Pallet Market Report 2023: Industry Trends, Demand, Growth Rate and Forecast By 2030 | Brambles Limited, Rehrig Pacific Company

The Global Pallet Market was valued at US$ 57.0 Billion in 2022 and is expected to expand at a CAGR of 5.9% in terms of revenue and market value is expected to reach US$ 89.9 Billion during 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pallets are platforms used for storing and transportation of goods and products. They are crafted using wood, plastic, metal and corrugated paper and help in easy handling of shipments.

Market Dynamics:

The pallet market is expected to propel owing to rising e-commerce industry worldwide. The growth of the e-commerce industry has led to increased demand for pallets for storage and transportation purposes. Moreover, growing international trade activities have also augmented the demand for pallets across various industries such as food and beverage, pharmaceutical, automotive etc. Pallets facilitate efficient warehousing and inventory management. Further, development of reusable and recycled pallet materials is promoting sustainable pallet solutions, thereby fueling market growth during the forecast period.

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Top Key Players are Covered in this Report:

★ Brambles Limited
★ Rehrig Pacific Company
★ CABKA Group
★ PECO Pallet Inc
★ The Corrugated Pallet Company
★ Falkenhahn AG
★ Millwood Incorporation
★ Litco International Inc
★ Schoeller Allibert

Detailed Segmentation

By Product Type:

★ Nestable
★ Rackable
★ Stackable

By Material:

★ Wood
★ Plastic
★ Metal
★ Corrugated Paper
★ Others

By End-use Industries:

★ Food and Beverage
★ Pharmaceuticals and Chemicals
★ Metal and Machinery
★ Construction
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Major Drivers Propelling Growth in the Pallet Market:.

1: Rising Demand from Logistics and Transportation Industry

The pallet market is witnessing high growth due to the increasing number of logistics and transportation companies outsourcing their loading and unloading activities. Pallets help transport heavy equipment and goods securely and conveniently. They play a vital role in seamless goods movement across different modes of transport such as trucks, ships and rail. With e-commerce activities proliferating worldwide, the demand for palletized logistics is on the rise. Pallets are frequently used in industries like food, beverage, packaging goods, electronics and automotive sectors where items need to be securely moved from one location to another. This growing reliance on outsourced logistics is fueling pallet consumption globally.

2: Expanding E-commerce Sector Driving Uptake of Reusable Pallets

The thriving e-commerce industry has emerged as a major driver for the pallet market. Online retailers transport billions of parcels per year globally which require efficient logistical solutions. Reusable pallets are extensively adopted for order fulfillment and delivery operations due to their collaborative benefits. They facilitate speedy packaging and loading/unloading of products at warehouses and distribution centers. Reusable pallets also ensure safety and stability of stacked packages during shipping. With more people preferring online shopping over traditional retail outlets, entrepreneurs are investing heavily in building robust supply chains. This rapid growth of e-commerce platforms is propelling demand for standardized, durable and efficient reusable pallets.

Restraint Hindering Market Potential: Stringent Environmental Regulations on Wooden Pallets

Environmental norms regulating the usage of wood have constrained the pallet market's potential to some extent. Wooden pallets are banned or restricted in several countries and regions due to issues like deforestation caused by excessive timber harvesting. Fumigation requirements to prevent pest infestation also add to the costs. Replacing wooden pallets is difficult as plastic or corrugated alternatives lack durability and tensile strength needed to support heavy payloads. Businesses are compelled to use wooden pallets despite the rules which attracts penalties. As governments ramp up restrictions to protect natural resources, pallet manufacturers must focus on developing economically viable and environment-friendly substitutes to stay relevant in the long run. This presents a challenge to wooden pallet sales.

Opportunity to Drive Revenue Growth: Growing Adoption of Reusable Plastic Pallets

Reusable plastic pallets present a huge opportunity for participants in this market. Strict timber regulations have sparked interest in durable, lighter and 100% recyclable plastic pallets. Advantages like longer lifespan, no splinters, corrosion or pest resistance make them an attractive alternative. Plastic pallets retain product stability better than corrugated ones and their modular nesting design ensures space efficiency during transport and storage. As producers adopt automated conveyor systems and racking equipment in warehouses, standardized plastic pallets simplify operations. Their environmental credentials also appeal to firms targeting green supply chains. With technological advances enhancing plastic strength and durability, major pallet manufacturers are diversifying into reusable plastic variants. This shift bodes well for a large untapped customer base and higher market revenues.

Notable Trend Shaping Industry Dynamics: Growing Adoption of Standard Pallet Pools

Pallet pooling services where pallets are leased rather than sold outright have emerged as an important trend in this space. Major manufacturers, retailers and logistics companies have launched centralized pool management systems for standardized pallets like the GMA and CHEP. Members are charged rental fees upon every pallet use and transportation. Advantages like reduced procurement and inventory costs, optimized asset utilization, refurbishing and recycling services are driving wider adoption of pallet pool networks. Companies find pool programs economically prudent than owning large private fleets which require higher capital expenditure and maintenance expenses. As online retail flourishes and global supply chains expand, pallet pooling services are scaling up worldwide. This novel business model promotes sustainability while expanding market opportunities for pool operators and pallet producers.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global Pallet market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Pallet market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Pallet Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

Contact Us:

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Email: sales@coherentmarketinsights.com
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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.