In 2021, the market for Presswood pallets was estimated to be worth US$ 2.9 Bn. From 2022 to 2032, the presswood pallets market is projected to grow at a 5.8% CAGR and reach a value of US$ 5.4 Bn. The demand for Presswood pallets is expected to increase over the next ten years, with the top three nations expected to control about 35–40% of the market by the end of 2022.
The market for presswood pallets experienced a CAGR of 5.2% from 2016 to 2021. By 2032, the market is anticipated to generate an additional US$ 2.3 million in opportunity, according to FMI. Pallets made of presswood are compressed
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Presswood pallets, often referred to as molded wooden pallets, are created from scrap pallets, sawdust, raw wood shavings, and other materials containing wood fiber. They have a special design that allows them to support heavy loads, while still being very light.
They may also be nested or stacked, which helps to save on storage space and shipping expenses. Usually, they are created from pine trees, and wood recycling businesses or logging operations provide raw materials required for making the chips. This makes them environmentally friendly.
Increasing investments in the development of manufacturing and infrastructure facilities worldwide is expected to aid growth. Besides, surging economic activities and expansion of the e-commerce industry are likely to boost growth.
Additionally, rising demand from the packaging and automobile industries would augment growth. Enhancement of warehousing and logistics infrastructure in various parts of the globe is another vital factor that would aid growth.
Key Takeaways: Presswood Pallets Market
- The global presswood pallets market size was valued at US$ 2.9 Bn in 2021.
- By product type, the nestable/stackable pallets segment is anticipated to create an incremental opportunity of US$ 1.5 Bn during the forecast period of 2022-2032.
- By end use, the manufacturing & warehousing segment is projected to reach a valuation of US$ 2.2 Mn during the forecast period (2022-2032).
- The India presswood pallets market is projected to create an incremental opportunity of US$ 167 Mn during the forecast period.
- The U.S. presswood pallets market is expected to exhibit a CAGR of 5.3% from 2022 to 2032.
“Ongoing development of smart technologies by manufacturers to innovate their existing pallets with features like RFID tags is anticipated to drive growth,” says a FMI analyst.
Increasing Use of Presswood Pallets in the Logistics Sector to Aid Growth
Expansion of the logistics sector is likely to boost demand for presswood pallets in the next decade. Pallets are a vital logistical tool used in packing and are primarily utilized as load carriers.
They are useful in logistics as they make stacking, storing, assembling, or transportation of products over long distances simpler than other types of products. They can also increase the efficiency of warehouse operation by allowing for the simple transfer of stacked goods by using equipment or machines.
Competitive Landscape: Presswood Pallets Market
Some of the leading players in the global presswood pallets market include Millwood, Inc., Litco International, Inc., Inka Paletten GmbH, Associated Pallets Ltd., Acorn Packaging Services Ltd., SDI Packaging, Craemer GmbH Krones Group, Loscam Australia Pvt Ltd, Linyi Kunpeng Wood Co, JP Pallets, Taik Sin Timber Industry Sdn Bhd, Plastochem India Pvt. Ltd., Schoeller allibert services, Hangzhou Penno Packtech Co., Ltd., Enviva, Universal Forest Products, Palcon LLC, The Nelson Company, Rowlinsons Packaging Ltd, and Bay Wood Products, Inc. among others.
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Get More Insights on Presswood Pallets Market
Future market insights, in its new report, offers an unbiased analysis of the market for presswood pallets market by product type (nestable pallet/stackable pallet and rackable pallet), size (full-size presswood pallet, half-size presswood pallet, and quarter-size presswood pallet), and end use (manufacturing & warehousing, logistics & transportation, building & construction, and others) across seven regions.
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Global Presswood Pallets Market Outlook by Category
By Product Type:
- Nestable Pallet/Stackable Pallet
- Rackable Pallet
By Size:
- Full-size Presswood Pallet
- Half-size Presswood Pallet
- Quarter-size Presswood Pallet
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By End Use:
- Manufacturing & Warehousing
o Food & Beverages
o Chemicals
o Automotive
o Pharmaceuticals
o Others
- Logistics & Transportation
- Building & Construction
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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