Pallet Market Estimated to Experience a Hike in Growth by 2021-2031 | CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG

The global pallets market size was $72.8 billion in 2021 and is anticipated to reach $108.5 billion in 2031, growing at a rate of 4.1% from 2022 to 2031.

New York, According to a new market research report published by Global Insight Services Pallet Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

A pallet is a tertiary form of packaging which is used for storage, stacking, transporting, or protecting products in supply chains. They can be produced by utilizing materials that include wood, plastic, and metal among others. They are available in various sizes and specifications, thus making them appropriate for use in several manufacturing industries. They are used to transport products for industries such as food, beverages, electronics & electrical, home care products, healthcare products, and others.

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Global Pallets Market Trends and Drivers

The global pallets market is anticipated to observe substantial growth going forward on account of increasing application in food & beverage, healthcare, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for food & beverages, medical, and personal care products. This, in turn, is anticipated to lead to a consequent increase in demand for the pallets market. Moreover, governments globally are focusing on the development of the manufacturing sector in order to increase the global economy. For example, the 'Made in China 2025' initiative by the Chinese government and the 'Make in India' initiative by the Indian government have positively propelled the manufacturing sector. The upsurge in manufacturing activities has stimulated the demand for a variety of plastic components as well as packaging solutions, thus providing remunerative opportunities for the pallets market.

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Global Pallets Market Restraints & Challenges

One of the major factors hindering the global pallets market growth is the stringent regulations for the usage of plastics & wood on account of concerns regarding increased packaging and consequent recyclability issues. Further, the restrictive availability and the huge price of raw materials for producing pallets are anticipated to restrain the market growth. As the market is majorly dominated by wooden pallets, which are produced using lumber, often leads to fluctuations in the prices. Wood prices usually rise in the spring as constructors stock up for the construction sector, and also owing to the bad weather & less penetration towards the building construction, the prices fluctuate.

Global Pallets Market Segmentation

The report analyses the pallets market based on material, type, application, solution, and region.

Global Pallets Market By Material

Based on material, the global pallets market has been bifurcated into plastic, wood, and others. The wood segment is anticipated to account for the largest pallets market share in 2021, and plastic is expected to be the fastest-growing segment during the forecast period.

Wood pallets play a significant role in the movement of effective & safe transport along with efficient storage throughout the distribution & handling process globally. Even though there are standardized versions, pallets are manufactured in different sizes as well as configurations to hold different handling equipment such as forklifts and cargoes. In addition, nearly three-fourths of all wood pallets are now being recycled, which is more than the recycling rate of paper, aluminum, or plastic. Besides, wood that is used for producing pallets is a by-product of timber that is used in building construction and furniture.

Major Players of the Global Pallets Market

The global pallets market report includes players such as Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, Menasha Corporation, Millwood, Inc., Rehrig Pacific Holdings, Inc., Schoeller Allibert Services B.V., and UFP Industries, Inc. (PalletOne).

Several companies globally are trying to provide sustainable solutions to the market. For example, a supply chain management firm Yelopack offers smart logistic solutions on the basis of shared pallet and package service to industrial customers with a presence in countries such as China, South Korea, Russia, Japan, Malaysia, and Singapore. The company adopted the AFFINITY polyolefin elastomer (POE) in its current plastic pallets in 2021. The adoption of this technology which is offered by Dow permits Yelopack to intensify the lifespan of its pallets by nearly 150%, plummeting its carbon footprint.

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Reasons to buy Pallet Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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