Pallets Market Revenues to Reach USD 126.81 Billion by 2028

Hyderabad, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Pallets Market Report (2023-2028)," the market is estimated at USD 92.30 billion in 2023. It is expected to register a CAGR of 6.56% during the forecast period.

A pallet is a flat panel that supports goods during their transportation through wooden and plastic pallets. The demand for plastic pallets is increasing significantly in various industry verticals. They are more effective than wooden pallets and are more environment-friendly and lightweight.

Report Summary:

Report Attribute

Details

Market Size (2023)

USD 92.30 billion

Market Size (2028)

USD 126.81 billion

CAGR (2023-2028)

6.56%

Study Period

2018-2028

Fastest Growing Market

Asia-Pacific

Largest Market

North America

Forecast Units

Value (USD billion)

Report Scope

Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends

Key Market Drivers

The growing demand for plastic pallets.

The increasing adoption of pallets in the transportation sector.

Who are the Top Companies in the Pallets Market?

The pallets market is highly fragmented in nature due to the presence of various small and prominent manufacturers. The growing trade between countries is boosting the use of corrugated pallets as sustainable packaging. Market players are engaging in acquisitions and entering agreements to expand their market presence.

Significant players in the pallets market are,

Falkenhahn AG

CABKA Group GmbH

CHEP (Commonwealth Handling Equipment Pool)

Palettes Gestion Services

PalletOne Inc.

Schoeller Allibert Group BV

The Corrugated Pallets Company

ORBIS Corporation

Craemer Holding GmbH

Rehrig Pacific Company Inc.

World Steel Pallet Co. Ltd

Arrington Lumber & Pallet Co. Inc.

LCN Inc.

Loscam Australia Pty Ltd

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Key Highlights from the Pallets Market Report:

Demand for Plastic Pallets to Drive the Market

Plastic pallets have more benefits than wooden pallets. They can be recycled easily by melting them and remade into other manufacturing supplies. This helps reduce waste.

Plastic pallets have the ability to store products without any risk of termite or pest infestation.

Asia-Pacific to Witness Massive Growth

The manufacturing industry in India is expected to be among the fastest-growing sectors in the region. Government initiatives like Make in India are boosting domestic manufacturing and bringing foreign investments.

The growth of the industry is driven by increasing domestic consumption, the growing middle-class population, and favorable government policies.

What are the Latest Developments in the Pallets Market?

In February 2023, KraftPal Technologies, a prominent player in corrugated pallets, launched its corrugated pallets, which are an economical and sustainable alternative to traditional wooden pallets.

In August 2022, Silver Oak Services partner’s LLC portfolio company PLA and an asset-based pallet management services company acquired TaylorMade Pallets & Logistics.

Mordor Intelligence has Segmented the Pallets Market Based on Type, End User, and Geography:

By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)

Wood

Plastic

Other Types

By End User (Market Size and Forecast based on Value (USD billion), 2018-2028)

Transportation and Warehousing

Food and Beverage

Pharmaceutical

Retail

Other End Users

By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)

North America

United States

Canada

Europe

United Kingdom

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific

China

Japan

India

Australia

Rest of Asia-Pacific

Latin America

Brazil

Argentina

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

Egypt

Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Pallets Market Report (2023-2028).

Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

Attachment

Pallets Market - Mordor Intelligence