NEWARK, Del, July 05, 2023 (GLOBE NEWSWIRE) -- As per the analysis conducted by Future Market Insight, the global Presswood pallets market is anticipated to achieve a valuation of US$ 5.78 billion by 2033, exhibiting a CAGR of 5.9%. This projected value showcases a substantial augmentation compared to its estimated market worth of US$ 3.26 billion in 2023.
The rise in sustainability awareness and growing environmental concerns are pivotal drivers for the presswood pallets market. Presswood pallets, also known as compressed wood or molded fiber pallets, are eco-friendly alternatives to traditional wooden pallets. Businesses are actively seeking pallets made from recycled materials or renewable resources due to an increasing emphasis on sustainable practices. Presswood pallets, manufactured from recycled wood fibers, are gaining traction as they assist companies in reducing their carbon footprint.
Industries with strict hygiene and safety standards, like the food and pharmaceutical sectors, are increasingly adopting presswood pallets. Presswood pallets offer a sterile platform for storing and transporting products. Unlike traditional wooden pallets, Presswood pallets are free from pests, bacteria, and contaminants. The smooth surfaces of presswood pallets reduce the risk of product damage during handling. This also promotes safety and minimizes the chances of accidents or contamination.
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Many industries are actively seeking alternatives to plastic pallets due to environmental concerns. Presswood pallets provide a viable solution as they are made from natural materials and can be recycled or repurposed at the end of their lifecycle. This trend is likely to present an opportunity for the presswood pallets market to capture market share from the plastic pallet industry.
The compatibility of Presswood pallets with automated material handling systems drives their popularity. The growing adoption of automation and warehouse robotics has increased the demand for pallets that seamlessly integrate with these systems. Presswood pallets, with their standardized dimensions and durability, are a suitable choice for automated processes. This compatibility enhances operational efficiency and leads to cost savings for businesses embracing automation technologies.
Businesses across various industries are experiencing a growing need for customized and high-quality pallets that cater to their specific requirements. This trend has opened up new avenues for enterprises capable of providing tailor-made presswood pallets. Moreover, the surge in the popularity of reusable pallets has further intensified the opportunities for enterprises offering reusable presswood pallets.
Presswood pallet manufacturers are actively exploring strategies to improve the quality and functionality of their products while also providing customized options to meet the unique requirements of their customers. By incorporating innovative features such as RFID (Radio Frequency Identification) tracking, anti-slip surfaces, and ergonomic designs, these manufacturers aim to differentiate their Presswood pallets in the market and unlock new avenues for growth.
Key Takeaways from this Market:
- The presswood pallets industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 3.0% through 2033.
- The United States held an 18.9% share of the global Presswood pallets industry in 2022.
- With a CAGR of 6.0% over the forecast period, India is predicted to develop rapidly in the presswood pallets industry.
- In 2022, Japan had a 6.1% share of the presswood pallets industry globally.
- The presswood pallets industry in China is expected to speedily flourish, registering a CAGR of 6.3% over the forecast period.
- Germany accounted for 6.9% of the global Presswood pallets industry in 2022.
Competitive Landscape:
Key players are focusing on various strategies to maintain a competitive edge and expand their market presence. This includes product innovation and development to offer pallets with enhanced durability, load-bearing capacity, and sustainability features. They are also investing in research and development to explore new materials and technologies for pallet manufacturing. Additionally, key players are expanding their distribution networks, forming strategic partnerships, and engaging in mergers and acquisitions to strengthen their market position and cater to the growing demand for Presswood Pallets.
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Recent Developments by Key Players:
- Litco unveiled a fresh website designed to streamline the process of purchasing export pallets, core plugs, inflatable dunnage, void fill, anti-friction mats, and desiccants through online channels.
- Inka introduced a brand-new Presswood® Pallet, known as the F8LF4. It boasts a mere weight of 9kg while being engineered to support loads of up to 600kg.
Major Players are:
- Millwood, Inc.
- Litco International, Inc.,
- Inka Paletten GmbH,
- Acorn Packaging Services Ltd.
- Associated Pallets Ltd.
- SDI Packaging
- The Nelson Company
- Schoeller allibert services
- Loscam Australia Pvt Ltd.
- Craemer GmbH, Krones Group
- Linyi Kunpeng Wood Co
- JP Pallets
- Taik Sin Timber Industry Sdn Bhd
- Plastochem India Pvt. Ltd.
- Hangzhou Penno Packtech Co., Ltd.
- Enviva
- Universal Forest Products
- Palcon LLC
- Rowlinsons Packaging Ltd
- Bay Wood Products, Inc.
Market Outlook by Categorization:
By Product Type:
- Nestable Pallet/Stackable Pallet
- Rackable Pallet
By Size:
- Full-size
- Half-size
- Quarter-size
By End Use:
- Manufacturing & Warehousing
- Food & Beverages
- Chemicals
- Automotive
- Pharmaceuticals
- Others
- Logistics & Transportation
- Building & Construction
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Table of Content (ToC):
- Executive Summary
- Market Overview
- Market Background
- Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
- Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
- Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Size
- Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
- Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
- North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
- Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Countr
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Asia Pallets Market Share: Asia pallets market size is expected to surge at a CAGR of 5.8% in the forecast period. The market value is projected to increase from US$ 18,285.1 million in 2023 to US$ 32,179.0 million by 2033. It was valued at US$ 17,187.3 million at the end of 2022 and is anticipated to exhibit a y-o-y growth of 6.4% in 2023.
Wood Pallets Market Growth: Wood pallets are wooden platforms or wooden packaging solutions on which goods are stacked and lifted by a forklift, a pallet jack or any other equipment. They are a tertiary form of packaging used for stacking, protecting, storing, and transporting of goods in supply chains.
Foldable And Collapsible Pallets Market Value: The market value is projected to increase from US$ 788.9 Million in 2022 to US$ 1,225.1 Million by 2032. The demand for the overall paper foldable and collapsible pallets is projected to propel with the top 5 companies estimated to hold around 37% of the global foldable and collapsible pallet market by the end of 2022.
Molded Wood Pallets Market Outlook: The molded wood pallets market is expected to witness soaring growth in 2023 with worldwide revenues up 2.0% year over year. A new forecast by FMI estimates that molded wood pallets revenues are expected to reach US$ 4.66 billion by 2033, up from US$ 2.70 billion in 2023. During this period, the molded wood pallets market is anticipated to exhibit a CAGR of 5.6%
Display Pallets Market Analysis: Display pallets are an exceptional kind of product that is majorly used in trade promotions. A display pallets consist of multiple quantities of one or more products. Custom pallet does not need special set-up or unpacking of product as it offers a ready-to-sell merchandising option.
Wooden Pallets Market Sales: The global wooden pallets market provides several wooden packaging options to industries demanding affordable packaging options when compared to other pallet varieties wooden pallets are an inexpensive option. Although several wood options are available in the market the most common one is timber which is way cheaper than others and some metals.
Stringer Pallets Market Trends: To overcome this issue the recent trend that is gaining popularity in the stringer pallets market is pallet rental system and pallet pooling. This helps the manufacturers to reduce their losses in recovering the pallets and expand their customer base across the globe.
Block Pallets Market Volume: As per the latest industry survey conducted by Future Market Insights, due to the rise in the global shipping and logistics business there has been an exponential rise in demand for block pallets across the globe. According to the future growth projections the global block pallets market is anticipated to grow at 6%-6.5% CAGR between 2021 and 2031.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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