Pallet Market By Type (Rackable, Nestable, Stackable and Display), By Material (Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper and Metal), By End-User (Food & Beverage, Pharmaceuticals, Chemical, Retail and Others), and By Region- Trends, Analysis and Forecast till 2030

Pallet Market accounted for USD 64.34 Billion in 2020 and is estimated to be USD 109.64 Billion by 2030 and is anticipated to register a CAGR of 5.50%.

A pallet is a flat wooden or metal platform on which items are typically placed so that a forklift truck can lift and transfer them. These pallets are often built of wood, metal, corrugated metal, or a combination of these materials. They are  employed in a variety of industries, including storage and transportation, manufacturing, food and beverage, and pharmaceuticals. Packaging has become an essential component of the majority of the world's industries. The demand for packaging has grown throughout the past decade. This need has resulted in a slew of packaging technologies that have enhanced both design and functionality. A shift in the materials used for packaging has also been observed. In most industries, the transition from rigid to flexible packaging is now the standard. Wooden pallets and containers are the most common examples.

Rise in the penetration of the internet across the globe

The rise in the penetration of the internet across the globe acts as one of the major factors driving the growth of pallet market. The increase in consumer spending on housing and infrastructure activities as a result of rising income levels, as well as the population's preference for e-commerce platforms, drive market growth. Increased investment by manufacturers in research and development (R&D) operations for implementing technological improvements in pallet production, as well as a strong focus on sustainable packaging and pallets, all have an impact on the market. Furthermore, rapid industrialization and industrialization, breakthroughs in new technologies, and the adoption of recycling techniques to reduce wood waste for pallet manufacturing create profitable opportunities for market participants during the forecast period.

Furthermore, the increased emphasis on sustainable packaging and pallets is projected to support the growth of the pallets industry. The majority of pallets in use today are made of wood, and they are one of the main contributors to municipal solid garbage (MSW). In addition, the waste wooden pallets are rich in energy, which is generally wasted during MSW disposal. As a result, industries are already implementing recycling ways to reduce wood waste in pallet manufacture. Companies such as Brambles, Ltd. in Australia and CABKA Group GmbH in Germany, for example, are working toward the creation of entirely recyclable or 100 percent reusable timber and plastic pallets.

Pallet Market report segments the market on the basis of type, material, end-user and region.

On the basis of Type, the Pallet Market is segmented into Rackable, Nestable, Stackable and Display. On the basis of Material, the target market is segmented into Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper and Metal. Based on End-User, the market is segmented into Food & Beverage, Pharmaceuticals, Chemical, Retail and Others.

Regional Insights:

On region the Pallet Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. During the predicted years, Asia Pacific pallet utilisation is expected to be high as Plastic and wooden pallets are widely used in the region for large-scale imports and exports of products. Japan, China, and India are likely to be the most progressive markets in the coming years.

Furthermore, the subject of sustainability has characterised the operation of the pallet sector in Asia Pacific. End-user sectors might be characterised as preferring products with longer lifespans, prompting firms in the region to innovate along these lines. Pallet producers have also been observed to form agreements in this regard.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Pallet Market report based on Type, Material, End-User and Region.

Pallet Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating in the Pallet Market includes Universal Forest Products, Inc., Palcon LLC, Shur-way Group Inc., Coxco, Inc., Rowlinsons Packaging Ltd., Bay Wood Products, Inc., CHEP.

• Enviva, a global renewable energy firm specialising in sustainable wood biofuels, and Mitsui OSK Lines, a leading global marine transport group, have agreed to develop and test an eco-friendly bulk carrier in April 2021.
• Enviva, a prominent global energy company specialising in sustainable wood bioenergy, and GoChain, a blockchain company, announced the preliminary findings of a pilot programme to increase the traceability of sustainable biomass in December 2020.

• Universal Forest Products, Inc.
• Palcon LLC
• Shur-way Group Inc.
• Coxco, Inc.
• Rowlinsons Packaging Ltd.
• Bay Wood Products, Inc.
• CHEP