Allied Market Research published a new report, titled, The global corrugated pallets market size was valued at $1,062.0 Mn in 2018 and is anticipated to reach $1,481.9 Mn by 2026, with a CAGR of 4.4% during the forecast period. The corrugated pallets market exhibit incremental revenue opportunity of $419.9 million from 2018 to 2026.
The global corrugated pallets market is expected to witness rapid growth in terms of revenue over the next 10 year. The rapid growth in revenue of corrugated pallets is mainly attributed to its advancement in engineering and use in building more strong packaging alternative. Major end users such as food & beverages processing companies and chemical & pharma companies are actively investing in more advanced and sustainable packaging solutions. The growth in export-oriented market for these stakeholders and increased expenditure on product distribution have created a need for more cost-effective and light-weight packaging solutions.
The corrugated pallets market is segmented on the basis of product type, end user, and region. Based on product type, the corrugated pallets market is categorized into <3 walls, 3-5 Walls, and 5+ Walls. The <3 walls pallet segment was valued at $425.7 million in 2019, and is expected to grow with a CAGR of 4.5% to reach $579.2 Mn by 2026 in overall corrugated pallets market share. The 5+ walls pallet segment would be the fastest growing segment with a CAGR of 4.1% during the forecast period.
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Based on end user, the corrugated pallets market is segmented into food & beverages, chemical & pharma, agriculture, metal & machinery, wholesalers, and others. The food & beverages end user segment domain corrugated pallets market share and was valued at $229.1 Mn in 2019 and is expected to grow with a CAGR of 2.5% (2019-2026) to reach $272.9 Mn by 2026.
“The competitors in the market are looking to enhance product capacity and are also trying to manufacture moisture resistant corrugated pallets. Such initiatives offering differentiated products have also increased the patent applications for innovative corrugated pallets. In 2013, the US Patent office had issued Patent No 8,459,190 to Erdie Industries for the construction of the Tri-Hex. This product uses a polygonal shape within a triangular shape, which provided added strength with lesser amount of material. The patent covers both the structure and the process of folding a single sheet of paperboard material into a Tri-Hex Paper Pallet runner.”
Geographically Analysis, the global market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa). Countries such as China and India would emerge as one of the leading consumers for corrugated pallets, owing to increased penetration of e-commerce retailing that requires light weight and cost-effective packaging materials.
The Covid-19 pandemic has a vital impact on the growth of the global Corrugated Pallets market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Corrugated Pallets market.
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The key players operating in corrugated pallets industry include DS Smith, Smurfit Kappa, KraftPal Technologies, The Corrugated Pallets Company, Kamps Pallets, Milwood, PGS Group, Conitex Sonoco, Spanco Enterprises, and Brambles Limited
Key Findings of the Corrugated Pallets Market:
♦ The <3 wall corrugated pallets products segment is expected to grow at a CAGR of 4.5% during the forecast period.
♦ North America is anticipated to dominate the corrugated pallets market growth, registering a CAGR of 4.2% during the forecast period.
♦ Asia-Pacific is projected to exhibit exponential growth throughout 2026, registering the highest CAGR of 5.3%.
♦ The food & beverages end user segment is anticipated to dominate the global corrugated pallets market analysis, with a CAGR of 2.5% during the forecast period.
♦ The wholesaler end user segment is estimated to grow at a CAGR of 6.1% during the corrugated pallets market forecast.
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