Global Wood Pallets Market to Surpass US$ 3.8 Bn Valuation by 2032, Amid Growing Demand for Recyclable Pallets Across Industries | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The U.S. wood pallets market is expected to surge at a CAGR of 4.5% between 2022 and 2032, reaching a total valuation of US$ 812.7 Mn by 2032. Demand for wood pallets in the U.S. market is driven by rapid expansion of manufacturing industry, growth in trade, increasing demand for eco-friendly packaging, and innovations in wood pallets
DUBAI, United Arab Emirates, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global wood pallets market is projected to grow from US$ 2.3 Bn to US$ 3.8 Bn by 2032, with the overall demand increasing at 5.4% CAGR throughout the forecast period.
Rising adoption of wooden pallets across various end-use industries and growing popularity of recyclable pallets due their environmental benefits are some of the key factors driving growth in the global wood pallets market.
Wood pallets have become ideal packaging solutions used across various sectors due to their affordability, recyclability, and impact resistance features. They are being increasingly used in logistics and transportation industry for stacking, storing, assembling, or transportation of items over long distances. This will continue to boost market growth during the forecast period.
Similarly, innovation in wooden pallets and integration of advanced technologies will bode well for the market growth during the next ten years. Customers are demanding greater transparency in how products and commodities flow through supply chains. Individual pallets may be tracked and traced in real time by integrating RFID chips directly into pallet materials.
Pallet monitoring can assist organisations in managing recalls and expiry dates, as well as avoiding product loss and delivering things to end-users quickly and efficiently. Because of the rising demand for food and beverage products across the world, sales of wood pallets are slated to grow at a significant pace over the next ten years.
Similarly, increasing usage of pallets for storage and transportation of pharmaceutical products is expected to open up new market prospects. Demand for healthcare items such as pharmaceuticals and equipment is growing as the senior population grows and chronic illness incidence rises.
The rise of the pharmaceutical business has also contributed to the growth of the wood pallets market. Throughout the handling and distribution process, wooden pallets serve a vital part in the movement of secure, effective transport and storage platforms.
Pallets are made in a variety of sizes and designs to fit varied handling equipment (mostly forklifts) and payloads, even though there are standardised versions. Hence, as disposable incomes and consumerism grow throughout the world, the food and beverage industry will experience a surge in demand, which will be a significant driver for the worldwide wood pallet market.
Key Takeaways from Wood Pallets Market
By wood type, hardwood pallets segment is anticipated to grow at 4.6% CAGR through 2032, generating an incremental opportunity of US$ 730 Mn during the forecast period.
By entry type, the four ways pallets segment is expected to grow at a CAGR of 3.7% during the forecast period.
North America and East Asia are projected to remain the most lucrative markets for wood pallets during the next ten years.
The U.S. wood pallets market is likely to expand at 4.5% CAGR between 2022 and 2032, reaching a total valuation of US$ 812.7 Mn by 2032.
Wood pallets market in India is projected to grow at 5.6% CAGR during the forecast period, creating an incremental opportunity of US$ 115 Mn.
Demand for wood pallets in China is anticipated to grow at the highest CAGR of 6.9% during the assessment period.
“Wood pallets have a promising market because of their low yield cost per trip and superior reusability of wooden pallets. Utilizing eco-friendly materials and creating eco-smart designs is also anticipated to accelerate market expansion.”- says FMI analyst
Global Wood Pallets are Creating Good Impact on the Environment
Pallets are a vital logistical tool used in packing and are typically utilised as load carriers. These pallets are useful in logistics and supply chain because they make it simple to stack, store, assemble, or transport items over long distances.
Wooden pallets are fully recyclable and they are considered as a sustainable option for packaging. These pallets can be easily harmed or damaged if compared with metal or plastic pallets. Thus, they can be fixed easily with affordable prices without wastage of much resources and time.
Wood pallets are considered to be the most recyclable option in the supply chain as they can be used for various things by expanding the life of the existing wood pallets. They can easily reduce carbon footprints. Thus, wood pallets are considered to be the most reliable and a flexible packaging option for the end use segment.
Who is Winning?
Key manufacturers of wood pallets include Interpak Industries Pte. Ltd., Tri-Wall Holdings Limited, PalletOne, Larson Packaging Company Brambles Limited, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, Rehrig Pacific Holdings, Inc., and Schoeller Allibert Services B.V Brambles Limited, Inka-paletten, Peco Pallet, John Rock, Inc., Millwood, United Pallet Services Inc., Herwood, DNA packaging Systems, Kronus ltd, Litco International Inc, LCN Pallets and Wooden Cases, Anderson Pallet and Crate, Best Pallet and Crate LLC, Atlanta Pallets & Services, B&B Pallet Company, CLM Pallet Recycling and others.
Most of these market players have adopted strategies such as new product launches, facility expansions, price reduction, mergers, collaborations, and acquisitions to increase their revenue share.
Future Market Insights, in its new report, offers an unbiased analysis of the global market for wood pallets market by Wood Type (Hardwood and Softwood), by Entry Type (Four ways and Two ways), by End use industry (Food and Beverages, Building and Construction, Pharmaceuticals, Consumer Electronics, Cosmetics & Personal Care, Logistics and Transportation and Others (Automotive, Textiles etc.), by Region (North America, Latin America, Europe, South Asia, East Asia, Middle East and Africa, Oceania) – Forecast to 2022 – 2032.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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