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.
Pallets are flat structures used as a base for storing and transporting goods. They provide stability and ease of handling, allowing for efficient loading and unloading of shipments. The pallets market encompasses a wide range of materials, including wood, plastic, metal, and paper. These pallets come in various sizes and configurations, catering to the diverse needs of different industries.
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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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Current Trends in the Pallets Market
Sustainable Materials: A Growing Focus
With the increasing emphasis on sustainability, the pallets market has witnessed a shift towards eco-friendly materials. Plastic pallets, made from recycled materials, have gained popularity due to their durability and reusability. Additionally, the use of composite materials, such as recycled wood and plastic fibers, has further contributed to reducing the industry’s environmental impact.
Automation and Robotics
Automation and robotics have made their way into the pallets market, streamlining operations and enhancing efficiency. Automated palletizers and robotic pallet trucks have revolutionized the palletizing process, significantly reducing labor costs and improving productivity. These advancements have also led to greater precision and accuracy in pallet stacking and storage.
IoT-enabled Pallet Tracking
The integration of Internet of Things (IoT) technology has brought about a new era of smart pallets. IoT-enabled pallets are embedded with sensors that provide real-time information on the location, condition, and status of the goods. This level of visibility enables businesses to optimize their supply chain processes, reduce losses, and enhance overall operational efficiency.
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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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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