The thermal pallet covers market for pharmaceutical application is expected to grow from US$ 1,240.62 million in 2021 to US$ 2,302.96 million by 2028; it is expected to grow at a CAGR of 9.2% from 2021 to 2028.

Thermal pallet covers are used for shipment of products that require controlled temperature. They help in keeping the pallet warm or cool during storage and shipping. The market is mainly driven by an increasing use of these covers for the shipment of medicines and drugs. Thermal pallet covers help prevent the buildup of high heat levels and ensure that no product damage occurs during transit. Additionally, the growing demand for different pharmaceutical products contributes to the strong growth of the pharmaceutical industry in various countries across the globe. This creates the need for temperature-controlled pharmaceutical transportation. Further, product innovations and developments are expected to create lucrative opportunities for the growth of the thermal pallet covers market for pharmaceutical application during the forecast period. An emerging trend of bio-based and recyclable thermal pallet covers is anticipated to fuel the growth of the market over the forecast period. However, the prices of raw materials fluctuate due to various factors such as product demand and supply. The volatility in the prices of raw materials hinders the market growth.

Based on type, the global thermal pallet covers market for pharmaceutical application is segmented into aluminum foil, polymer, and others. The aluminum foil segment held the largest share in the thermal pallet covers market for pharmaceutical application in 2020. Thermal pallet covers made of aluminium foil provide enhanced thermal insulation. Moreover, these covers are durable and washable and have fabric straps with hooks that can be easily tied on the cargo. Aluminum foil thermal pallet covers are usually preferred by the pharmaceutical product manufacturers to provide their shipments with better insulation and protection against heat, moisture, and extreme temperature fluctuations. The pharmaceutical industry has witnessed a massive growth in recent years, especially during the COVID-19 pandemic. With an increasing number of shipments of temperature-sensitive pharmaceutical products, the demand for aluminium foil thermal pallet covers is expected to grow during the forecast period.

In 2020, North America held the largest revenue share of the global thermal pallet covers market for pharmaceutical application. The thermal pallet covers market for pharmaceutical application in North America is sub segmented into the US, Canada, and Mexico. The pharmaceutical industry in the US is well-established. People spend high amount on healthcare and wellness products as a result of their increased health awareness. In the US, the strong growth of the pharmaceuticals industry is one of the major factors driving the growth of the market. Major factors driving the thermal pallet covers market for pharmaceutical application across North America are the rise in exports of pharmaceutical products from the region and a well-established pharmaceutical industry. The COVID-19 pandemic provided significant opportunities to the pharmaceutical industry across North America. The sales of generic and prescription medications increased significantly due to the rapid spread of novel coronavirus. This factor also opened lucrative opportunities for the thermal pallet covers market across the region.

ECOCOOL, ECEPLAST, Insulated Products Corporation, PROTEK CARGO, CSafe Global, PAC Worldwide Corporation, Thermal Packaging Solutions, Nordic Cold Chain Solutions, QProducts & Services, and CargoWise Solutions Ltd. are among the players operating in the global thermal pallet covers market for pharmaceutical application. Players in the thermal pallet covers market for pharmaceutical application focus on providing high quality products to fulfil the customer demand. With product innovation and customization strategies, market players are trying to capture a high market share.

The overall global thermal pallet covers market for pharmaceutical application size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the thermal pallet covers market for pharmaceutical application.