The global wood pallets market revenues totalled US$ 2.1 Bn in 2021 and it is likely to reach US$ 2.3 Bn in 2022. Furthermore, with rising usage across industries such as food & beverages, building & construction, consumer electronics, and pharmaceutical, the overall sales of wood pallets are projected to rise at 5.4% CAGR between 2022 and 2032, topping a valuation of US$ 3.8 Bn by 2032.
The global demand for wood pallets is anticipated to grow along with the desire for recyclable and environmentally friendly packaging solutions, with the top 3 nations expected to control about 35–40% of the market by the end of 2032.
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The wood pallets market refers to the industry that produces and sells pallets made from wood, which are used to transport and store various goods and products. Wood pallets are an essential component of the logistics and supply chain industries, providing a cost-effective and versatile solution for transporting goods safely and efficiently.
Wood pallets are made from various types of wood, including pine, oak, and fir, and are designed to support the weight of heavy goods and products. They typically come in standard sizes and shapes, including the popular 48×40 inch size, which is widely used in the United States. Wood pallets can be customized to meet specific requirements, such as accommodating oversized or irregularly shaped products.
The wood pallets market is driven by several factors, including the growing demand for sustainable and eco-friendly packaging solutions, the need for efficient logistics and supply chain operations, and the cost-effectiveness of wood pallets compared to other materials, such as plastic or metal. Additionally, the rise of e-commerce and online shopping has created new opportunities for the wood pallets market, as companies look to develop pallets that can withstand the rigors of shipping and delivery.
Key Takeaways from Wood Pallets Market
- By wood type, hardwood pallets segment is anticipated to grow at 4.6% CAGR through 2032, generating an incremental opportunity of US$ 730 Mn during the forecast period.
- By entry type, the four ways pallets segment is expected to grow at a CAGR of 3.7% during the forecast period.
- North America and East Asia are projected to remain the most lucrative markets for wood pallets during the next ten years.
- The U.S. wood pallets market is likely to expand at 4.5% CAGR between 2022 and 2032, reaching a total valuation of US$ 812.7 Mn by 2032.
- Wood pallets market in India is projected to grow at 5.6% CAGR during the forecast period, creating an incremental opportunity of US$ 115 Mn.
- Demand for wood pallets in China is anticipated to grow at the highest CAGR of 6.9% during the assessment period.
“Wood pallets have a promising market because of their low yield cost per trip and superior reusability of wooden pallets. Utilizing eco-friendly materials and creating eco-smart designs is also anticipated to accelerate market expansion.”- says FMI analyst
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Global Wood Pallets are Creating Good Impact on the Environment
Pallets are a vital logistical tool used in packing and are typically utilised as load carriers. These pallets are useful in logistics and supply chain because they make it simple to stack, store, assemble, or transport items over long distances.
Wooden pallets are fully recyclable and they are considered as a sustainable option for packaging. These pallets can be easily harmed or damaged if compared with metal or plastic pallets. Thus, they can be fixed easily with affordable prices without wastage of much resources and time.
Wood pallets are considered to be the most recyclable option in the supply chain as they can be used for various things by expanding the life of the existing wood pallets. They can easily reduce carbon footprints. Thus, wood pallets are considered to be the most reliable and a flexible packaging option for the end use segment.
Who is Winning?
Key manufacturers of wood pallets include Interpak Industries Pte. Ltd., Tri-Wall Holdings Limited, PalletOne, Larson Packaging Company Brambles Limited, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, Rehrig Pacific Holdings, Inc., and Schoeller Allibert Services B.V Brambles Limited, Inka-paletten, Peco Pallet, John Rock, Inc., Millwood, United Pallet Services Inc., Herwood, DNA packaging Systems, Kronus ltd, Litco International Inc, LCN Pallets and Wooden Cases, Anderson Pallet and Crate, Best Pallet and Crate LLC, Atlanta Pallets & Services, B&B Pallet Company, CLM Pallet Recycling and others.
Most of these market players have adopted strategies such as new product launches, facility expansions, price reduction, mergers, collaborations, and acquisitions to increase their revenue share.
Wood pallets Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for wood pallets market by Wood Type (Hardwood and Softwood), by Entry Type (Four ways and Two ways), by End use industry (Food and Beverages, Building and Construction, Pharmaceuticals, Consumer Electronics, Cosmetics & Personal Care, Logistics and Transportation and Others (Automotive, Textiles etc.), by Region (North America, Latin America, Europe, South Asia, East Asia, Middle East and Africa, Oceania) – Forecast to 2022 – 2032.
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