Hyderabad, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Pallets Market Report (2023-2028)," the market is estimated at USD 92.30 billion in 2023. It is expected to register a CAGR of 6.56% during the forecast period.
A pallet is a flat panel that supports goods during their transportation through wooden and plastic pallets. The demand for plastic pallets is increasing significantly in various industry verticals. They are more effective than wooden pallets and are more environment-friendly and lightweight.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 92.30 billion |
| Market Size (2028) | USD 126.81 billion |
| CAGR (2023-2028) | 6.56% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing demand for plastic pallets. |
| The increasing adoption of pallets in the transportation sector. |
Who are the Top Companies in the Pallets Market?
The pallets market is highly fragmented in nature due to the presence of various small and prominent manufacturers. The growing trade between countries is boosting the use of corrugated pallets as sustainable packaging. Market players are engaging in acquisitions and entering agreements to expand their market presence.
Significant players in the pallets market are,
- Falkenhahn AG
- CABKA Group GmbH
- CHEP (Commonwealth Handling Equipment Pool)
- Palettes Gestion Services
- PalletOne Inc.
- Schoeller Allibert Group BV
- The Corrugated Pallets Company
- ORBIS Corporation
- Craemer Holding GmbH
- Rehrig Pacific Company Inc.
- World Steel Pallet Co. Ltd
- Arrington Lumber & Pallet Co. Inc.
- LCN Inc.
- Loscam Australia Pty Ltd
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Key Highlights from the Pallets Market Report:
Demand for Plastic Pallets to Drive the Market
- Plastic pallets have more benefits than wooden pallets. They can be recycled easily by melting them and remade into other manufacturing supplies. This helps reduce waste.
- Plastic pallets have the ability to store products without any risk of termite or pest infestation.
Asia-Pacific to Witness Massive Growth
- The manufacturing industry in India is expected to be among the fastest-growing sectors in the region. Government initiatives like Make in India are boosting domestic manufacturing and bringing foreign investments.
- The growth of the industry is driven by increasing domestic consumption, the growing middle-class population, and favorable government policies.
What are the Latest Developments in the Pallets Market?
- In February 2023, KraftPal Technologies, a prominent player in corrugated pallets, launched its corrugated pallets, which are an economical and sustainable alternative to traditional wooden pallets.
- In August 2022, Silver Oak Services partner’s LLC portfolio company PLA and an asset-based pallet management services company acquired TaylorMade Pallets & Logistics.
Mordor Intelligence has Segmented the Pallets Market Based on Type, End User, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Wood
- Plastic
- Other Types
- By End User (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Transportation and Warehousing
- Food and Beverage
- Pharmaceutical
- Retail
- Other End Users
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Egypt
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Pallets Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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