Wood Pallets Market Size, Share & Trends Analysis Report By Wood Type (Softwood, Hardwood), By Product Type (Block Wooden Pallet, Stringer Wooden Pallet), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Wood Pallets Market Size, Share & Trends Analysis Report By Wood Type (Softwood, Hardwood), By Product Type (Block Wooden Pallet, Stringer Wooden Pallet), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Wood Pallets Market Growth & Trends

The global wood pallets market size is expected to reach USD 17.88 billion by 2030, expanding at a CAGR of 4.5% from 2024 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

• Based on wood type, wood pallets market is segmented into softwood and hardwood. Among these softwood dominated wood type segment and accounted for a revenue share of over 59.0% share in 2023.
• Based on product type, market is segmented into block wooden pallets, stringer wooden pallets, and. Block wooden pallets dominated product type segment and accounted for over a revenue share of over 69.0% in 2023.
• Based on end use wood pallets market is segmented into logistics & transportation, automotive, food & beverages, chemicals, pharmaceuticals, and manufacturing among others.
• Asia Pacific dominated wood pallets regional segment and accounted for a revenue share of over 39.0% in 2023. This region is also expected to be fastest growing market over forecast period.

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