Pallets Market

Global Pallets Market Size, Share & Industry Trends Analysis Report By Material, By Type (Stackable, Nestable, Rackable, and Display), By Application (Non-rental and Rental), By End-use, By Regional Outlook and Forecast, 2022 - 2028

Report Id: KBV-9796 Publication Date: June-2022 Number of Pages: 250
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Market Report Description

The Global Pallets Market size is expected to reach $104.4 billion by 2028, rising at a market growth of 4.7% CAGR during the forecast period.

Pallets are a type of tertiary packaging that can be used in supply chains for stacking, storing, protecting, and transporting items. They serve as a foundation for the unitization of items in logistics and warehousing. Pallets can also be made from a variety of materials, including wood, plastic, metal, and corrugated paper, and they can be handled by forklifts, pallet jacks, and conveyors. They're used in almost every supply chain, including industries like chemicals, food and beverage, and retail.

Pallets Market - Global Opportunities and Trends Analysis Report 2018-2028

Pallets, together with palletized handling, were one of the most important logistical techniques to develop in the twentieth century. Pallets first arose in the nineteenth century and have since evolved to aid in the creation of contemporary logistics. Pallets have become increasingly important in supply chain applications, providing for huge efficiency gains in the handling and transit of unit loads when compared to lose stacking of items. During World War 2, more refinements to pallet design and management were made. Pallet reuse, for example, has become more common in the supply chain, and pallet collars have been designed to allow for multiple stacking of sensitive items. During this period, the concept of pallet pooling became more widely addressed.

Pallets are divided into two types: block and stringer pallets. Pallet entry by material handling equipment is more flexible with block pallets. Solid stringers allow two-way entry (at either end of the pallet), notched stringers provide partial four-way entry (by forklifts through the notches, as well as complete access from the ends), and block pallets allow full four-way entry.

COVID-19 Impact Analysis

Construction, industrial, lodging, and tourism businesses were all severely impacted by the COVID-19 pandemic. Manufacturing operations have been interrupted or limited. On a global scale, construction and transportation activities, as well as their supply networks, were disrupted. This resulted in a decrease in pallet manufacture as well as demand in the market, limiting the sector's growth. On the other hand, industries are gradually resuming normal manufacturing and service operations. This is predicted to result in the re-starting of pallets market businesses at full capacity, assisting the market's recovery by the end of 2021. The rise of e-commerce websites during the pandemic is also expected to facilitate the growth of the pallets market in the upcoming years.

Market Growth Factors

Liberalization of Economies and Growing World Trade

In recent decades, the global economy has risen at a breakneck pace. Part of this growth has been spurred by a faster-than-expected increase in international trade. Trade growth is the product of both technological breakthroughs and concerted efforts to remove trade barriers. Some developing nations have opened their economies to fully exploit trade opportunities, while the majority have not. Integration into the global economy has shown to be a significant tool for promoting economic growth, development, and poverty reduction for countries. World trade has grown at a rate of 6% per year on average over the last 20 years, twice as fast as global output.

Increasing Freight Volumes

The market is driven by the usage of pallets for transportation purposes. Firms that move bulk items as part of an integrated, multimodal logistics network make up the freight sector. According to the Organization for Economic Cooperation and Development (OECD), worldwide marine freight volumes will more than triple by 2050, with road freight accounting for over a third of all global logistics spending. Pallets are used heavily in both situations. There are certain goods that cannot be transported without pallets. For example, a motorcycle is an example of a product that necessitates the usage of pallets. It can't stand on its own because its base is made up of two wheels, and relying on a motorcycle stand won't keep it from falling, especially inside a moving cargo truck.

Pallets Market Share and Industry Analysis Report 2021

Market Restraining Factors

Volatility of Raw Material Prices

One of the factors impeding the growth of the pallet industry is the volatility of raw material prices. One of the most frequent raw materials used to build pallets is plastic, which is made up of polyethylene (PE) and polypropylene (PP). Due to supply-chain disruption, they have seen a massive price increase over the years. Hence, the manufacturing costs of plastic pallets have increased and this has obviously raised the price of plastic pallets for end-users and has negatively impacted the demand for these pallets. Any change in the price of these raw materials causes concern among end-users and pallet manufacturers and has an impact on the margins of all various stakeholders in the international pallet market value chain, including vendors.

