The molded wood pallets market is expected to witness a soaring growth in 2021 with worldwide revenues up 3.4% year over year. A new forecast by FMI estimates that molded wood pallets revenues will nearly double between 2021 and 2031, reaching nearly US$ 4.5 billion in 2031 at a ten-year compound annual growth rate (CAGR) of 5.8%
The demand for molded wood pallets in Canada is estimated to increase by nearly 5.1% year on year in 2021, while total sales will reach a valuation of US$ 183.2 million.
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Molded wood pallets are sanitized during the molding process and meet the most stringent phytosanitary regulations such as ISPM-15 for export. As food and pharmaceutical companies are diligent about using pallets free of contaminants, the study finds that capitalizing on these companies will work to the advantage of molded wood pallets manufacturers.
One of the key growth drivers is manufacturers’ efforts to use significant amount of wood waste as raw materials that would otherwise end up in landfills. Further, adoption of environmentally responsible manufacturing process that consumes less energy, helps take a step closer towards sustainability goals for many industries. However, molded wood pallets are designed for limited reuse and are not reparable. Manufacturers are thus paying attention on potential methods to assist in avoiding landfills when the products have exceeded their useful life.
Although full-sized molded wood pallets continue to witness robust sales with approximately 60% revenue share in the market, manufacturers are working on increasing the production of half-sized pallets that enhance efficiency and reduce costs for shippers of smaller loads. The study opines that small-scale companies will benefit from half-sized pallets, as the use of recycled full-sized pallets burdens them with more pallet space and weight than necessary. Moreover, half-sized, nestable molded wood pallets are likely to account for relatively large share of the market players’ bottom lines in the future.
According to the study, opportunities abound for market stakeholders in logistic & transportation sector, on account of increasing industrial activities along with rapid proliferation of trade agreements among various countries. Recognizing the recent developments in manufacturing and construction industries, manufacturers are likely to explore newer opportunities, with ‘sustainability’ at the forefront of attracting attention. Aligning with evolving end users’ trends and upgrades in regulatory norms also remains an important focus area of the manufacturers.
Growth prospects of the molded wood pallets market, as identified by the study, are high in EU5. Higher concentration of players in the region and their efforts to push sales and distribution through online channels are emerging as a strategic move. Further, Asia Pacific, particularly eastern region, is expected to represent higher incremental opportunities, backed by hefty investments in industrial sectors in recent years, which has primarily influenced the adoption of pallets.
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Top Key Players Covered-
Litco International Inc,, Millwood, Inc,, Snyder Industries, Inc,, Custom Equipment Company Inc,, The Nelson Company,, Beacon Industries Ltd,, NKA Paletten GmbH,, Brambles Ltd,, Engelvin Bois Moule S.A,, Nefab Group,, Presswood International BV,, ENNO Marketing Pvt Ltd,, CABKA Group GmbH,, Schoeller allibert services b.v,, Loscam Australia pty ltd,, Craemer GmbH,, Kronus Group,, Linyi Kunpeng Wood Co., Ltd,, JP Pallets,, Taik Sin Timber Industry Sdn Bhd
Key Points Covered in Molded Wood Pallets Market
- Market estimates and forecast 2014-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Molded Wood Pallets and How to Navigate
- Recommendation on Key Winning Strategies
Molded Wood Pallets Market by Category
By Product Type:
- Nestable/Stackable
- Rackable Pallets
By Size:
- Quarter Size Pallet
- Half-size Pallet
- Full-size Pallet
By End Use:
- Manufacturing
- Food & Beverages
- Chemicals
- Automotive
- Pharmaceuticals
- Others
- Logistics & Transportation
- Building & Construction
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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