Future Market Insights predicts that the global Pallet Corner Boards Market is poised to reach US$ 558.2 Million in 2023, with a subsequent growth rate of 4.4%, ultimately reaching a value of US$ 858.6 Million by 2033. The sales of pallet corner boards are expected to witness significant growth, with the top 5 companies forecasted to collectively occupy approximately 15 to 20% of the market in 2023.
The logistics performance in Germany significantly bolsters the demand for pallet corner boards. Germany is renowned for its top-ranking logistics, as evidenced by its position at the pinnacle of the Logistics Performance Index (LPI) established by the World Bank. With an annual investment of approximately US$ 16.3 billion in the logistics sector, Germany places great emphasis on efficiency, punctuality, and maintaining product standards, especially for large consignments. Given the continuous growth of the logistics industry in Germany, there is a heightened demand for pallet corner boards to ensure the safe and secure transportation of goods.
India plays a pivotal role in shaping the demand for the pallet corner boards market in South Asia. It is anticipated that India will hold a substantial 43% market share in the South Asian pallet corner board market during the forecast period. The Fast Moving Consumer Goods (FMCG) sector in India is experiencing rapid growth due to the increasing population. These products, considered necessities, require careful handling during transit, from manufacturing plants to end destinations.
The burgeoning e-commerce sector in India has led to a proliferation of warehouses, resulting in a growing need for efficient operations in storage, stacking, and shipping to maintain product quality. Consequently, this surge in demand for proper handling has propelled the market for pallet corner boards.
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Pallet corner boards serve several functions, including:
- Load Protection: Pallet corner boards protect the edges and corners of the load from damage during transportation and storage. They prevent the load from shifting or collapsing, which can cause product damage and loss.
- Pallet Protection: Pallet corner boards protect the corners of the pallet from damage during handling and stacking. They prevent the corners of the pallet from being crushed or damaged, which can compromise the structural integrity of the pallet.
- Stacking and Storage: Pallet corner boards provide extra support and stability to the load, making it easier to stack and store. They help prevent the load from toppling over, which can cause injury and damage to the goods.
- Transportation: Pallet corner boards make it easier to secure the load to the pallet and prevent it from shifting during transportation. They also help prevent damage to other goods and the transportation vehicle.
In terms of material type, the paper-based segment is expected to hold the largest market share during the forecast period, driven by its eco-friendly and recyclable nature. However, the plastic-based segment is also expected to grow at a significant rate due to its durability and versatility.
Overall, the global pallet corner boards market is expected to witness significant growth in the coming years, driven by increasing demand from various industries and the adoption of sustainable packaging practices.
The Giant Players Are:
- Millenium Packaging Inc.
- Smurfit Kappa Group PLC
- Kyana Packaging Solutions
- Kraft Material Services
- Signode Industrial Group LLC
- North America’s Laminating and Converting Company
- Impakt Packaging
- Korpack
- Crateco Pack LLC
- IPS Packaging and Automation
- Intreden Exim Private Limited
- Continental Packaging Material Industry LLC
- Pro Pac Professional Packaging Systems
- Great Northern Laminations
- Angleboard UK
- Sonoco Products Company
- BENZ Packaging Solutions Private Limited
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Pallet Corner Boards Market Segmentations:
By Material Type, Pallet Corner Boards Market is Segmented as:
- Paper
- Plastic
By Thickness, Pallet Corner Boards Market is Segmented as:
- Less than 3 inches
- 3 to 5 inches
- 5 to 8 inches
- More than 8 inches
By End Use, Pallet Corner Boards Market is Segmented as:
- Automotive
- Shipping and logistics
- Building & Construction
- Electronics & Electrical
- Others (Agriculture, Chemical, etc)
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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