According to a new report published by Allied Market Research, titled, “Pallets Market,” The pallets market size was valued at $66.0 billion in 2015, and is estimated to reach $122.3 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030. A pallet is a platform or a support for boards to stack loads upon them. Pallets are manufactured using plastic, wood, metal, and corrugated paper. They are considered as a tertiary form of packaging and are a mandatory part of nearly all industrial supply chains and warehousing. Moreover, they are used as a base for stacking, storing, transporting, and protecting materials, which are later transported using material handling equipment. Further, the standard sizes of pallets differ within different regions and countries.
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However, rise in prices of wooden pallets acts as a major restraint of the pallets market. In addition, materials used for the manufacturing of pallets are difficult for recycling and reuse. Thus, it generate substantial waste and could be responsible for causing environmental pollution. Moreover, high cost is required to set a system for recycling of plastic pallets.
In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the pallets market growth. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.
Furthermore, the growth in the e-commerce industry has surged the demand for pallets significantly. Inclination of people toward e-commerce, especially during the COVID-19 pandemic, is further expected to create lucrative opportunities for pallet manufacturers as well as logistic companies. Automation of supply chain and logistic systems can propel the demand for pallets with radio frequency identification (RFID) tags, bar codes, and other technologies. This is expected to drive the growth of the pallets market share significantly.
The global pallets market is segmented into material, type, application, end-user industry, and region. By material, is the market is classified into wood, plastic via injection molding, plastic via other methods, corrugated paper, and metal. Depending on type, it is categorized into rackable, nestable, stackable, and display pallets. On the basis of application, it is fragmented into rental and non-rental. As per end-user industry, it is segregated into food & beverage, chemical, retail, pharmaceutical, and others.
Region wise, the global pallets market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The major players profiled in the pallets market report include Brambles Limited, CABKA Group GmbH (CABKA), Craemer Holding GmbH (CRAEMER), Falkenhahn AG (Falkenhahn), LOSCAM International Holdings Co., Ltd. (LOSCAM), Menasha Corporation, Millwood, Inc., Rehrig Pacific Holdings, Inc. (Rehrig Pacific), Schoeller Allibert Services B.V. (Schoeller Allibert), and UFP Industries, Inc. (PalletOne).
KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging global pallets market trends and dynamics.
• Depending on material, the wood segment was the largest revenue generator in 2020.
• By type, the stackable segment generated the highest revenue in 2020.
• Depending on application, the non-rental segment dominated the market in 2020.
• On the basis of end-user industry, the others segment dominated the market in 2020.
• Region wise, Asia-Pacific is anticipated to dominate the global pallets market throughout the study period.
• The report provides an extensive analysis of the global pallets market opportunities.
• The global pallets market forecast analysis from 2021 to 2030 is included in the report.