The market for pallet boxes is anticipated to reach a value of US$ 2.3 billion in 2022 and US$ 3.0 billion in 2028, at a CAGR of 4.5%.
By 2028, the global pallet boxes market will account for about 3.2% of the US$95 billion worldwide pallet market. According to the most recent Future Market Insights (FMI) analysis, demand for customized pallets is anticipated to reach US$ 184.5 million in 2022, growing at a CAGR of 5.7% for the years 2022 to 28.
During the forecast period, the German pallet box market is anticipated to expand at a CAGR of 2.3%. overcoming initial doubts about how the market might function in the event of a global epidemic. Pallet box sales in Western Europe totaled 613 million US dollars.
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APEJ and North America are expected to account for a sizable portion of the global pallet truck market. In order to positively impact the need for pallet boxes in India, major manufacturing enterprises in India are collaborating with warehouse providers and outsourcing their services. Pallet boxes are becoming more popular in MEA due to the region’s rapid growth in transportation and logistics. Pallet boxes are a critical link in the supply chain and storage, and rising trade volume in emerging nations is expected to be a major driver influencing the market.
The Most Popular Pallet Boxes are Plastic and Block Pallet Boxes.
Plastic pallet boxes are expected to become a more popular bulk packaging choice in the future years, according to FMI. Pallet boxes constructed of plastic are lighter and more suitable than wooden and metal ones, maximising volume utilisation of items throughout distribution and keeping produce fresh when used to transport food grains, fruits, and vegetables. Depending on its usability, plastic pallet boxes are likely to find a position among processed food businesses as well.
However, due to high costs involved in incorporating advanced packaging technologies like palletization into industries and poor supply chain infrastructure in emerging economies like India, low or negligible adoption of advanced packaging technologies like palletization could have a negative impact on the growth of the pallet boxes market. Furthermore, the rise in pallet pooling and manufacturers’ adoption of plastic pallet boxes, which have a longer life, are two major restraints on the worldwide pallet box market.
Country-wise Insights
What is Regional Outlook can be Seen for Italy based Pallet Boxes Market?
Italy will hold market share of more than 18% for the Western Europe pallet boxes market in the year 2022. According to The European Chemical Industry Council, the European chemical industry is a wealth generating sector of the economy and a major contributor to building a sustainable future for Europe USD 612 billion turnover and USD 10.4 billion R&I investments. Moreover, in Italy the chemical industry generates USD 57.4 billion.
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How the Expansion of Automotive Industry Fuel Demand for Pallet Boxes Market in United States?
The United States market for pallet boxes shall grow at a CAGR of 3.6% during the forecast period. As per Invest India, a National Investment and Facilitation Agency, by 2025, construction market in India is expected to emerge as the third largest globally and construction equipment industry revenue stood at USD 6.5 Bn in 2020. The vast construction sector of the country is anticipated to create significant demand for pallet boxes market during the foreseeable future.
Competitive Landscape
The key manufacturers operating in pallet boxes market are focusing on increasing their production capacity to meet the increasing demand for pallet boxes. Moreover, the key players are increasing their product portfolio to cater for the growing pallet boxes market.
- In October 2021, The Craemer Group comes with its latest product development which is the large-volume CB3 high pallet box with a capacity of around 1,000 litres.
- In March 2020, Exporta, the UK’s product handling experts have added a new base entry level model of their hercules collapsible plastic pallet box to their range at an amazing price level.
Pallet Boxes Market by Category
By Material:
- Wooden Pallet Box
- Plastic Pallet Box
- Metal Pallet Box
- Paper Pallet Box
By Pallet Type:
- Block Pallet
- Stringer Pallet
- Customized Pallet
By End-use Industry:
- Agriculture & Allied Industries
- Building & Construction
- Chemical & Pharmaceutical
- Food & Beverages
- Engineering Products
- Textile & Handicraft
- Automotive
- Other Industries
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https://hissme.com/read-blog/44709
About Future Market Insights, Inc.
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