The global pallets market is expected to reach a valuation of US$ 6.0 Billion in 2022, expanding at 5.6% CAGR over the forecast period. Plastic pallets are predicted to become the most popular pallets, accounting for 41% of the market, according to the survey.
Pallets play a crucial role in the movement of goods, serving as a sturdy base to stack and transport items. They provide stability, protect merchandise, and enable efficient handling using forklifts, pallet jacks, or other material handling equipment. The Pallets Market encompasses the manufacturing, distribution, and utilization of these indispensable tools.
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Key Takeaways:
- By material type, sales of plastic pallets are projected to increase at a 6.5% CAGR over the forecast period.
- Based on product type, the nesting pallets segment will account for 43% of the total market share through 2032.
- In terms of end use, applications in the food & beverage sector will remain high.
- The U.S. pallet packaging market will gain traction at a 3.8% CAGR over the forecast period.
- Sales in the India pallet market are forecast to grow at a 5.8% CAGR over the assessment period.
As the e-commerce business grows at a breakneck pace, the pallet market is likely to skyrocket. People’s interest in e-commerce platforms has grown as a result of the COVID-19 pandemic, particularly in underdeveloped nations where e-commerce is less widespread.
The rise of e-commerce has put pressure on supply chains to enhance shipping and logistics to better track the movement and cost of commodities leaving and entering the country. As online orders are typically smaller and more frequent, inventory management requires more assets. As a result, pallets are required for e-commerce-based logistics, thereby driving the growth in the market.
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Sustainability and Pallets Market
As sustainability becomes increasingly important, the Pallets Market is evolving to meet eco-friendly demands. Several sustainable practices and initiatives are being adopted in the industry:
1. Pallet recycling
Pallet recycling programs aim to reduce waste and conserve resources. Wooden and plastic pallets can be repaired, refurbished, or recycled into new products. By extending the lifecycle of pallets, businesses contribute to a more sustainable and circular economy.
2. Pallet pooling
Pallet pooling services allow businesses to share pallets among multiple users. Instead of owning and managing their pallet fleet, companies can lease pallets and return them to the pool after use. This model reduces pallet waste, optimizes utilization, and minimizes the need for new pallet production.
3. Sustainable materials
The Pallets Market is exploring the use of sustainable materials such as bamboo, recycled plastics, and composite materials for pallet manufacturing. These materials offer reduced environmental impact, improved durability, and lighter weight, leading to lower carbon emissions and transportation costs.
Competitive Landscape
Due to the presence of multiple small and major producers competing on price and quality, the pallets market is fragmented. Corrugated pallets are becoming more popular as a sustainable packaging option as green consumption grows.
Leading players operating in the pallets market are developing corrugated pallets for a variety of purposes. In addition to this, players are launching sustainable solutions to cater to the growing demand for recyclable and flexible packaging.
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Key Players For Pallets Market-
- DS Smith Plc,
- Smurfit Kappa Group,
- Conitex Sonoco,
- Oji Holdings Corporation,
- Multi-wall Packaging,
- KraftPal Technologies Ltd.,
- Europal Packaging,
- Tat Seng Packaging Group Ltd.,
- Dopack, Interpak Industries Pte. Ltd.,
- Pheng Hoon Honeycomb Paper Products Pte. Ltd.,
- Mabuchi Singapore Pte Ltd.,
- The Alternative Pallet Company Ltd., Kimmo (Pty) Ltd.,
Tri-Wall Holdings Limited, GreenLabel Packaging, Palletkraft Europe Ltd., Packprofil Sp. z.o.o., The Corrugated Pallet Company, Elsons International are some pallets players profiled by FMI.
Global Pallets Market by Category
By Material:
- Plastic Pallets
- Metal Pallets
- Wood Pallets
- Paper Pallets
By Product Type:
- Stackable Pallets
- Nestable Pallets
- Collapsible Pallets
By End Use:
- Food & Beverage
- Pharmaceuticals
- Cosmetics & Personal Care
- Consumer Electronics
- Engineering Products
- Chemicals
- Textile and Handcraft
- Agriculture and Allied Industry
- Building & Construction
- Automotive
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