Global Molded Wood Pallets Market Poised for Growth: USD 2.70 Billion in 2023 to USD 4.66 Billion by 2033

According to a recent projection by FMI, sales of molded wood pallets is estimated to increase from USD 2.70 billion in 2023 to USD 4.66 billion in 2033. The molded wood pallets market is projected to develop at a CAGR of 5.6% during the forecast period.

The market value is increasing due to factors including the advantageous properties of molded wood pallets, such as their rigidity, high tensile strength, durability, low weight, and temperature resistance. Regulations governing the transportation of wooden packing materials as well as a surge in the use of packaging options that are more convenient and effective than alternative pallets further boost market demand.

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The production and logistics of manufactured goods are expected to increase along with the adoption of environment-friendly manufacturing processes that use less energy. This advances efforts to achieve sustainability goals. This is also expected to increase the global demand for molded wood pallets.

Improvements to traditional storage methods using molded wood pallets and rising public knowledge regarding the advantages of using molded wood pallets in the process both drive market expansion. Molded wood pallets have several advantages, including low cost, a nestable design, safety awareness, space savings, and ease of export.

The availability of specialized and distinctive products that can be altered in weight and size presents a lucrative potential for market expansion. Companies that produce pallets for the market concentrate on creating goods that are lightweight, strong, and useful for customers. Key companies also focus on supplying cutting-edge pallets with RFID chips attached for tracking and tracing reasons.

The molded wood pallets market in North America is expected to lead the global market during the forecast period. The adoption of molded wooden pallets for importing and exporting commodities across nations is projected to be the main factor driving expansion in this sector.

Key Takeaways:

• The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 3.5% through 2033.
• The United States dominated the market in 2022 holding a 15.6% share of the global market.
• With a CAGR of 8.6% over the forecast period, India is predicted to develop significantly in the market.
• The market in China is expected to proliferate, registering a CAGR of 8.1% over the forecast period.

Competitive Landscape:

The top market players in the molded wood pallets market are Litco International Inc, Millwood, Inc, Snyder Industries, Inc, The Nelson Company, Beacon Industries Ltd, Brambles Ltd, Nefab Group, Presswood International BV, CABKA Group GmbH, Schoeller allibert services b.v, Australia pty ltd, Kronus Group, Linyi Kunpeng Wood Co., Ltd, Taik Sin Timber Industry Sdn Bhd, and others

Key players in the molded wood pallets market have chosen acquisition, merger, product launch, business expansion, and agreement as their main developmental methods to provide customers with great products and services. Companies competing in the market are also attempting to form strategic alliances and partnerships with other producers to increase the scope of their product lines.

Recent Development:

• In November 2022, Millwood has completed its acquisition of Southworth Wood Products. The 51-acre new region is going to be referred to as MillTree East. Band saws are now being used to reduce the size of the material for pallet assembly. Custom containers and pallets will also be created at this new location, according to the release.
• In August 2020, Southern Molded Pulp and Molded Fiber Technologies and Acorn Pulp Group entered into a settlement agreement for their state-of-the-art molded fiber manufacturing equipment, which guarantees efficient manufacture of the molded wood pallets.

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Molded Wood Pallets Market Segmentation

By Product Type:

• Nestable /Stackable
• Rackable Pallets

By End Use:

• Manufacturing
• Food & Beverages
• Chemicals
• Automotive
• Pharmaceuticals
• Others
• Logistics & Transportation
• Building & Construction

By Size:

• Full-size Pallet
• Quarter-size Pallet
• Half-size Pallet

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Ex. Japan (APEJ)
• Middle East & Africa (MEA)
• Japan

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.