According to data derived from a market survey conducted by FMI, the global pallets market achieved a value of US$ 58.3 billion in 2022. Projections for the current year, 2023, estimate that the market will reach a total worth of US$ 60.4 billion. This FMI report anticipates a steady market growth at a Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period. By the conclusion of this projection in 2033, it is expected that the market will have surged to an impressive valuation of US$ 100.6 billion.
The United States is poised to become an increasingly attractive market for pallets in the coming years, primarily driven by a surging demand from the pharmaceutical sector. This heightened demand is closely linked to the rising prevalence of lifestyle disorders in the country, notably conditions like obesity and diabetes, which have prompted the pharmaceutical industry to expand.
In the pharmaceutical field, pallets are essential for maintaining the integrity of products and reducing the risk of contamination. Medicine and health supplement manufacturers are increasingly turning to pallets as a practical solution to minimize contamination risks and product wastage, ensuring the safety and quality of pharmaceutical goods.
Moreover, the escalating need for pallets is not confined solely to the pharmaceutical sector; it extends to other industries as well. The food and beverage, construction, and electronics sectors are also experiencing a growing demand for pallets, propelling the market’s growth at a notable 3.8% Compound Annual Growth Rate (CAGR) over the assessment period. As a result, the U.S. pallet market is set to play a pivotal role in supporting various industries, ensuring the efficient and contamination-free transportation and storage of goods.
The global sales of pallets are anticipated to be driven by soaring demand for plastic packaging materials across several industrial verticals. Pallet sales have also increased with the high use of filler material in the shipping industries because of its capacity for supporting big loads. So, during the anticipated period, the market is anticipated to be driven by the increasing usage of pallets mostly for transportation purposes.
Wooden pallets are in use for a long time because of their durability and simple production method. However, the preference for plastic pallets is rising nowadays as a result of several drawbacks such as moisture absorption, reduced durability, and splinter breaking.
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Key Takeaways from the Pallets Market Study Report
- The overall market is expected to experience an absolute increment of US$ 4,836.5 million over the next ten years.
- The total consumption of pallets in Europe is high in comparison to other broad geographical regions. In the year 2022, countries in Europe together contributed around 32.4% of the global pallet sales.
- The market analysis report expects the sales of pallets in the United Kingdom to expand at a rate of 3.3% over the forecast years.
- The net share of Germany in sales of pallets was nearly 3.8% of the global market revenue in 2022.
- In 2022, North America held a revenue share of 24% generated by the global market. The United States alone contributed to nearly 20.9% of the total demand for pallets that year.
- China and Japan are the two leading economies for the production and consumption of all types of pallets in Asia Pacific region. The net worth of total pallets used in Japan in 2022 was figured out to be 4.3% of the global share.
- China is anticipated to follow a growth rate of 6.8% in the production and export of pallets during the years between 2023 and 2033. Meanwhile, India is poised to follow China experiencing year-on-year average growth of 5.9% during this period.
- Plastic pallet sales generated 37.7% of the revenue share in 2022, and throughout the projection year, they are anticipated to increase significantly.
Sales of Plastic Pallets Rising-
- Durability and Longevity: Plastic pallets are known for their durability and can withstand repeated use and handling without breaking, splintering, or warping. This longevity makes them a cost-effective choice.
- Hygienic and Easy to Clean: Plastic pallets are easy to clean and do not absorb moisture, making them ideal for industries with stringent hygiene requirements, such as food and pharmaceuticals.
- Lightweight: Plastic pallets are lighter than their wooden counterparts, reducing transportation costs and making them easier to handle.
- Consistent Sizing: Plastic pallets are manufactured with precise dimensions, ensuring uniformity and compatibility with various handling equipment and storage systems.
- Eco-Friendly Options: Many plastic pallets are made from recycled materials and are recyclable, aligning with sustainability goals.
- Resistance to Chemicals: Plastic pallets are resistant to chemicals, acids, and solvents, making them suitable for industries where exposure to such substances is common.
- Customization: They can be easily customized to meet specific industry and product requirements, including the addition of reinforcements, anti-slip features, and various configurations.
Competitive Landscape for the Pallets Market Players
The market is highly fragmented due to the presence of many regional and small players. Leading pallet manufacturers and suppliers are mostly resorting to mergers and acquisitions to retain their market position.
Pallet recycler and supplying company named Kamps Inc. purchased Tritz Pallet, in January 2022, which is also known for providing full-service pallet solutions. By adding 40 more asset-based locations by this purchase, Kamps hopes to expand its footprint and strengthens its position in the Great Plains area.
The Major Key Players Are:
- 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
- Interpal 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
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Pallets Market by Category
By Material Type:
- Plastic Pallets
- Metal Pallets
- Wood Pallets
- Paper Pallets
By Product Type:
- Stackable Pallets
- Nestable Pallets
- Collapsible Pallets
By End Use:
- Food & Beverage
- Pharmaceuticals
- Cosmetics & Personal Care
- Consumer Electronics
- Engineering Products
- Chemicals
- Textile and Handcraft
- Agriculture and Allied Industry
- Building & Construction
- Automotive
- Other End Uses
By Region:
- North America Market
- Europe Market
- South Asia Market
- Latin America Market
- The Middle East & Africa Market
- East Asia Market
- Oceania Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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