Material Outlook

Based on Material, the market is segmented into Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper, and Metal. The plastic via other methods segment garnered a substantial revenue share in the pallets market in 2021. Plastic pallets are popular for a variety of reasons, including their durability, simplicity of cleaning, and exemption from ISPM 15 standards, among others. End-user companies choose plastic pallets, particularly HDPE pallets since they are easy to clean and offer great impact resistance as well as superior solvent and corrosion resistance.

Type Outlook

Based on Type, the market is segmented into Stackable, Nestable, Rackable, and Display. The stackable segment acquired the largest revenue share in the pallets market in 2021. Due to their structure, stackable pallets provide optimal stability to the loaded items, making them a favored pallet for carrying goods over extended distances. Stackable pallets are more durable than rackable pallets, hence they're frequently utilized in heavy-duty applications.

Application Outlook

Based on Application, the market is segmented into Non-rental and Rental. The rental segment procured a significant revenue share in the pallets market in 2021. Pallet users can enjoy the use of a high-quality pallet at a fee that is solely tied to the usage of the pallet, rather than the outright purchase of the pallet. In this regard, pooling can eliminate the requirement for throwaway pallets, lowering the cost-per-trip while reducing solid waste and improving supply chain operational efficiencies.

End-use Outlook

Based on End-use, the market is segmented into Food & Beverages, Chemical, Retail, Pharmaceutical, and Others. The food and beverage segment acquired the largest revenue share in the pallets market in 2021. This is because food and beverage companies and farmers demand storage, handling, and transportation of fresh produce, while bakery, dairy, beverage, meat, and other food processing companies demand storage, handling, and transportation of raw and processed end goods. With the rise in demand for packaged food, this segment has dominated the market.

Pallets Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 76.2 Billion
Market size forecast in 2028 USD 104.4 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 4.7% from 2022 to 2028
Number of Pages 264
Number of Tables 484
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Material, Type, Application, End-use, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Australia, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Liberalization of Economies and Growing World Trade
  • Increasing Freight Volumes
  • Volatility of Raw Material Prices

KBV Cardinal Matrix - Pallets Market Competition Analysis

Pallets Market - Competitive Landscape and Trends by Forecast 2028

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America garnered a substantial revenue share in the pallets market in 2021. The transportation and freight industries in the United States and Canada are huge. Favorable trade agreements, such as the T-MEC between the United States and Canada are likely to expand manufacturing operations in the region, driving the North American pallets market forward.

Free Valuable Insights: Global Pallets Market size to reach USD 104.4 Billion by 2028

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; UFP Industries, Inc. and Brambles Limited are the forerunners in the Pallets Market. Companies such as Cabka Group GmbH, Menasha Corporation, Craemer Holding GmbH are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Brambles Limited, Schoeller Allibert B.V., UFP Industries, Inc., Cabka Group GmbH, Rehrig Pacific Holding, Inc., Craemer Holding GmbH, Menasha Corporation, Loscam International Holdings Co., Ltd., Millwood, Inc., and Falkenhahn AG.

Strategies Deployed in Pallets Market

» Partnerships, Collaborations and Agreements:

  • May-2022: Cabka entered into an agreement with Target, a leading US-based general merchandise retailer, with nearly 2,000 stores in the US. The agreement represented a substantial value in future revenues for Cabka. The agreement between target and Cabka showed Cabka’s growth strategy in the US, especially utilizing the opportunities in the large container and customized solutions segment.
  • Sep-2021: Menasha's subsidiary company, ORBIS Europe, formed a partnership with RECALO, a pooling company. Under the partnership, ORBIS aimed to offer its customers more benefits - irrespective of whether they want to rent the load carriers or utilize the entire portfolio of RECALO pooling services.

» Product Launch and Product Expansion:

