With warehousing and logistic structuring undergoing a significant overhaul in recent years, as a result of brisk manufacturing activity, increased product consumption, improved overseas trade and emergence of coordinated retailing, the global market for pallet boxes has been fairing on well and is projected to expand at a moderate growth rate in the near future, according to Future Market Insights (FMI). Ideal for transporting and storing of mostly heavy and bulky loads, pallets boxes have found increased adoption in the packaging industry, as it provides great protection, stackability, and prevents transparency. Pallet boxes will continue to be attractive in terms of market position in the coming years. Increasing focus towards efficient manufacturing operations will drive the global pallet boxes market during the forecast period 2018-2028.
The pallet boxes market is estimated to create an opportunity at a moderate growth rate, registering a CAGR of 4.8% over the forecast period and reach a market valuation of US$ 3,010.8 Mn by 2028 end. Pallet boxes demand is at an all-time high, and with the increasing penetration of pallet boxes in the agriculture, construction as well as logistics sector in emerging economies, the market is projected to be highly lucrative, with stiff competitive.
APEJ and North America are estimated to represent a significant share in the global pallet trucks market. Major manufacturing companies in India are joining hands with warehousing providers and outsourcing their services, in order, positively affecting the demand for pallet boxes in India. Substantial growth of transport and logistics in MEA, is driving pallet boxes adoption in the region. Increasing trade volume, in emerging economies is projected to be a predominant factor impacting pallet boxes market—being a vital link in supply chain and storage.
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Plastic and Block Pallet Boxes Most Preferred Variants
FMI projects increasing adoption of plastic pallet boxes as bulk packaging option in the coming years. Lighter in weight and compatible compared to wooden and metal ones, pallet boxes made of plastic maximizes volume utilization of goods during distribution and keeps produce fresh, when used for transportation food grains, fruits, and vegetables. Plastic pallet boxes are likely to find a place among processed food manufacturers too, depending on their utility.
However, low or negligible adoption of advanced packaging technologies like palletization in emerging economies like India, owing to high costs involved in its incorporation in industries and poor supply chain infrastructure, could inversely impact the growth of pallet boxes market. Additionally, rise in pallet pooling and manufacturers adopting plastic pallet boxes, considering its longer life, are some key factors restraining the overall global pallet boxes market.
In terms of structural design, block pallets are the most preferred, owing to easy maneuverability of loaded pallets from all four sides, which the pallet jacks easily pickup, at store level. Inconvenient handling of stringer pallets leading to considerable pallet damage is making it unpopular among manufacturers and warehouses. Customized pallets are expected to present lucrative market opportunities, catering to unique customer needs. Customizations including integrating RFID tracking software, pallets in specific colors, and load and material specifications will further drive the global market for customized pallet boxes.
Key players in the global pallet boxes market are leveraging this opportunity to manufacture pallets, specifically meant for managing and tracking. Companies are developing pallets delivering robust material-handling solutions. Maintaining proper value chain resulting in reduced prices of pallets is a key differentiation strategy adopted by top manufacturers.
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Key Questions Answered by the Report
- What is the size of the pallet boxes market?
The pallet boxes market is expected to be valued at over US$ 3 billion by 2028. The growth rate for the pallet boxes market is estimated at 4.8% CAGR between 2018 and 2028.
- Which are the largest markets for pallet boxes?
North America and Asia Pacific excluding Japan are major market for pallet boxes. Expansion of warehousing, logistics, and transport industries in these regions, with greater international trade volumes support demand.
- Which are the top companies in pallet boxes market?
TranPak Inc., Brambles Ltd., Rehrig Pacific Co. Inc, Schoeller Allibert Services B.V., Dynawest Ltd., DS Smith plc, ORBIS Corp., Myers Industries Inc., PalletOne Inc., and CABKA Group GmbH. are among the leading market players in the global pallet boxes market.
- What are the uses of pallet boxes?
Pallet boxes are largely used to provide protection to potentially fragile contents in warehousing, logistics, and transport operations, and are particularly useful in facilities with inadequate infrastructure or technologies. These boxes are used in agriculture, construction and heavy engineering sectors as well.
- In which materials are pallet boxes available?
Pallet boxes are available in four materials – paper, wood, metal, and plastic. Wooden and plastic pallet boxes are expected to account for significant market share in terms of volume and revenue respectively.
- What is the scope of the MEA pallet boxes market?
Middle East and African countries are reflecting significant growth in logistics and transport, with the increase in trade volumes for supply chains and storage, influencing the pallet boxes market.