Pallets Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Pallets Market

The pallets market size was valued at USD 59.91 billion in 2018, and the market is now projected tgrow from USD 128.68 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period of 2018-2032.

There is a shift towards plastic pallets among industries today because they are light in weight, durable, and reusable, compared twooden pallets. Although wooden pallets have been used for decades, it is time for challenges such as splintering, moisture tents and regulations such as ISPM 15. Supply chain and transportation businesses are turning tplastic pallets tsolve these problems and lower emissions. More serious concerns about sustainability alsincrease the demand for plastic pallets since they are a sustainable material. This trend is expected tdrive the pallet's market share.

Besides, key players in the global pallets market heavily invest in research and developmental efforts tcreate smart new pallets. RFID-integrated smart pallets allow tracking, tracing and monitoring of impact, humidity and temperature necessary for safety in industries such as the food industry. Most consumers in the warehousing and transportation sectors are the primary adopters of such applications. The warehousing and transportation segment is anticipated tdominate the market between the years 2019 t2026 due tthe escalating logistics industry. All these developments improve palette control and organisation of operations around the world.

Comprehensive Analysis of Pallets Market

The pallets market and machinery and equipment industry is rising at an exponential rate due tits market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by material types and by applications. The material type includes, Wood, Plastic, Composite Wood and others. The application includes, Pharmaceuticals, F&B, Manufacturing and others.

The pallets market for Asia Pacific occupied USD 14.77 billion in 2018 and is expected tbe the fastest-growing region in the forecast period. The increase in Asia Pacific is expected tbe associated with the increased use of wooden and plastic pallets when moving goods from one country tanother. India and China aside, they are alsexpected thave good opportunities tgrow in the forecasted period.

The top market players play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, PECO Pallet, Inc., Cabka Group GmbH, PalletOne, Inc., Brambles Ltd., Schoeller Allibert Group B.V., Loscam Australia Pty Ltd, Craemer Holding GmbH, ORBIS Corporation, Falkenhahn AG and L.C.N Inc. These market players provide a level-playing competitive landscape.

In March 2019, RePall took part in SIAG (Salon de I’industrie Agroalimentaire) and Pack Expwhich is an exhibition conducted in Algeria that deals with restoration, packaging and wrapping of the products where RePall presented its products for extending the sales of the products in North African region.

Segmentation Table

Global Pallets Market Scope

By Material Type

Wood

Plastic

Composite Wood

Metal

Corrugated

Others

By Application

Pharmaceuticals

F&B

Manufacturing

Warehousing & Transportation

Retail

Others

By Geography

North America (USA and Canada and Rest of North America)

Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

Latin America (Brazil, Mexicand Rest of Latin America)

Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)