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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Pallet Market Share
In the forecast years, the pallet market growth is projected to be high in the Asia Pacific. The region has the highest degree of acceptance by large imported and exported products of plastic and wooden pallets. Countries like Japan, China, and India are potentially the most developed markets in the forecast years.
As economies in the region develop, there's a corresponding rise in manufacturing and export activities, both of which require extensive use of pallets for transportation and storage. The expansion of domestic and international retail chains in the region has further led to a greater need for efficient logistics, in which pallets play a critical role.
The huge increase in demand in many regions, including Europe and North America is expected in the form of a non-wood pallet or alternative pallet network. Those include plastic pallets, which are easily washed, as they remain the most attractive choice. These are also more likely not only to be made from recycled materials but are also recyclable. For businesses that aim to be profitable on a long-term basis, this is a very desirable advantage.
Europe's sophisticated logistics and supply chain networks, essential for the region's robust manufacturing and retail sectors, drive the Europe pallet market growth. North America's significant import-export activities with other global regions also drive the need for pallets that meet international standards.
Pallet Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global pallet market reached a value of about USD 97.07 Billion in 2023.
The market is projected to grow at a CAGR of nearly 5.7% in the forecast period of 2024-2032.
The market is estimated to reach a value of nearly USD 160.31 Billion by 2032.
The major drivers of the market include rising disposable incomes, increasing population, growing sales of mobile phones, the booming e-commerce sector, and the rising consumer spending on housing and services.
Investments in research and development activities to incorporate advanced technologies into pallet development and increasing internet penetration are the key trends aiding the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
Wood, plastic, metal, and corrugated paper are the different pallet types in the market.
Block and stringer, among others, are the various structural designs of pallet.
The various applications of pallets are food and beverages, chemicals and pharmaceuticals, machinery and metal, and construction, among others.
The leading players in the global pallet market are Brambles Ltd, Schoeller Allibert, Loscam, ORBIS Corporation, and CABKA Group, among others.
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