Wood Pallets Market Size, Share & Trends Analysis Report By Product Type (Stringer Wooden Pallet, Block Wooden Pallet), By Wood Type (Softwood, Hardwood), By End-use (Chemicals, F&B), By Region, And Segment Forecasts, 2023 - 2030

Wood Pallets Market Size, Share & Trends Analysis Report By Product Type (Stringer Wooden Pallet, Block Wooden Pallet), By Wood Type (Softwood, Hardwood), By End-use (Chemicals, F&B), By Region, And Segment Forecasts, 2023 - 2030

Wood Pallets Market Growth & Trends

The global wood pallets market size is expected to reach USD 19.89 billion by 2030, expanding at a CAGR of 4.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. This is attributed to the rapid expansion of the e-commerce, transportation & logistics, and food & beverage industries, which are driving the demand for wood pallets for the storage and transportation of goods in distribution centers and warehouses. The growing sustainability concerns are expected to support the market growth. Furthermore, wood pallets allow easy reparability, compliance with regulatory standards, customization, and cost-effectiveness compared to plastic pallets, which further increases their penetration in the global pallets market. Engineered molded wood pulp pallets are emerging as an alternative to block and stringer-type wood pallets.

These pallets are made of wood fibers and resins, which undergo high-heat compression. These pallets contribute to reducing global deforestation impact since they use wood chips instead of lumber. Since the market is mature, strong competitive rivalry is observed among players. Hence, mergers and acquisitions are observed among the market players across the global market value chain. For instance, in July 2023, Canada-based Weston Forest Products, a remanufacturer of hardwood and softwood lumber and specialty panel products, acquired pallets manufacturer, Kings Wood Products. In November 2022, Kamps Inc. acquired Realm Companies LLC. This strategic acquisition will help Kamps Inc. to expand its presence in the market. Realm Companies LLC is engaged in the manufacturing of wood pallets and recycling of pallets, which will help strengthen Kamps Inc.’s manufacturing capacity.

Wood Pallets Market Report Highlights

• The softwood segment is expected to progress with the fastest growth rate over the forecast period. Softwood is easily available and is majorly used in pallet manufacturing. Furthermore, it is cheaper compared to hardwood, which is expected to support the segment growth
• The growing global and domestic trade is expected to act as a driving factor for the consumption of wood pallets. Wood pallets fall under the critical equipment category in the supply chain of various end-use industries
• Plastic pallets are expected to pose a challenge to the growth of the market. The excellent moisture resistance exhibited by plastic pallets and high usage life compared to wood pallets will negatively impact the market growth
• In May 2023, PalletOne Inc. launched Pallet Concierge, a new management service that streamlines the pallet procurement process and provides dedicated pallet solutions to clients to resolve their requirements
• In August 2023, Niagara Pallet secured a USD 1.8 million investment from the government of Ontario. This investment will be used by the company to install new automated pallet-making equipment to expand its production capacity

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