The global wood pallets market revenues totalled US$ 2.1 Bn in 2021 and it is likely to reach US$ 2.3 Bn in 2022. Furthermore, with rising usage across industries such as food & beverages, building & construction, consumer electronics, and pharmaceutical, the overall sales of wood pallets are projected to rise at 5.4% CAGR between 2022 and 2032, topping a valuation of US$ 3.8 Bn by 2032.
Amid rising demand for recyclable and eco-friendly packaging solutions, the total demand for wood pallets market is projected to propel with the top 3 countries estimated to hold around 35-40% of the market by the end of 2032.
Wood pallets are wooden platforms or wooden packaging solutions on which goods are stacked and lifted by a forklift, a pallet jack or any other equipment. They are a tertiary form of packaging used for stacking, protecting, storage and transportation of goods in supply chains.
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Wood pallets are manufactured from materials such as hardwood and softwood and can be easily handled by using equipment like pallet jacks, conveyors, and forklifts. These pallets are strongly built and provide excellent protection to important or fragile products. They have become ideal alternatives to plastic and metal pallets due to their low cost, durable nature, higher strength, recyclability, and eco-friendly nature.
They find applications across diverse industries including food & beverages, consumer electronics, automotive, etc. where they allow users to easily move heavy stacks. Rapid growth of manufacturing sector across the globe coupled with increasing consumer spending is expected to boost the wooden pallets sales during the forecast period, thereby positively impacting the global wood pallets market.
In recent years, demand for logistics services has risen at robust pace due to increasing sales on online channels, rising internet penetration across developed and developing regions, and the expanding e-commerce industry, which in turn is boosting the wooden pallets market across the globe.
Similarly, rising growing focus towards sustainability and increasing environmental concerns regarding plastic pollution is prompting end users to adopt eco-friendly products like wood pallets. This will significantly improve the wood pallets market share during the forecast period.
In addition to this, rapid growth of e-commerce industry coupled with rising exports of heavy goods like automotive parts and consumer electronics will foster the growth of wood pallets market in future. As per the World Integrated Trade Solution (WITS), in 2019 the world had a total export of 20,538,351,810.39 in thousands of US$ and this number will further increase during the forecast period, thereby creating opportunities for wood pallet manufacturers.
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Based on the aforementioned factors, the global wood pallets market revenues will increase and will create an incremental opportunity of US$ 1.5 Bn during the year 2022-2032.
The global wood pallets market registered a CAGR of 4.5% during the historic years of 2015-2021. However, with rapid expansion of end-use industries and growing demand for rigid packaging solutions for protecting items during storage and transportation, the overall demand for wood pallets is anticipated to increase at 5.4% CAGR between 2022 and 2032.
Wood Pallet can be found in every warehouse and each supply chain around the world. These humble tools have completely changed the way the availability chain works and the way goods are stored and delivered. There are billions of 2-way and 4-way wood pallets in use.
Wooden pallets are being used for much more than just shipping products. The newest trend in everything from house design to outdoor deck materials is wood pallets. There are numerous ways to recycle and transform wood pallets into something bigger and better than they were before.
Wood pallets are also environmentally friendly and have accurate designs for cargo safety. They are very lightweight. Given its many advantages, wood pallets are in high demand throughout a wide range of sectors, including logistics & transportation, building & construction, etc. Thus, increasing usage of wooden pallets across these sectors will continue to boost the growth of the global wood pallets market during the assessment period.
Manufacturers are increasing the manufacturing capacities at their facilities to keep up with this escalating demand. They are leveraging advanced technologies for manufacturing these packaging tools. This will enable them to improve their productivity and expand their customer base.
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