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| Global Wood Pallets Market Size |
Wood pallets are extensively used for shipping and transportation purposes
across numerous industries like food and beverages, pharmaceuticals, and
chemicals. They offer advantages like durability, strength, and
cost-effectiveness. With the growing volume of international trade, the need
for reusable and efficient packaging solutions has accelerated.
The global
Wood Pallets Market is estimated to be valued at US$ 36 Billion in 2023 and is
expected to exhibit a CAGR of 18% over
the forecast period 2023-2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing adoption of sustainable practices has been one of the key trends
driving the growth of the wood pallets market. Various manufacturing companies
are opting for wood pallets made from responsibly managed forests and recycled
wood to reduce their carbon footprint. They ensure wood pallets are reused,
repaired, and recycled to conserve natural resources. Government regulations
and initiatives promoting sustainable packaging are also compelling pallet
manufacturers to develop renewable and eco-friendly product offerings. This
shift towards sustainable wood pallet solutions will continue pushing market revenues
northwards over the coming years.
Segment
Analysis
The global wood pallets market is primarily segmented into stringer pallets and
block pallets. Stringer pallets dominate the market as they are more robust and
versatile than block pallets. Stringer pallets are more suitable for handling
heavy and oversized loads as their frames provide extra strength. They also
allow easier insertion of forklift tines from multiple sides, enabling
versatile handling and storage of goods.
Key Takeaways
Global
Wood Pallets Market Size is expected to witness high growth.
Regional
analysis related content comprises: The wood pallets market in North America is
expected to retain its leading position during the forecast period, driven by
strong demand from industries such as food & beverage and pharmaceutical in
the region. Manufacturers in the US and Canada dominate the global production
of wood pallets. Moreover, stringent regulations regarding the use of plastic
and introduction of unit-load standards such as CHEP and IFCO further boost the
consumption of wood pallets in the region.
Key players operating in the wood pallets market are CHEP, PalletOne, Kamps
Pallets, Inka-paletten, Pooling Partners, Falkenhahn AG, PECO, John Rock,
Millwood, United Pallet Services LC, Pacific Pallet, and Craemer Holding.
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