Increase in focus on sustainable packaging and pallets drives the global pallets market. Based on application, the non-rental segment contributed the major share in 2015. Based on region, on the other hand, the market across Asia-Pacific would remain lucrative throughout the forecast period.
Portland, OR, June 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pallets market was estimated at $66.0 billion in 2015 and is expected to hit $122.3 billion by 2030, registering a CAGR of 4.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in focus on sustainable packaging and pallets drives the global pallets market. However, fluctuations in prices of wood, especially in Europe and North America, impede the growth to some extent. However, several growth prospects in the emerging economies have been beneficial for the industry.
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Decline in logistics and manufacturing activities across the world led to decreased demand for pallets, thus impacting the global pallets market negatively.
However, the demand immediately experienced an incline as soon as the manufacturing units started restoring their operations.
The global pallets market is analyzed across type, application, material, end-user, and region. Based on type, the stackable segment contributed to nearly half of the total market revenue in 2015, and is projected to lead the trail by 2030. The display segment, however, would exhibit the fastest CAGR of 5.5% during the forecast period.
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Based on application, the non-rental segment contributed to 98% of the total market revenue in 2015, and is projected to lead the trail by 2030. The rental segment, on the other hand, would exhibit the fastest CAGR of 10.0% during the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2015, garnering around two-fifths of the global market. The same region would also manifest the fastest CAGR of 5.1% throughout the forecast period.
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The key market players analyzed in the global pallets market report include CABKA Group GmbH (CABKA), Craemer Holding GmbH (CRAEMER), UFP Industries, Inc. (PalletOne)Falkenhahn AG (Falkenhahn), LOSCAM International Holdings Co., Ltd. (LOSCAM), Menasha Corporation, Millwood, Inc., Rehrig Pacific Holdings, Inc. (Rehrig Pacific), Brambles Limited, Schoeller Allibert Services B.V. (Schoeller Allibert). These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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