IMARC Group’s latest report, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global pallet market size reached US$ 60.3 Billion in 2022. A pallet is a horizontal, portable wooden structure used for stacking, handling, and transporting products from one place to another. It commonly uses pallet collars, adhesives, stretch wraps, and other stabilizing materials to protect goods from transportation damage. It is manufactured using numerous materials, such as metal, wood, plastic, and corrugated paper, depending on the application. It enables safe product delivery and makes the loading and unloading process simpler. It increases warehouse operational efficiency by facilitating the easy movement of stacked goods through forklifts and pallet jacks. As a result, the pallet is gaining immense traction among manufacturers and suppliers of commercial goods across the globe.
Global Pallet Market Trends:
Rising trade volumes across the globe represent one of the primary factors driving market growth. Moreover, the increasing penetration of the internet and elevating sales of smartphones, laptops, and tablets are positively influencing the market growth. Along with this, the rising construction of residential and commercial places due to a significant increase in the global population has augmented product demand. Besides this, the escalating demand for plastic pallets owing to their recyclable and reusable properties is another major growth-inducing factor. Additionally, there is a rise in sales of pallets due to the rapid expansion of the chemical and pharmaceutical sectors. In line with this, the escalating demand for safer product handling, transportation, and storage from warehouses to industries has catalyzed market growth. Furthermore, several key players are introducing multiple-trip pallets that offer reduced trip costs, minimize solid waste generation, and enhance operating efficiency, which in turn is propelling the market growth. Apart from this, the rising investments by key players in research and development (R&D) to develop technologically advanced product variants are contributing to market growth. Other factors, including rapid urbanization and industrialization, emerging e-commerce industry, and inflating consumer income levels, are also anticipated to provide a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 79.0 Billion by 2028, expanding at a CAGR of 4.8% during 2023-2028.
- Based on the type, the market has been divided into wood, plastic, metal, and corrugated paper. Currently, wood pallets dominate the market.
- On the basis of the application, the market has been segregated into food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others. At present, the food and beverages industry accounts for the majority of the market share.
- The market has been categorized based on the structural design into block, stringer, and others, wherein block pallets represent the largest market segment.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America holds the leading position in the market.
- On assessing the import and export scenario of the market, it has been found that Germany and Poland represent the biggest importers and exporters of pallets, respectively.
- The competitive landscape of the market has also been examined, with some of the key players being Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM, and CABKA Group.
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