The global market for molded wood pallets is expected to expand quickly in 2023, with yearly revenue growth of 2.0%. Sales of molded wood pallets are expected to rise from US$ 2.70 billion in 2023 to US$ 4.66 billion by 2033, according to a recent FMI projection. Over this period, the market for molded wood pallets is expected to develop at a compound yearly growth rate of 5.6%.
This anticipated rise demonstrates the expanding global demand for pallets made of molded wood. Over this period, the market is expected to grow at an exceptional Compound Annual Growth Rate (CAGR) of 5.6%, which bodes well for the industry.
Pallets made of wood serve as the main defense, guaranteeing that goods be transported to their destinations safely. Opting for top-notch wooden pallets proves most effective in efficiently lifting a substantial volume of goods during transit, leading to cost savings by minimizing the risks of damage or contamination. Additionally, they serve as a crucial measure in preventing potential injuries to labor due to overloading.
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In recent years, the molded wood pallets market has witnessed remarkable growth, attributed to the compelling attributes of durability, sustainability, and cost-effectiveness. The production of molded pallets involves injecting a molten plastic compound into a pallet mold, yielding robust, uniform, and consistent products. This pioneering manufacturing approach has not only fueled the demand for molded pallets but also led to their widespread adoption, displacing traditional wood pallets and alternative materials across various industries.
The molded wood pallets market in North America is expected to lead the global market during the forecast period. The adoption of molded wooden pallets for importing and exporting commodities across nations is projected to be the main factor driving expansion in this sector.
Key Takeaways:
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 3.5% through 2033.
- The United States dominated the market in 2022 holding a 15.6% share of the global market.
- With a CAGR of 8.6% over the forecast period, India is predicted to develop significantly in the market.
- The market in China is expected to proliferate, registering a CAGR of 8.1% over the forecast period.
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Competitive Landscape:
The top market players in the molded wood pallets market are
- Litco International Inc,
- Millwood, Inc,
- Snyder Industries, Inc,
- The Nelson Company,
- Beacon Industries Ltd,
- Brambles Ltd,
- Nefab Group,
- Presswood International BV,
- CABKA Group GmbH,
- Schoeller allibert services b.v,
- Loscam Australia pty ltd,
- Kronus Group,
- Linyi Kunpeng Wood Co., Ltd,
- Taik Sin Timber Industry Sdn Bhd,
- others
Key players in the molded wood pallets market have chosen acquisition, merger, product launch, business expansion, and agreement as their main developmental methods to provide customers with great products and services. Companies competing in the market are also attempting to form strategic alliances and partnerships with other producers to increase the scope of their product lines.
Recent Developments:
- In November 2022, Millwood has completed its acquisition of Southworth Wood Products. The 51-acre new region is going to be referred to as MillTree East. Band saws are now being used to reduce the size of the material for pallet assembly. Custom containers and pallets will also be created at this new location, according to the release.
- In August 2020, Southern Molded Pulp and Molded Fiber Technologies and Acorn Pulp Group entered into a settlement agreement for their state-of-the-art molded fiber manufacturing equipment, which guarantees efficient manufacture of the molded wood pallets.
Key Segmentations-
By Product Type:
- Nestable /Stackable
- Rackable Pallets
By End Use:
- Manufacturing
- Food & Beverages
- Chemicals
- Automotive
- Pharmaceuticals
- Others
- Logistics & Transportation
- Building & Construction
By Size:
- Full-size Pallet
- Quarter-size Pallet
- Half-size Pallet
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Ex. Japan (APEJ)
- Middle East & Africa (MEA)
- Japan
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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