NEWARK, Del, May 29, 2023 (GLOBE NEWSWIRE) -- According to the global pallets market survey report by FMI, the market reached a valuation of US$ 6,036 million back in 2022. As per the new market analysis report, the total sales of pallets in the year 2023 are estimated to be around US$ 6,386.1 million. Throughout the forecast years from 2023 to 2033, the global demand for pallets is estimated to expand at a CAGR of 5.8%. The market report further anticipates the overall valuation of the market to reach US$ 11,222.6 million by the end of this forecast period.
The global sales of pallets are anticipated to be driven by soaring demand for plastic packaging materials across several industrial verticals. Pallet sales have also increased with the high use of filler material in the shipping industries because of its capacity for supporting big loads. So, during the anticipated period, the market is anticipated to be driven by the increasing usage of pallets mostly for transportation purposes.
Wooden pallets are in use for a long time because of their durability and simple production method. However, the preference for plastic pallets is rising nowadays as a result of several drawbacks such as moisture absorption, reduced durability, and splinter breaking.
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Key Takeaways:
- The overall market is expected to experience an absolute increment of US$ 4,836.5 million over the next ten years.
- The total consumption of pallets in Europe is high in comparison to other broad geographical regions. In the year 2022, countries in Europe together contributed around 32.4% of the global pallet sales.
- The market analysis report expects the sales of pallets in the United Kingdom to expand at a rate of 3.3% over the forecast years.
- The net share of Germany in sales of pallets was nearly 3.8% of the global market revenue in 2022.
- In 2022, North America held a revenue share of 24% generated by the global market. The United States alone contributed to nearly 20.9% of the total demand for pallets that year.
- China and Japan are the two leading economies for the production and consumption of all types of pallets in the Asia-Pacific region. The net worth of total pallets used in Japan in 2022 was figured out to be 4.3% of the global share.
- China is anticipated to follow a growth rate of 6.8% in the production and export of pallets during the years between 2023 and 2033. Meanwhile, India is poised to follow China experiencing year-on-year average growth of 5.9% during this period.
- Plastic pallet sales generated 37.7% of the revenue share in 2022, and throughout the projection year, they are anticipated to increase significantly.
Competitive Landscape:
The market is highly fragmented due to the presence of many regional and small players. Leading pallet manufacturers and suppliers are mostly resorting to mergers and acquisitions to retain their market position.
Pallet recycler and supplying company named Kamps Inc. purchased Tritz Pallet, in January 2022, which is also known for providing full-service pallet solutions. By adding 40 more asset-based locations by this purchase, Kamps hopes to expand its footprint and strengthens its position in the Great Plains area.
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Key Companies Profiled:
- 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
- Interpal 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.
Market Categorization:
By Material Type:
- 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
- Other End Uses
By Region:
- North America Market
- Europe Market
- South Asia Market
- Latin America Market
- The Middle East & Africa Market
- East Asia Market
- Oceania Market
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Table of Content (ToC):
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Old Source: Pallets Market will Gain Traction at 5.6% Through 2032 to Reach a Stupendous Revenue Growth as Demand for Sustainable Packaging Solutions Bolsters | Future Market Insights, Inc.
Explore Trending Reports of Packaging:
Wood Pallets Market Demand: Amid rising demand for recyclable and eco-friendly packaging solutions, the total demand for wood pallets market is projected to propel with the top 3 countries estimated to hold around 35-40% of the market by the end of 2032.
Crates And Pallets Packaging Market Size: In order to adapt to the shifting crates and pallet packaging industries, businesses have chosen a unique route. Its emphasis on wood fiber goods includes recycled pallets, wood pellets, and filter socks, providing crates and pallet packaging businesses with a relatively new market.
Foldable And Collapsible Pallets Market Share: The trend for foldable pallets among the consumer due to their easy portability and convenience for the consumer on the go which augments the sales of foldable and collapsible pallets. The global demand for foldable and collapsible pallets is expected to witness growth at 4.5% CAGR over the next decade.
Presswood Pallets Market Analysis: Presswood pallets are heated under core heat temperature for a specific time to ensure that all larva and insects are killed before using them to ship goods. Nestable presswood pallets help in reducing storage space, as compared to conventional wooden pallets.
Molded Wood Pallets Market Outlook: The molded wood pallets market has experienced significant growth in recent years, driven by a combination of factors such as their durability, sustainability, and cost-effectiveness. Molded pallets are created by injecting a molten plastic compound into a pallet mold to produce sturdy, uniform, and consistent products. This innovative production method has resulted in fueling molded pallets demand, replacing traditional wood pallets and other materials in many industries.
Display Pallets Market Trends: Display pallets are an exceptional kind of product that is majorly used in trade promotions. A display pallets consist of multiple quantities of one or more products. Custom pallet does not need special set-up or unpacking of product as it offers a ready-to-sell merchandising option.
Wooden Pallets Market Growth: The global wooden pallets market provides several wooden packaging options to industries demanding affordable packaging options as to when compared to other pallet varieties wooden pallets are an inexpensive option. Although several wood options are available in the market the most common one is timber which is way cheaper than others and some metals.
Stringer Pallets Market Volume: Stringer pallet types are generally accessible from two sides for lifting operations by forklifts or pallet jacks. The increasing globalization and heightening of import and export activities coupled with elevated packaging needs are bolstering the demand for stringer pallets globally.
Block Pallets Market Sales: Block pallets are essential storage and transportation solutions for local as well as international transportation of any manufacturing or shipping company. The pallets made up of wood, plastic or plywood, also known as ‘four-way' pallets are made up of 12 cylindrical blocks to support the top deck board are known as block pallets globally.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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