Pallets Market

Pallets Market Size

Global Pallets Market to surpass USD 127.4 billion by 2031 from USD 76.7 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2021-2031.

Pallets are a unit load's primary interface. They safeguard items transiting through the supply chain by protecting them from fork truck hits, absorbing tensions, holding weight, and absorbing fork truck impacts. When you consider all they are expected to perform, you can see how they have a significant impact on the outcome of a shipment. Pallets are so prevalent that they're almost unnoticeable, but without them, global trade would be as inefficient as a car without tires. Pallets of superior quality can hold more products per shipment, reduce product loss due to damage or infestation, prevent worker harm from overloaded or imbalanced shipments, and save money on things like fuel.

Market Highlights

Global Pallets Market is projected to register a higher CAGR of 5.2% in 2031.

Global Pallets Market to surpass USD 127.4 billion by 2031 from USD 76.7 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2021-2031. Factors include the growing use of material handling equipment across a variety of industries. Pallet manufacturing companies that cater to the market are focused on creating products that are light, robust, and efficient for end-users. Furthermore, important firms are focusing on developing new pallets with RFID chips connected for tracking and tracing.

Global Pallets Market: Segments

Wood segment is expected to grow considerably over the forecast period

By material type, the global pallets market is divided into Wood, Plastic, Corrugated paper, Metal, and Others. Since wood is frequently utilized for handling and storage, it is currently the most popular pallet type. Wood pallets are more sturdy, lightweight, and cost-effective than other pallet kinds. More than half of all wood pallets are recycled, which is significantly greater than aluminum, paper, or plastic recycling rates. Furthermore, trees are rarely felled to create pallets. Pallet wood is a by-product of the timber that is used in the construction of houses and furniture.

Food & Beverage segment to grow with the highest CAGR during 2021-31

Global Pallets Market is divided into end-user categories as Food & Beverage, Chemical, Retail, Pharmaceutical, and Others. Form these, pallets are most commonly used in the food and beverage industries, owing to rising food demand due to rising population, rising consumer disposable income, and the growth of packaged food. Aside from the food and beverage business, pallets are used extensively in the chemical and pharmaceutical industries, as well as in agriculture.

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Market Dynamics

Drivers

Focus on sustainable packaging and pallets is a major market driver

The pallets market is predicted to develop in response to the growing emphasis on sustainable packaging and pallets. The majority of today's pallets are made of wood, which is one of the most common sources of municipal solid trash (MSW). Furthermore, waste wooden pallets contain a lot of energy, which is usually wasted during MSW disposal. As a result, businesses are turning to recycle strategies to cut down on the amount of wood wasted in pallet production.

Use of RFID in pallet materials is benefitting for easy tracking, which drives the market

Individual pallets can be tracked and traced in real-time by embedding RFID chips directly into pallet materials. Pallet monitoring can assist organizations in managing recalls and expiration dates, as well as minimizing product loss and delivering things to end-users quickly and efficiently. The adoption of RFID chips is another driver of the Global Pallets Market because of this benefit.

Restraint

High cost associated with the Global Pallets

The market's growth is hampered by the limited availability and high cost of raw materials used to manufacture pallets. Because the industry is dominated by wooden pallets manufactured of timber, price swings are common, posing a hindrance to market expansion.

Global Pallets Market:

Key Players

• Falkenhahn AG

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• CABKA Group GmbH
• CHEP (Commonwealth Handling Equipment Pool)
• Palettes Gestion Services
• PalletOne, Inc.
• Schoeller Allibert Group B.V.
• The Corrugated Pallets Company
• ORBIS Corporation
• Craemer Holding GmbH
• Rehrig Pacific Company, Inc.
• World Steel Pallet Co.,Ltd
• Arrington Lumber & Pallet Co. Inc.
• LCN, Inc.
• Loscam Australia Pty Ltd
• Other prominent players

Global Pallets Market: Regions

Global Pallets Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the predicted years, Pallet utilization is expected to be high in Asia Pacific. For enormous imports and exports of products, the region has the highest use of plastic and wooden pallets. Furthermore, the Asia Pacific pallet industry has been defined by the concept of sustainability. End-user sectors might be identified as preferring products with longer lifespans, pushing regional firms to innovate along these lines.

Impact of COVID-19 on Global Pallets Market

The COVID-19 pandemic has increased people's interest in e-commerce platforms, particularly in nations like India and others where e-commerce is less common. The advent of e-commerce has put pressure on supply chains to improve transportation and logistics to control the flow and cost of goods going out and coming in. Online orders are typically smaller and more frequent, necessitating additional assets for inventory management. As a result, there is a demand for pallets for e-commerce-based logistics, which propels the pallet market forward.

Global Pallets Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – France, Germany, Italy, Spain, Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan, Indonesia, and Rest of Asia Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, South Africa, and Rest of Middle East and Africa

Global Pallets Market report also contains an analysis on:

Global Pallets Market Segments:

• By Product Type
  • Rackable
  • Nestable
  • Stackable
  • Display
• By Material Type
  • Wood
  • Plastic
  • Corrugated paper
  • Metal
  • Others
• By End-User
  • Food & beverage
  • Chemical
  • Retail
  • Pharmaceutical
  • Others
• Global Pallets Market Dynamics
• Global Pallets Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Global Pallets Market Report Scope and Segmentation

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