The Asia Pallets Market is estimated to grow significantly at a CAGR of 5.8% over the forecast period. The market value is expected to increase from USD 18,285.1 million in 2023 to USD 32,179.0 million in 2033. By the end of 2022, the market was valued at USD 17,187.3 million, and it is expected to increase at a 6.4% annual rate in 2023.
The pallets market in Asia is poised for promising growth over the next decade. Recent estimates indicate that sales will surge from 2023 to 2033, presenting a significant growth opportunity of USD 14,991.6 million. Furthermore, the market is expected to expand around 1.9 times its current value during this period, highlighting its attractive growth potential.
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Urbanization and infrastructure development in Asia have been the main drivers of demand for pallets in the region. As countries in Asia experience rapid urbanization and the number of people moving to cities increases, the need for reliable and efficient logistics systems expands.
It has led to significant investments in infrastructure projects, including the construction of new airports, seaports, highways, and rail systems. The expansion of this transportation network has facilitated the movement of goods and materials.
It is hence leading to increasing demand for pallets as an important part of an efficient supply chain. Pallets play an important role in streamlining logistics operations, making it easy to handle, as well as store & transport goods in a standardized and storable manner.
As urbanization and infrastructure development accelerate across Asia, demand for pallets will continue its upward trajectory. It is further expected to create significant opportunities for the pallet sector to meet the region’s logistics needs.
Key Takeaways from this Market Study:
- The Asia pallets industry exhibited a CAGR of 2.0% during the historical period with a value of USD 17,187.3 million in 2022.
- China’s pallets market is likely to create an incremental opportunity of USD 8,694.2 million during the projected years.
- India’s pallets market is expected to record a CAGR of 7.4% in the next ten years.
- Based on material, the wooden pallets segment is estimated to offer incremental an opportunity worth USD 8,196.3 million during the forecast period.
- By product type, the block pallet segment is expected to record a CAGR of 5.8% during the projected years from 2023 to 2033.
Manufacturing and Warehousing to Spur Demand for Pallets in Asia
The growth of the Asia pallets industry is driven by the rapid expansion of the manufacturing and warehousing sectors in the region. Asia has emerged as a manufacturing powerhouse with China, India, and countries in Southeast Asia becoming global manufacturing hubs.
Increasing manufacturing activity might raise the need for low-cost storage and transportation solutions. It is anticipated to lead to a significant increase in the demand for pallets.
Pallets provide an inexpensive and standardized way to organize and transport goods in manufacturing and warehouse facilities. It enables easy movement of products, improves inventory management, and optimizes the use of warehouse space.
Competitive Landscape:
Asia-based pallet manufacturers are diversifying their product lines by creating a variety of pallet kinds & sizes to satisfy the various demands of sectors and supply chains. This covers common pallets, ones made to order, those that are lightweight, and those that are tailored for certain uses.
Pallet businesses are also implementing environmentally friendly procedures as the importance of environmental sustainability grows. In order to create pallets, sustainable resources such as recycled wood or plastic are used. To reduce their ecological footprint, they are also putting recycling and trash reduction strategies into place.
For instance,
- Loscam Holdings Limited and CHEP China will combine their pallet and automobile pooling businesses, according to a collaboration deal announced by Brambles Limited in November 2022. As per this deal, Loscam (Greater China) Co., Limited, the Greater China division of Loscam Group, will own 80% of the newly created firm, with 20% owned by Brambles.
Key Players Are:
- Mabuchi Thailand Co Ltd.
- Nefab Group
- Nilkamal Limited
- Brambles Limited
- Enno Marketing Services PTE Ltd
- Long Thanh Plastic Co., Ltd.
- Penno Packtech Co., Ltd
- Mapac Technology
- Atlanta Global
- Aristoplast Products Pvt. Ltd
- Pesonex
- Hanoi Sin Timber Industry Sdn Bhd.
- Linyi Kunpeng Wood Co., Ltd
Asia Pallets Market Outlook by Category
By Material:
- Wood
- Plastic
- Metal
- Paper
- Press Wood
By Product:
- Stringer Pallet
- Block Pallet
- Customized Pallet
By Pallet Size:
- 0.8 Meter X 1.2 Meter
- 1 Meter X 1.2 Meter
- 1 Meter X 1 Meter
- 1.1 Meter X 1.1 Meter
By Medium of Recycling:
- Pallet Processing Companies
- Recycling Service Facilities
By End-use:
- Manufacturing & Warehousing
- Food & Beverages
- Chemicals
- Automotive
- Healthcare
- Logistics & Transportation
- Building & Construction
By Country:
- China
- India
- Japan
- South Korea
- Australia
- Malaysia
- Indonesia
- Thailand
- Singapore
- Philippines
- Vietnam
- Sri Lanka
- Bangladesh
- Rest of Asia
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