valuation of USD 9.12 million by 2033 end is estimated for the market.
| Year | Market Value |
|---|---|
| 2016 | USD 4.67 billion |
| 2021 | USD 5.68 billion |
| 2022 | USD 6.09 billion |
| 2023 | USD 6.14 billion |
| 2033 | USD 9.12 billion |
One of the important aspects positively impacting the market are rapid urbanisation, industrialisation, and increased trade volume around the world. Furthermore, rising smartphone, laptop, and tablet sales, internet penetration, and growing e-commerce business are driving up demand for logistics services.
This, together with the growing worldwide population and the resulting increase in residential and commercial buildings, drives the demand for pallets. Aside from that, the growing chemical and pharmaceutical industries are also fueling the overall pallet sales. This is due to the increased demand for safe product storage, handling, and transportation from the warehouse to the industry.
Additionally, manufacturers are introducing multiple-trip pallets because they offer a reduced cost per trip, reduce solid waste, and improve operational efficiency. This is improving the market outlook.
Market leaders' ongoing research and development efforts to produce technologically sophisticated product versions are also projected to drive market expansion.
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Leading manufacturers of pallet wraps are establishing new production facilities and distribution units across lucrative economies such as South Asia to increase their sales revenues and tap into new customer bases.
Market players are rethinking their production processes to align with sustainability, lessen production costs, and enhance brand value.
The use of bio-based plastics continues to be in the spotlight as a prominent manufacturing trend, which helps market players drive their products’ marketability with eco-friendly claims.
In June 2021, Mondi, in collaboration with Italian machine producer ACMI, created a new pallet wrapping system. The new wrapping system uses paper instead of plastic, called Advantage Stretch Wrap. The new eco-friendly pallet wrap is a part of the new sustainable packaging trend transforming the packaging industry.
| Countries | CAGR (2018 to 2022) |
|---|---|
| North America | 3.1% |
| Latin America | 3.3% |
| Europe | 2.2% |
| East Asia | 4.5% |
| South Asia | 4.2% |
| The Middle East & Africa | 3.4% |
| China | 5.0% |
Automation to Decrease Demand for Hand Pallet Wraps
Pallet wraps demand in the United States is expected to increase. The nation has seen significant changes in its packing industry over the past years. Adopting new technologies and the high popularity of automation trends in the United States is expected to propel sales of machine pallet wrap films.
Demand for automated pallet wrappers is expected to be further bolstered by the industry 4.0 trend that is anticipated to revolutionize many end-use industries that utilize pallet wraps at a scale. All of these factors are expected to adversely impact sales of hand pallet wraps and are predicted to see low popularity by the end of the forecast period.
Pallet wrap suppliers can focus on automated pallet wrappers and invest in research and development of technologically advanced products that are seeing a rise in popularity in the United.
Industrialization to Propel Demand for Industrial Pallet Wraps
India is one of the world's leading emerging economies, which means it provides a wide array of opportunities for various markets. The packing market in India is an extremely lucrative one as India provides cheap raw materials and low labor costs that increase profitability.
With per capita disposable income increasing in India, the demand for various products has also risen substantially, driving pallet wrap sales in the nation.
Industrialization in India has increased significantly as government initiatives are attracting more investments than ever. Consequently, demand for industrial equipment has also increased, which has created a surplus demand for industrial pallet wraps in India. Pallet wrap manufacturers focus on providing sustainable industrial pallet wraps amidst the rising demand for eco-friendly packaging solutions.
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The industry 4.0 trend has taken over the world and has revolutionized the use of automation across multiple industry verticals. With automation becoming an integral part of the packing process, demand for automated machine pallet wraps is expected to see a prominent rise over the forecast period.
Machine rolls currently account for nearly 60% of the global pallet wrap sales revenue. Stretch wrapper machines and pallet wrapper machines are expected to see a substantial rise in demand as automation proliferation in the market increases over the next few years.
Hand wrap rolls which hold a share of around 40% in the industry, are expected to see a drop in demand over the forecast as the adoption of automated stretch wrappers and automated pallet wrappers increases.
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.
| Attribute | Details |
|---|---|
| Market Size Value In 2023 | USD 6.14 billion |
| Market Size Value in End of Forecast (2033) | USD 9.12 billion |
| Market Analysis | USD billion for Value |
| Key Region Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East & Africa |
| Key Segments | By Thickness, By Product, By Film, By Material, By End Use, By Region |
| Key Companies Profiled | Intertape Polymer Group Inc.; Berry Global Inc.; Scientex Berhad; Aep Industries Inc.; Sigma Stretch Film Corp.; Coveris; Rosenflex (United Kingdom) Limited; Polifilm GmbH; Anchor Packaging Inc.; Paragon Films Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The pallet wraps market size is valued at USD 6.14 billion in 2023.
The pallet wraps market size expanded at 3.6% CAGR from 2018 to 2022.
The pallet wraps market is predicted to develop at a 4% CAGR through 2033.
The machine rolls segment is estimated to lead the pallet wraps market with nearly 60% of the sales revenue.
The pallet wraps market is predicted to surpass USD 9.12 billion by 2033.
1. Executive Summary | Pallet Wraps Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Thickness 5.1. <15 mm 5.2. 15-30 mm 5.3. 31-45 mm 5.4. >45 mm 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 6.1. Hand Wrap Rolls 6.2. Machine Rolls 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Film 7.1. Blown Film 7.2. Cast Film 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Food & Beverages 8.2. Pharmaceuticals 8.3. Chemicals & Fertilizers 8.4. Personal Care & Cosmetics 8.5. Consumer Goods 8.6. Automotive 8.7. Electrical & Electronics 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Intertape Polymer Group Inc. 17.2. Berry Global Inc. 17.3. Scientex Berhad 17.4. Aep Industries Inc. 17.5. Sigma Stretch Film Corp. 17.6. Coveris 17.7. Rosenflex Limited 17.8. Polifilm GmbH 17.9. Anchor Packaging Inc. 17.10. Paragon Films Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Pallet Wraps Market
