DUBLIN--(BUSINESS WIRE )--The "Pallets Market By Material, By Type, By Application, By End-user: Global Opportunity Analysis and Industry Forecast, 2015-2030" report has been added to ResearchAndMarkets.com's offering.

The global pallets market accounted $66,013 million in 2015, and is projected to reach $122,311.0 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.

The global pallets market reached 6,307.0 million units in 2020, and is projected to reach 8,303.5 million units by 2030, registering a CAGR of 2.7% from 2021 to 2030. A pallet is a tertiary form of packaging used as a base for unitization of goods for application in supply chains. Pallets are generally used for stacking, storing, transporting, and protecting materials while being handled by material handling equipment, such as pallet jacks, forklifts, or conveyors. They are used in nearly all supply chains, including end user industries such as food & beverage, chemicals, pharmaceuticals, and retail.

Moreover, pallets can be manufactured using wood, plastic, metal, and corrugated paper, including recycled and new raw materials. According to the International Organization for Standardization, pallets are standardized in 6 sizes, including, 1,219x1,016 mm in North America; 1,165x1,165 mm in Australia, Europe and North America; 1,000x1,200 mm in Asia and Europe; 800x1,200 mm in Europe; and 1,100x1,100 mm in Asia only.

The unprecedented development of the e-commerce industry is one of the major factors driving the demand for pallets, globally. The COVID-19 pandemic has assisted population to depend on e-commerce platforms, especially in the developing countries, including India and Brazil. The growth in e-commerce has created challenges for supply chains to upgrade logistics and transportation services to enhance the existing devices and products, including pallets.

Moreover, increase in demand for plastic pallets, owing to rise in awareness regarding benefits of plastic pallets among the consumers is driving the growth of pallets market. Plastic pallets offer better handling during transportation. In addition, they are highly recommended in food & beverage, pharmaceutical, chemicals, and other industries, where the risk of chemical contamination is significantly high. Furthermore, plastic pallets can be used in clean room applications, as they can be easily cleaned and sanitized. Such factors are driving the demand for plastic pallets in the pallets industry.

However, surge in price of lumber, also known as timber, is a major restraint for the growth of the pallets market. Wooden pallets garner a high share in the pallets market. High prices as well as utilization of wood while maintaining environmental sustainability have hindered the growth of the pallets market.

On the contrary, adoption of new technologies in the supply chain such as use of radio-frequency identification tags, automation, and robotics is expected to boost the demand for developed pallet products during the forecast period.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900