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 2022-2028.The global pallet boxes market is estimated to value at US$ 2.3 billion in 2022 and is projected to reach US$ 3.0 billion by 2028, at a CAGR of 4.5%.
The global pallet boxes market will hold around ~3.2% of the US$ ~95 Bn worth of global pallet market by 2028. Demand for customized pallet is expected to reach US$ 184.5 million in 2022, exhibiting growth at CAGR of 5.7% for 2022-28, according to the latest Future Market Insights (FMI) study.
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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.
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.
Country-wise Insights
What is Regional Outlook can be Seen for Italy based Pallet Boxes Market?
Italy will hold market share of more than 18% for the Western Europe pallet boxes market in the year 2022. According to The European Chemical Industry Council, the European chemical industry is a wealth generating sector of the economy and a major contributor to building a sustainable future for Europe USD 612 billion turnover and USD 10.4 billion R&I investments. Moreover, in Italy the chemical industry generates USD 57.4 billion.
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How the Expansion of Automotive Industry Fuel Demand for Pallet Boxes Market in United States?
The United States market for pallet boxes shall grow at a CAGR of 3.6% during the forecast period. As per Invest India, a National Investment and Facilitation Agency, by 2025, construction market in India is expected to emerge as the third largest globally and construction equipment industry revenue stood at USD 6.5 Bn in 2020. The vast construction sector of the country is anticipated to create significant demand for pallet boxes market during the foreseeable future.
Competitive Landscape
The key manufacturers operating in pallet boxes market are focusing on increasing their production capacity to meet the increasing demand for pallet boxes. Moreover, the key players are increasing their product portfolio to cater for the growing pallet boxes market.
- In October 2021, The Craemer Group comes with its latest product development which is the large-volume CB3 high pallet box with a capacity of around 1,000 litres.
- In March 2020, Exporta, the UK’s product handling experts have added a new base entry level model of their hercules collapsible plastic pallet box to their range at an amazing price level.
Pallet Boxes Market by Category
By Material:
- Wooden Pallet Box
- Plastic Pallet Box
- Metal Pallet Box
- Paper Pallet Box
By Pallet Type:
- Block Pallet
- Stringer Pallet
- Customized Pallet
By End-use Industry:
- Agriculture & Allied Industries
- Building & Construction
- Chemical & Pharmaceutical
- Food & Beverages
- Engineering Products
- Textile & Handicraft
- Automotive
- Other Industries
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