  • May-2022: Schoeller Allibert released WFOOceanIX, a new eco-friendly big box solution made from recycled fishing nets. Schoeller Allibert produced and named the product in collaboration with the global nonprofit organization, Waste Free Oceans. The product emphasizes Schoeller Allibert’s commitment to the sustainable circular economy.
  • Sep-2021: Craemer launched TC3-5 Palgrip, the totally closed plastic pallet with a completely anti-slip coated top deck that puts safety and hygiene at the forefront. TC3-5 Palgrip plastic pallet is safe to use, easy to clean, and all runners have chamfered edges on both sides for vigorous use with today’s fast-moving warehouses.
  • Sep-2021: Menasha launched Universal Container Pallet (UCP), a pallet developed to protect and transport foodservice products with ease. The product was released under Menasha's subsidiary reusable-packaging company called ORBIS. The product was added to its vast range of reusable plastic pallet offerings in Latin America. The 44-inch x 56-inch two-piece snap-designed injection foam UCP optimizes daily operations in the food and beverage industry. The pallet’s plastic construction and flow-through rib design, which enables simple cleaning and drying, make the UCP an exhaustive solution for hygienic product distribution. This same plastic construction also renders the UCP 100% recyclable at the end of its useful life, thus building a sustainable supply chain.
  • Jul-2021: Loscam launched XPP-E1 Cross Border Plastic Pallet. Loscam aimed to assist their customers in better handling their cross-border logistics movements and offer cost-effective and sustainable logistic packaging solutions with the product. The new XPP-E1 has various applications, not only in food and beverage, but also in electrical and electronics, healthcare, retail, and in general any sector that has export operations.
  • Jun-2021: Craemer introduced the CR4-5, the newest 48’’ x 40’’ pallet model within its CR series, well-known for its sustainability and heavy-duty load abilities. The product is made using high-density polyethylene (HDPE) plastic and can be used universally across industries. The product features a one-piece design, thus it is robust and consists of five runners (three longitudinal and two transverse), making it perfect for closed-loop material handling and food processing environments.

» Acquisition, Joint Venture and Merger:

  • May-2022: Millwood completed the acquisition of Cleveland Custom Pallet & Crate, Inc. With the acquisition, Millwood aimed to further extend its brand and Christian values and give its sales, sourcing, and operations teams opportunities to form new relationships in this area of the state and country.
  • Nov-2021: Universal Forest Products acquired Ficus Pax, an industrial packaging producer. Ficus Pax has expertise in manufacturing mixed-material cases and crates, nail-less plywood boxes, wooden pallets, and other packaging products. The acquisition gave Universal Forest Products a solid position to grow their industrial packaging presence in India, the world’s fastest-growing economy, and a strategic market for their international expansion.
  • Dec-2020: Universal Forest Products acquired PalletOne, Inc., a leading manufacturer of new pallets in the U.S., with 17 pallet manufacturing facilities in the southern and eastern regions of the country. With the acquisition of PalletOne, Universal Forest Products aimed to scale across their existing footprint. Additionally, the acquisition also gave Universal Forest Products exceptional sourcing and design personnel that helped them gain synergies in those areas of the combined businesses.

» Geographical Expansions:

  • May-2020: Craemer Group expanded its geographical footprints by investing £25mn in a second plastics injection moulding facility in Telford, UK. Craemer planned to develop its factory at Hortonwood West, creating up to 70 jobs and protecting the 65 posts at its existing Telford site, producing pallets, wheelie bins, storage and transport containers.

Scope of the Study

Market Segments Covered in the Report:

By Material

  • Wood
  • Plastic via Injection Molding
  • Plastic via Other Methods
  • Corrugated Paper
  • Metal

By Type

  • Stackable
  • Nestable
  • Rackable
  • Display

By Application

  • Non-rental
  • Rental

By End Use

  • Food & Beverages
  • Chemical
  • Retail
  • Pharmaceutical
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Brambles Limited
  • Schoeller Allibert B.V.
  • UFP Industries, Inc.
  • Cabka Group GmbH
  • Rehrig Pacific Holding, Inc.
  • Craemer Holding GmbH
  • Menasha Corporation
  • Loscam International Holdings Co., Ltd.
  • Millwood, Inc.
  • Falkenhahn AG
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Frequently Asked Questions About This Report

The global pallets market size is expected to reach $104.4 billion by 2028.

Liberalization of Economies and Growing World Trade are driving the market in coming years, however, Volatility of Raw Material Prices limited the growth of the market.

Brambles Limited, Schoeller Allibert B.V., UFP Industries, Inc., Cabka Group GmbH, Rehrig Pacific Holding, Inc., Craemer Holding GmbH, Menasha Corporation, Loscam International Holdings Co., Ltd., Millwood, Inc., and Falkenhahn AG.

The Wood segment acquired maximum revenue share in the Global Pallets Market by Material in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $59.3 billion by 2028.

The Non-rental segment is leading the Global Pallets Market by Application in 2021, thereby, achieving a market value of $76.04 billion by 2028.

The Asia Pacific market dominated the Global Pallets Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $42.3 billion by 2028.



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