The global pallets market is expected to reach a valuation of US$ 6.0 Bn 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.
In order to ensure safe and contaminant-free product handling during transit, agricultural businesses and farmers are investing in pallets, which is anticipated to accelerate market growth.
The market is now dominated by North America because of the rising demand for pharmaceuticals and health supplements. Due to the existence of well-established food and beverage, construction, and pharmaceutical sectors, the U.S. and Canada will prove to be lucrative pockets.
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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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How is Lumber Supply Affecting Sales of Pallets?
The availability of lumber is determined by growing demand for high quality timber. The building and construction sector utilizes a large portion of softwood output. Much of the production of hardwood is driven by the furniture and wood flooring businesses.
Lumber production drops in tandem with slower production in these sectors. As a result, the availability of raw materials used to create pallets reduces, and the price rises.
However, expansion of the ecommerce and the packaging industry is expected to propel sales in the market over the forecast period. Pallets are essential for packaging and securing various items to prevent damage during transit.
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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