Pallet Boxes Market Size, Share 2028 : Present Scenario and Growth Prospects
In the coming years, pallet boxes will continue to hold a strong market position. During the forecast period 2022-2028, the global pallet boxes market will be driven by a growing focus on efficient manufacturing operations. The global pallet boxes market is expected to be worth US$ 2.3 billion in 2022, rising at a CAGR of 4.5 percent to US$ 3.0 billion by 2028.
By 2028, the worldwide pallet boxes market will account for roughly 3.2 percent of the US$ 95 billion global pallet industry. According to the latest Future Market Insights (FMI) analysis, demand for customised pallets is anticipated to reach US$ 184.5 million in 2022, growing at a CAGR of 5.7 percent from 2022 to 2028.
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APEJ and North America are expected to account for a sizable portion of the global pallet truck market. In order to positively impact the need for pallet boxes in India, major manufacturing enterprises in India are collaborating with warehouse providers and outsourcing their services. Pallet boxes are becoming more popular in MEA due to the region’s rapid growth in transportation and logistics. Pallet boxes are a critical link in the supply chain and storage, and rising trade volume in emerging nations is expected to be a major driver influencing the market.
The Most Popular Pallet Boxes are Plastic and Block Pallet Boxes.
Plastic pallet boxes are expected to become a more popular bulk packaging choice in the future years, according to FMI. Pallet boxes constructed of plastic are lighter and more suitable than wooden and metal ones, maximising volume utilisation of items throughout distribution and keeping produce fresh when used to transport food grains, fruits, and vegetables. Depending on its usability, plastic pallet boxes are likely to find a position among processed food businesses as well.
However, due to high costs involved in incorporating advanced packaging technologies like palletization into industries and poor supply chain infrastructure in emerging economies like India, low or negligible adoption of advanced packaging technologies like palletization could have a negative impact on the growth of the pallet boxes market. Furthermore, the rise in pallet pooling and manufacturers’ adoption of plastic pallet boxes, which have a longer life, are two major restraints on the worldwide pallet box market.
What is Regional Outlook can be Seen for Italy based Pallet Boxes Market?
Italy will hold market share of more than 18% for the Western Europe pallet boxes market in the year 2022. According to The European Chemical Industry Council, the European chemical industry is a wealth generating sector of the economy and a major contributor to building a sustainable future for Europe USD 612 billion turnover and USD 10.4 billion R&I investments. Moreover, in Italy the chemical industry generates USD 57.4 billion.
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How the Expansion of Automotive Industry Fuel Demand for Pallet Boxes Market in United States?
The United States market for pallet boxes shall grow at a CAGR of 3.6% during the forecast period. As per Invest India, a National Investment and Facilitation Agency, by 2025, construction market in India is expected to emerge as the third largest globally and construction equipment industry revenue stood at USD 6.5 Bn in 2020. The vast construction sector of the country is anticipated to create significant demand for pallet boxes market during the foreseeable future.
The key manufacturers operating in pallet boxes market are focusing on increasing their production capacity to meet the increasing demand for pallet boxes. Moreover, the key players are increasing their product portfolio to cater for the growing pallet boxes market.
- In October 2021, The Craemer Group comes with its latest product development which is the large-volume CB3 high pallet box with a capacity of around 1,000 litres.
- In March 2020, Exporta, the UK’s product handling experts have added a new base entry level model of their hercules collapsible plastic pallet box to their range at an amazing price level.
Pallet Boxes Market by Category
- Wooden Pallet Box
- Plastic Pallet Box
- Metal Pallet Box
- Paper Pallet Box
By Pallet Type:
- Block Pallet
- Stringer Pallet
- Customized Pallet
By End-use Industry:
- Agriculture & Allied Industries
- Building & Construction
- Chemical & Pharmaceutical
- Food & Beverages
- Engineering Products
- Textile & Handicraft
- Other Industries
Key Questions Answered in the Report:
(1) What are the growth opportunities for the new entrants in the Global Pallet Boxes industry?
(2) Who are the leading players functioning in the Global Pallet Boxes marketplace?
(3) What are the key strategies participants are likely to adopt to increase their share in the Global Pallet Boxes industry?
(4) What is the competitive situation in the Global Pallet Boxes market?
(5) What are the emerging trends that may influence the Global Pallet Boxes market growth?
(6) Which product type segment will exhibit high CAGR in future?
(7) Which application segment will grab a handsome share in the Global Pallet Boxes industry?
(8) Which region is lucrative for the manufacturers?