Global Pallet Market Report and Forecast 2023-2028

Global Pallet Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global pallet market attained a value of USD 93.76 billion in 2022. Aided by the expanding e-commerce sector and the growing need for efficient logistics management, the market is projected to further grow at a CAGR of 5.3% between 2023 and 2028 to reach a value of USD 127.99 billion by 2028.

Pallets are flat transport structures that support goods in a stable manner, allowing them to be easily lifted and moved by forklifts or other material handling equipment. They are used for the storage and transportation of goods in various industries, including food and beverages, pharmaceuticals, chemicals, and logistics, among others. Pallets can be made of various materials, such as wood, plastic, metal, and composite materials, each with its unique benefits and applications.

The growing e-commerce industry is driving the global pallet market demand. The rapid expansion of online retail platforms has led to a significant increase in the volume of goods being shipped, necessitating the need for efficient and cost-effective logistics management solutions. Pallets play a crucial role in streamlining the shipping process, reducing product damage, and enhancing supply chain efficiency.

Additionally, the rising focus on sustainable and eco-friendly packaging solutions is another key trend propelling the growth of the global pallet market. Manufacturers are increasingly adopting pallets made from recyclable materials or biodegradable materials, such as wood and bioplastic, to minimise their carbon footprint and adhere to stringent environmental regulations.

Increasing investment in advanced material handling technologies is also expected to boost the global pallet market growth. Innovations in pallet design, such as lightweight materials, RFID tags, and IoT integration, are enhancing the efficiency and traceability of pallets in the logistics sector. These advancements are expected to further drive the adoption of pallets in various industries.

Also, manufacturers are spending money on research and development to incorporate technological advancements into pallet manufacturing. For instance, the use of multiple trip pallets has been adopted to save expenses, get rid of solid waste, and improve operating efficiency. Plastic pallets' ability to be recycled and reused has also grown incredibly popular across a variety of industries.

Market Segmentation

The market can be divided based on type, application, structural design, and region.

Market Breakup by Type

• Wood
• Plastic
• Metal
• Corrugated Paper

Market Breakup by Application

• Food and Beverages
• Chemicals and Pharmaceuticals
• Machinery and Metal
• Construction
• Others

Market Breakup by Structural Design

• Block
• Stringer
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global pallet companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Brambles Ltd
• Schoeller Allibert
• Loscam
• ORBIS Corporation
• CABKA Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.