According to the forecast period of 2022-2028, pallet boxes are expected to maintain a dominant market share. The global pallet boxes market is anticipated to witness growth due to a growing focus on efficient production methods. Sales of pallet boxes are projected to reach US$2.3 billion in 2022 and increase to US$3.0 billion in 2028, with a compound annual growth rate (CAGR) of 4.5%.
By 2028, the global pallet market is expected to account for 3.2% of the US$95 billion global pallet industry. This indicates the significance of the pallet market within the broader pallet industry. As per the recent study by Future Market Insights (FMI), the market for customized pallets is anticipated to reach US$184.5 million in 2022 and grow at a CAGR of 5.7% from 2022 to 2028.
The growth of the pallet boxes market can be attributed to several factors, including the need for efficient and safe storage and transportation solutions, increased focus on optimizing supply chain operations, and the rising demand for customized pallets to cater to specific industry requirements.
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APEJ and North America are expected to control the pallet truck market. To decrease the demand for pallet boxes in India, a large number of manufacturing enterprises in India are outsourcing their services to warehouse providers. Due to the region’s tremendous growth in logistics and transportation, pallet boxes are becoming more prevalent. Pallet boxes are an essential part of the supply chain because they may be used for both distribution and storage. The market is expected to be significantly impacted by growing trade volume in emerging markets.
The Most Popular Pallet Boxes are Plastic and Block Pallet Boxes.
Plastic pallet boxes are expected to become a more popular bulk packaging choice in the future years, according to FMI. Pallet boxes constructed of plastic are lighter and more suitable than wooden and metal ones, maximising volume utilisation of items throughout distribution and keeping produce fresh when used to transport food grains, fruits, and vegetables. Depending on its usability, plastic pallet boxes are likely to find a position among processed food businesses as well.
However, due to high costs involved in incorporating advanced packaging technologies like palletization into industries and poor supply chain infrastructure in emerging economies like India, low or negligible adoption of advanced packaging technologies like palletization could have a negative impact on the growth of the pallet boxes market. Furthermore, the rise in pallet pooling and manufacturers’ adoption of plastic pallet boxes, which have a longer life, are two major restraints on the worldwide pallet box market.
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Competitive Landscape
The key manufacturers operating in pallet boxes market are focusing on increasing their production capacity to meet the increasing demand for pallet boxes. Moreover, the key players are increasing their product portfolio to cater for the growing pallet boxes market.
- In October 2021, The Craemer Group comes with its latest product development which is the large-volume CB3 high pallet box with a capacity of around 1,000 litres.
- In March 2020, Exporta, the UK’s product handling experts have added a new base entry level model of their hercules collapsible plastic pallet box to their range at an amazing price level.
Country-wise Insights
Italy will hold market share of more than 18% for the Western Europe pallet boxes market in the year 2022. According to The European Chemical Industry Council, the European chemical industry is a wealth generating sector of the economy and a major contributor to building a sustainable future for Europe USD 612 billion turnover and USD 10.4 billion R&I investments. Moreover, in Italy the chemical industry generates USD 57.4 billion.
The United States market for pallet boxes shall grow at a CAGR of 3.6% during the forecast period. As per Invest India, a National Investment and Facilitation Agency, by 2025, construction market in India is expected to emerge as the third largest globally and construction equipment industry revenue stood at USD 6.5 Bn in 2020. The vast construction sector of the country is anticipated to create significant demand for pallet boxes market during the foreseeable future.
Key Insights oF The Report
• Key Trends in the pallet boxes market
• New Advancements in Production Technologies
• New Product Launches, Expansions of pallet boxes market
Pallet Boxes Market by Category
By Material:
- Wooden Pallet Box
- Plastic Pallet Box
- Metal Pallet Box
- Paper Pallet Box
By Pallet Type:
- Block Pallet
- Stringer Pallet
- Customized Pallet
By End-use Industry:
- Agriculture & Allied Industries
- Building & Construction
- Chemical & Pharmaceutical
- Food & Beverages
- Engineering Products
- Textile & Handicraft
- Automotive
- Other Industries
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