Pallets Market Trends: An Extensive Forecast for the Next Decade...

Pallets Market Trends: An Extensive Forecast for the Next Decade (2023-2033)

Posted 2024-01-03 10:54:09

According to data derived from a market survey conducted by FMI, the global pallets market achieved a value of US$ 58.3 billion in 2022. Projections for the current year, 2023, estimate that the market will reach a total worth of US$ 60.4 billion. This FMI report anticipates a steady market growth at a Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period. By the conclusion of this projection in 2033, it is expected that the market will have surged to an impressive valuation of US$ 100.6 billion.

The global sales of pallets are anticipated to be driven by soaring demand for plastic packaging materials across several industrial verticals. Pallet sales have also increased with the high use of filler material in the shipping industries because of its capacity for supporting big loads. So, during the anticipated period, the market is anticipated to be driven by the increasing usage of pallets mostly for transportation purposes.

Wooden pallets are in use for a long time because of their durability and simple production method. However, the preference for plastic pallets is rising nowadays as a result of several drawbacks such as moisture absorption, reduced durability, and splinter breaking.

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Key Takeaways from the Pallets Market Study Report

The overall market is expected to experience an absolute increment of US$ 4,836.5 million over the next ten years.
The total consumption of pallets in Europe is high in comparison to other broad geographical regions. In the year 2022, countries in Europe together contributed around 32.4% of the global pallet sales.
The market analysis report expects the sales of pallets in the United Kingdom to expand at a rate of 3.3% over the forecast years.
The net share of Germany in sales of pallets was nearly 3.8% of the global market revenue in 2022.
In 2022, North America held a revenue share of 24% generated by the global market. The United States alone contributed to nearly 20.9% of the total demand for pallets that year.
China and Japan are the two leading economies for the production and consumption of all types of pallets in Asia Pacific region. The net worth of total pallets used in Japan in 2022 was figured out to be 4.3% of the global share.
China is anticipated to follow a growth rate of 6.8% in the production and export of pallets during the years between 2023 and 2033. Meanwhile, India is poised to follow China experiencing year-on-year average growth of 5.9% during this period.
Plastic pallet sales generated 37.7% of the revenue share in 2022, and throughout the projection year, they are anticipated to increase significantly.

Competitive Landscape for the Pallets Market Players

The market is highly fragmented due to the presence of many regional and small players. Leading pallet manufacturers and suppliers are mostly resorting to mergers and acquisitions to retain their market position.

Pallet recycler and supplying company named Kamps Inc. purchased Tritz Pallet, in January 2022, which is also known for providing full-service pallet solutions. By adding 40 more asset-based locations by this purchase, Kamps hopes to expand its footprint and strengthens its position in the Great Plains area.

The Major Key Players Are: