Pallet is a flat transport structure that supports goods in a stable fashion while being lifted by a forklift or pallet jack. They facilitate efficient movement of goods and help reduce product damages during transportation. With growing e-commerce and logistics industries worldwide, the demand for reliable and reusable pallets has increased significantly. Pallets enable bulk handling of products, minimize shipping costs and promote sustainable packaging practices.
The global Pallet Market is estimated to be valued at Us$ 30.02 Mn in 2023 and is expected to exhibit a CAGR Of 6.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the pallet market is being driven by the increasing demand for sustainable packaging solutions from various industries. Reusable plastic pallets help reduce packaging waste and promote efficient product delivery with lower carbon footprint. They are durable, moisture and corrosion resistant while being light in weight. This has boosted their adoption across industries like food and beverages, automotive, consumer goods etc. Manufacturers are also developing innovative pallet designs using recycled plastics to meet the rising environmental standards. New technologies enable tracking of pallets throughout the supply chain which in turn improves asset utilization. This trend towards sustainable and technologically advanced pallets is expected to accelerate the market growth over the forecast period.
Segment Analysis
The global pallet market is dominated by the wood sub-segment. Wood pallets accounted for nearly 60% of the overall market share in 2023. Wood remains the preferred material for pallets over plastic and other materials due to its strength, durability and versatility. Wood can withstand heavy loads and rough handling during transport. It does not crack or break easily like plastic pallets. Moreover, wood pallets can be repaired and reused multiple times, offering better sustainability than single use pallets.
Key Takeaways
The Global Pallet Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Rapid growth of the e-commerce, food and beverage and manufacturing industries is driving demand for efficient logistics and warehousing globally. This in turn is propelling growth of the pallet market. The global Pallet Market is estimated to be valued at US$ 30.02 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific accounted for the largest share of over 35% in the global pallet market in 2023 due to strong growth of the manufacturing and e-commerce sectors in China and India. Improvements in road infrastructure and rising disposable incomes are also fueling demand for pallets in Asia Pacific. North America stood as the second largest market, driven by robust warehousing activities in the US and Canada. Europe is projected to witness high growth during the forecast period, with Western European countries expected to continue their dominance in the regional market.
Key players
Key players operating in the pallet market include Amlogic, Inc., ALi Corporation, Marvell, Zhuhai Allwinner Technology Co., Ltd., Broadcom Inc., Socionext Inc., HiSilicon (Shanghai) Technologies Co., Ltd., Pixelworks Inc., Novatek Microelectronics Corp., Rafael Micro, STMicroelectronics, Renesas Electronics Corporation, Synaptics Incorporated, Qualcomm Technologies, Inc., Telechips Inc., Sony Corporation, MaxLinear Inc., MediaTek Inc., Silicon Laboratories, Availink, Inc., MStar Semiconductor Inc., SOLUM Co., Ltd., Hangzhou Nationalchip Science & Technology Co, Ltd., and AltoBeam Inc.
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