Asia Pallets Market is expected to experience substantial growth at a CAGR of 5.8% during the forecast period. The market value is projected to rise from US$ 18,285.1 million in 2023 to US$ 32,179.0 million by 2033. By the end of 2022, the market was valued at US$ 17,187.3 million, and it is anticipated to demonstrate a year-on-year growth of 6.4% in 2023.
Urbanization and infrastructure development in Asia have been the main drivers of demand for pallets in the region. As countries in Asia experience rapid urbanization and the number of people moving to cities increases, the need for reliable and efficient logistics systems expands.
It is hence leading to increasing demand for pallets as an important part of an efficient supply chain. Pallets play an important role in streamlining logistics operations, making it easy to handle, as well as store & transport goods in a standardized and storable manner.
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Key Players Are:
- Mabuchi Thailand Co Ltd.
- Nefab Group
- Nilkamal Limited
- Brambles Limited
- Enno Marketing Services PTE Ltd
- Long Thanh Plastic Co., Ltd.
- Penno Packtech Co., Ltd
- Mapac Technology
- Atlanta Global
- Aristoplast Products Pvt. Ltd
- Pesonex
- Hanoi Sin Timber Industry Sdn Bhd.
- Linyi Kunpeng Wood Co., Ltd
- Vishakha Mouldings Private Limited
- Others
Manufacturing and Warehousing to Spur Demand for Pallets in Asia
The growth of the Asia pallets industry is driven by the rapid expansion of the manufacturing and warehousing sectors in the region. Asia has emerged as a manufacturing powerhouse with China, India, and countries in Southeast Asia becoming global manufacturing hubs.
Increasing manufacturing activity might raise the need for low-cost storage and transportation solutions. It is anticipated to lead to a significant increase in the demand for pallets.
Pallets provide an inexpensive and standardized way to organize and transport goods in manufacturing and warehouse facilities. It enables easy movement of products, improves inventory management, and optimizes the use of warehouse space.
The growth of e-commerce and the rising online retail sector requires the creation of large warehouses and distribution centres to meet the ever-increasing demand. Such warehouses rely on pallets to efficiently manage and store large quantities of products.
As the manufacturing and warehousing sectors continue to expand in Asia, the pallet market is poised for significant growth. It might be driven by the need for streamlined logistics operations and supply chain management.
Competitive Landscape:
Asia-based pallet manufacturers are diversifying their product lines by creating a variety of pallet kinds & sizes to satisfy the various demands of sectors and supply chains. This covers common pallets, ones made to order, those that are lightweight, and those that are tailored for certain uses.
Pallet businesses are also implementing environmentally friendly procedures as the importance of environmental sustainability grows. In order to create pallets, sustainable resources such as recycled wood or plastic are used. To reduce their ecological footprint, they are also putting recycling and trash reduction strategies into place.
For instance,
- Loscam Holdings Limited and CHEP China will combine their pallet and automobile pooling businesses, according to a collaboration deal announced by Brambles Limited in November 2022. As per this deal, Loscam (Greater China) Co., Limited, the Greater China division of Loscam Group, will own 80% of the newly created firm, with 20% owned by Brambles.
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Market Segmentation:
By Material:
- Wood
- Plastic
- Metal
- Paper
- Press Wood
By Product:
- Stringer Pallet
- Block Pallet
- Customized Pallet
By Pallet Size:
- 0.8 Meter X 1.2 Meter
- 1 Meter X 1.2 Meter
- 1 Meter X 1 Meter
- 1.1 Meter X 1.1 Meter
By Medium of Recycling:
- Pallet Processing Companies
- Recycling Service Facilities
By End-use:
- Manufacturing & Warehousing
- Food & Beverages
- Chemicals
- Automotive
- Healthcare
- Logistics & Transportation
- Building & Construction
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