According to the latest report by IMARC Group, titled "North America Pallet Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the North America pallet market size reached 3.0 Billion Units in 2022. A pallet is a flat wooden structure on which goods are placed during storing, stacking, and transporting goods. It stably supports goods while being lifted by a jacking device, a forklift, or an erect crane. It is the structural foundation of a unit load, which allows storage efficiencies. Goods are placed on a pallet secured with stretch wrap and shipped. Since its invention, it has substituted older forms of crating, such as the wooden box and barrel. It is made of wood, plastic, metal, paper, and recycled materials. It finds application in all supply chains, including chemicals, food and beverage, and retail industries.
North America Pallet Market Trends:
The market in North America is majorly driven by significant growth in the e-commerce industry. In line with this, various market players are adopting recycling techniques in an attempt to reduce the wastage of wood for pallet manufacturing. This, in turn, is expected to bolster pallet production across the region. Several manufacturers are also heavily investing in research and development (R&D) activities to integrate advanced technologies in pallet manufacturing. Furthermore, the increasing product adoption in pharmaceutical, chemical, food, and beverage industries due to its superior qualities, such as light weight, easy handling, and shock absorption, is catalyzing the market. Apart from this, rapid industrialization and the rising construction of commercial and residential places are propelling the market. Moreover, the growing requirement for safer storage and transportation of goods is favoring the market. Besides, the escalating demand for hygienic, contamination-free, and durable pallets is driving market expansion across the region. Additionally, the launch of efficient tracking devices, including RFID tags and Bluetooth, has enabled effective tracking of pallets and reduced pallet loss, which is expected to boost the market growth. Some of the other factors driving the market include the rising sustainability awareness among consumers, the escalating government focus on reusing and recycling packaging products, and the growing trade activities in North America. On account of the factors above, the market is anticipated to reach 3.8 billion units by 2028, exhibiting a CAGR of 3.64% during 2023-2028.
- On the basis of the type, the market has been categorized into wood, plastic, metal, and corrugated paper.
- Based on the application, the market has been classified into food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others.
- Based on the structural design, the market has been segmented into the block, stringer, and others.
- On the basis of the country, the market has been divided into the United States and Canada.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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