In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The global pallet market is estimated to garner a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the growing demand for reliable packaging solutions amongst the end-users. Pallets are being increasingly used for bulk packaging as it keeps the products in position. Moreover, increasing international trade of various commodities, such as, dairy, cosmetics, chemicals, and electronic goods, among others, is estimated to increase the demand for safe packaging solutions, which, in turn, is estimated to boost the market growth.
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The market is segmented by material into plastic, wood, plywood, cardboard, metal, and others, out of which, the plastic segment is anticipated to hold the largest share in the market during the forecast period, on account of easy availability of raw materials, along with the ease in recycling the material. Additionally, wooden pallets are easily perishable in hot and humid climatic conditions, which is estimated to promote the demand for plastic pallets.
Regionally, the global pallet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy CAGR over the forecast period on the back of growing manufacturing industry in countries, such as, India, China, Vietnam, and Thailand, backed by the rapid economic development in the region. APAC region is the biggest exporter of various good, including smartphones and their parts, locomotives, cotton, spices, and pesticides among others, which is projected to boost the demand for packaging solutions. Moreover, growing use of pallets for storage of products, especially, fruits and vegetables, is anticipated to further drive the market growth.
The market in North America region is estimated to hold a substantial share throughout the forecast period, owing to the increasing use of pallets in exportation of products, such as, pharmaceutical and cosmetics.
The global pallet market is further classified on the basis of region as follows:
Our in-depth analysis of the global pallet market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing need for packaging solutions of the growing exportation activities is one of the major factors promoting the growth of the market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High cost of raw materials and easily perishable nature of wood are some of the factors estimated to hamper the market growth.
The market in the Asia Pacific is estimated to witness maximum growth opportunities during the forecast period, on the back of growing manufacturing sector in the region.
The major players in the market are Palcon LLC, Shur-way Group Inc., FCA, LLC, Coxco, Inc., Brambles Ltd (CHEP), PalletOne Inc., Rowlinsons Packaging Ltd. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, material, end-user industry, and by region.
The plastic segment is anticipated to hold largest market size over the forecast period owing to the recyclable properties of plastic backed by growing environment awareness amongst various manufacturers.
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