South Korea Pallet Market Overview, 2028

South Korea Pallet Market Overview, 2028

The history of pallets in South Korea dates back to the 1960s, when the country experienced a rapid economic development known as the ""Miracle on the Han River."" The increased demand for transportation and storage of goods led to the adoption of pallets in the country, in the early days, wooden pallets were the most commonly used type of pallets. However, the use of plastic and steel pallets has increased in recent years due to their durability and hygiene. The South Korean pallet market is driven by the growth of various industries, such as food and beverage, automotive, and logistics. The demand for pallets in the country is increasing due to the growing importance of safe and efficient transportation of goods. Standard pallet sizes in South Korea are typically 1,100mm x 1,100mm or 1,200mm x 1,000mm.

According to the research report “South Korea Pallet Market Overview, 2028,"" published by Bonafide Research, the market is expected to grow with more than 8% CAGR by 2023-28. The market for pallets is being driven by the growing popularity of online shopping in the Country, which is resulting in the wide adoption of pallets by large online retailers to store and transport their merchandise. The efforts made by the market players in the research and development of state-of-the-art pallets are also accelerating the market development. There is a rising inclination towards wooden pallets owing to their multiple advantages when compared to their counterparts, such as cost-effectiveness, enhanced durability, wider availability and easy reparability, and the ability to carry higher weight capacities. Further, there is an improved availability of sustainable and renewable pallet solutions.

Pallets used for the transport of goods are subject to regulations set by the Korea Customs Service (KCS). The KCS requires that pallets used for the transport of goods must be fumigated or heat-treated in accordance with the International Standards for Phytosanitary Measures No. 15 (ISPM 15) to prevent the spread of pests and diseases. Pallets used for the transport of food and pharmaceuticals are subject to regulations set by the Korea Food and Drug Administration (KFDA). The KFDA requires that pallets used for the transport of food and pharmaceuticals must be made of materials that are safe for human consumption and must be stored in clean, hygienic conditions to prevent contamination. Any wooden pallet imported into South Korea must be fumigated and inspected by the Korea Quarantine Inspection Agency to prevent the spread of pests and diseases.

The pallet market in the South Korea is segmented by material type into four parts based on material type: wood, plastic, metal, and corrugated. Currently, wood pallets are dominating the market, and wood pallets are expected to dominate the market for pallets in the country during the forecast period due to their greater reusability than plastic pallets and low cost per trip. They are also reusable, easy to repair, and can carry heavy loads of goods. A plastic pallet is a flat platform made from plastic materials, typically polyethylene or polypropylene that is used to transport, store, and stack goods. It is an alternative to traditional wooden pallets and has advantages such as being lighter, more durable, and resistant to moisture and pests. Metal pallets are another pallet variant, besides those made of wood and plastic, with very specific applications. Due to them being heavy-duty, they are the most commonly used pallet in the automotive and metal processing sectors. Corrugated pallets, also known as paper pallets or cardboard pallets are pallets made from paper board sheets, corrugated material and other reinforced paper goods, rather than wood. Corrugated pallets can be made using engineered corrugated products that are suited for clean room environments in medical, pharmaceutical and non-wet food applications.

The pallet market in the South Korea is segmented by end use: food and beverages, chemicals, pharmaceuticals, healthcare, automotive, transportation and warehousing, consumer goods and retail, engineering, and agriculture. Currently, the Food and Beverages industry dominates the pallet market in the South Korea because the food and beverage industry has witnessed considerable growth over the last decade because of changing lifestyles, convenience and increased penetration of retail stores. Food and beverage products have a limited shelf life and need to be handled with care to maintain their quality and safety. Pallets provide a safe and secure way to transport and store these products without damage or contamination. The Food and beverages is expected to influence the demand for pallets in South Korea.

The pallet market in the South Korea is segmented by application type: rental and non-rental. Because most businesses use their own pallets to store their goods, maintain inventory, and transport goods, the non-rental segment currently dominates the market. During the forecast period, it is expected that the non-rental segment will dominate the market for pallets in the South Korea. The pallet market in the South Korea is segmented by structural design type: block and stringer. The Block pallet is dominating the market for pallets in the South Korea, and it is expected to dominate the market in the South Korea during the forecast period due to block pallet allows forklifts and other pallet jacks to access the pallet from all four sides, though block pallets are stronger than other types of pallets, such as stringer pallets. Block pallets are gaining popularity in South Korea due to the safety it provides to carry bulk loads on them while transporting the goods from one place to another.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea pallet market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Material Type
• Wood
• Plastic
• Metal
• Corrugated
• Others

By End Use
• Food and Beverages
• Chemicals
• Pharmaceuticals and Healthcare
• Automotive
• Transportation & Warehousing
• Consumer goods and Retail
• Engineering
• Agriculture
• Other End Use

By Application Type
• Rental
• Non Rental
 
By Structural Design
• Block
• Stringers
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Vacuum Cleaner market, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.