The pallet boxes market is expected to maintain its dominant market share during the forecast period of 2022-2028. The global market for pallet boxes is projected to witness significant growth, driven by a growing emphasis on efficient production methods. Sales of pallet boxes are estimated to reach US$2.3 billion in 2022 and are anticipated to increase to US$3.0 billion by 2028, reflecting a compound annual growth rate (CAGR) of 4.5%.
By 2028, the global pallet market is predicted to account for 3.2% of the overall US$95 billion global pallet industry, underscoring the significance of the pallet market within the broader industry. According to a recent study by Future Market Insights (FMI), the market for customized pallets is expected to reach US$184.5 million in 2022 and is projected to grow at a CAGR of 5.7% from 2022 to 2028.
The growth of the pallet boxes market can be attributed to several factors. Firstly, there is an increasing need for efficient and safe storage and transportation solutions across industries. Pallet boxes provide a sturdy and secure packaging option for various goods, ensuring their protection during handling and transit. Secondly, there is a growing focus on optimizing supply chain operations to enhance productivity and reduce costs.
Pallet boxes play a crucial role in facilitating streamlined logistics and warehouse management. Lastly, there is a rising demand for customized pallets that can cater to specific industry requirements. Customized pallet boxes can be tailored to meet specific dimensions, load capacities, and material specifications, providing a tailored solution for different industries.
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Overall, the pallet boxes market is expected to experience substantial growth due to the aforementioned factors driving the demand for efficient storage and transportation solutions, the optimization of supply chain operations, and the need for customized pallets to meet specific industry needs.
APEJ and North America are expected to control the pallet truck market. To decrease the demand for pallet boxes in India, a large number of manufacturing enterprises in India are outsourcing their services to warehouse providers. Due to the region’s tremendous growth in logistics and transportation, pallet boxes are becoming more prevalent. Pallet boxes are an essential part of the supply chain because they may be used for both distribution and storage. The market is expected to be significantly impacted by growing trade volume in emerging markets.
The Most Popular Pallet Boxes are Plastic and Block Pallet Boxes.
Plastic pallet boxes are expected to become a more popular bulk packaging choice in the future years, according to FMI. Pallet boxes constructed of plastic are lighter and more suitable than wooden and metal ones, maximising volume utilisation of items throughout distribution and keeping produce fresh when used to transport food grains, fruits, and vegetables. Depending on its usability, plastic pallet boxes are likely to find a position among processed food businesses as well.
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However, due to high costs involved in incorporating advanced packaging technologies like palletization into industries and poor supply chain infrastructure in emerging economies like India, low or negligible adoption of advanced packaging technologies like palletization could have a negative impact on the growth of the pallet boxes market. Furthermore, the rise in pallet pooling and manufacturers’ adoption of plastic pallet boxes, which have a longer life, are two major restraints on the worldwide pallet box market.
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.
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.
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.
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Pallet Boxes Market by Category
- 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
- Other Industries
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
Future Market Insights Inc.