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Growth is attributable to the increasing consumption of pallets in food & beverages, pharmaceuticals, automotive sector. Consumer inclination towards product safety, bulk load transportation with minimum efforts, and easy inventory tracking is expected to boost the market.The global pallets market is expected to reach a valuation of US$ 6.0 Bn in 2022, expanding at 5.6% CAGR over the forecast period.
Pallets are one of the most frequently used stacking bases, and they’re usually attached with a stretch wrap, pallet collar, adhesive, or other forms of stabilization. They are widely employed by a significant number of commercial goods makers and shippers around the world because of their characteristics.
Expansion of the e-commerce sector has greatly influenced the demand for pallets. Apart from this, manufacturers are integrating pallets with RFID tags, bar codes, and other connective technologies. This is expected to continue driving sales in the market over the forecast period.
As the e-commerce business grows at a breakneck pace, the pallet market is likely to skyrocket. People’s interest in e-commerce platforms has grown as a result of the COVID-19 pandemic, particularly in underdeveloped nations where e-commerce is less widespread.
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The rise of e-commerce has put pressure on supply chains to enhance shipping and logistics to better track the movement and cost of commodities leaving and entering the country. As online orders are typically smaller and more frequent, inventory management requires more assets. As a result, pallets are required for e-commerce-based logistics, thereby driving the growth in the market.
Furthermore, the pallet market is predicted to expand as the focus on sustainable packaging grows. In response to this, companies are resorting to recyclable solutions to reduce the quantity of wood wasted in the pallet manufacturing process.
“Adoption of lightweight and environment-friendly plastic pallets made from HDPE material that can withstand heavy loads and provide resistance from organic & inorganic chemicals is expected to help the market grow in the forthcoming years,” says an FMI analyst.
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, Interpak 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 are some pallets players profiled by FMI.
Leading players operating in the global pallets market are investing in research and development to improve the product quality. Apart from that, players are focusing on production facility expansion to gain a competitive edge in the market.
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In December 2021, Tritz Pallet, a company that also offers pallet recycling and full-service pallet solutions, was bought by Kamps Inc., a pallet recycler and supplier.
Global Pallets Market by Category
The unprecedented growth in e-commerce industry is expected to drive the demand for pallets on a significant scale. The COVID-19 pandemic has enhanced the inclination of population towards e-commerce platforms, especially in countries such as India and others, where e-commerce had lesser prevalence. The rise in e-commerce has challenged supply chains to develop transportation and logistics to control flow and cost of outgoing and incoming goods.
Future Market Insights (ESOMAR certified 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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The post Pallets Market to have a phenomenal CAGR of 5.6% in the next 10 years appeared first on Future Market Insights.
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