Wrappers offer nullability and object methods, but are less performant.
Primitive types, like 'int', are more efficient in memory and speed. Wrappers, like 'Integer', allow null values and have methods, useful in collections. However, using wrappers in loops can cause performance issues due to autoboxing overhead. For instance, 'int a = 5;' is faster than 'Integer b = 5;'.