The global pallets market size was US$ 81.5 billion in 2021. The global pallets market is projected to grow to US$ 121.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the study period from 2022 to 2030.
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Pallets are a tertiary type of packaging that can be used in supply chains to store, protect, or transport items. They serve as the foundation for the unitization of commodities for warehousing and logistics. Additionally, pallets can be made from materials like wood, plastic, metal, and corrugated paper, all of which can be moved using forklifts, pallet jacks, or conveyors.
With the onset of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries recorded a dramatic fall-off in terms of revenue. The pandemic pushed organizations to halt manufacturing activities, which led to a loss for the market.
However, the pandemic has significantly increased the user base on e-commerce platforms, especially in developing nations like India. The growing trend of online shopping is projected to be opportunistic for the global pallets market even in the coming years.
The remarkable growth of the e-commerce industry is expected to raise the growth prospects for the global pallets market during the study period. Transportation and logistics play an essential role in controlling the flow and cost of outgoing and incoming goods. As a result of the more assets for goods management, the demand for pallets for e-commerce-based logistics is forecasted to increase during the study period.
The market for pallets is anticipated to rise as a result of more attention being paid to environmentally friendly packaging and pallets. One of the main contributors to municipal solid waste is wood, which is used to make the majority of the pallets now in use (MSW).
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Additionally, the fact that used wooden pallets are a rich source of energy is projected to upsurge the demand for pallets. Moreover, businesses like Australia’s Brambles, Ltd. and Germany’s CABKA Group GmbH are increasingly using recycling strategies to deduct the amount of wood wasted in the manufacturing of pallets and develop 100% recyclable or reused timber. Thus, it will present potential prospects for the pallets market. On the flip side, fluctuations in the prices of wood may limit the growth of the market during the analysis period.
North America holds the largest share in the global pallets market, owing to the rising consumer inclination towards e-commerce platforms and the strong foothold of industry giants like Rehrig Pacific Holdings, Inc. in the region.
Brambles Limited Schoeller Allibert Services B.V. (Schoeller Allibert) UFP Industries, Inc. (PalletOne) CABKA Group GmbH (CABKA) Rehrig Pacific Holdings, Inc. (Rehrig Pacific) Craemer Holding GmbH (CRAEMER) Menasha Corporation LOSCAM International Holdings Co., Ltd. (LOSCAM) Millwood, Inc. Falkenhahn AG (Falkenhahn) Other Prominent Players
The global pallets market segmentation focuses on Type, Application, Material, End-User, and Region.
By Type Rackable Nestable Stackable Display
By Material Wood Plastic via Injection Molding Plastic via Other Methods Corrugated Paper Metal
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By End-user Chemical Retail Pharmaceutical Others Food and Beverage
By Region North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America
Key questions answered in the global chemical market report are:
— How does a global company acquire markets? — What are its core strategies and policies? — What factors will influence the chemical market over the forecast period? — What are the factors driving and restraining the market for chemicals? — What are the leading competitors in the global market? — Which region is growing at a higher pace in the global market?
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