FMI estimates the growth of presswood pallets to be ~5.0% during the forecast period. The growth is attributed to the rising logistics sector and improving manufacturing sector across the globe. Asia Pacific is expected to generate maximum volume for presswood pallets market.
Presswood Pallets Market: Market Outlook
With global warming and climate change round the corner, the need for sustainable packaging has elevated in recent years. Use of eco-friendly material and durable material is the primary choice of consumers and manufacturers.
Presswood pallets are made from molded fibre and weigh almost 60% lighter than wooden pallets. They are also 100% recyclable and consist of space saving design. These pallets offer a ratio of 4:1 in space saving when compared to traditional wooden pallets. Presswood pallets are also less expensive than plastic pallets which is expected to reshape the market demand.
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What are the Key Trends Impacting the Growth of Presswood Pallets in the Market?
Wide application of presswood pallets in shipping and storing goods in various end use industries is helping the market grow. Reusability of pallet is the key factor shaping the market growth for presswood pallets. Manufacturers are manufacturing radio frequency identification (RFID) pallets to help with tracking and tracing of presswood pallets in the market. Presswood pallets can be easily detached from a stack by the use of a fork lift truck.
How Changing Retail and Wholesale Market Dynamics is Boosting the Market for Presswood Pallets?
Customers are opting to buy from wholesalers and import goods from other country for authenticity and a better product experience. “Export-grade” presswood pallets are used to ship goods for a longer distance. These pallets are heavy duty pallets made from high heat process which drives away pests, insects or termites from the package.
According to the United States Census Bureau, the revenue generated by wholesalers in the U.S. was US$ 601.3 Bn in July 2021. Increasing international trade and rise in wholesalers like Walmart, Costco, Alibaba, etc. in the international market is directly impacting the sales of presswood pallets around the globe.
What are the Key Challenges in the Growth of the Presswood Pallets Market?
Growth of inexpensive and recyclable plastic pallets in the market is expected to hamper the growth of presswood pallets in the market. Changing market regulations could also be termed as another factor that can restrain the growth of presswood pallets in the market.
Key players operating in the global presswood pallets market are
- Millwood, Inc.
- Inka Pallets UK
- Litco International, Inc.
- Acorn Packaging Services Ltd.
- Associated Pallets Ltd.
- SDI Packaging
- The Nelson Company
Players operating in the Asia Pacific are Plastochem India Pvt. Ltd., Total Pack, Hangzhou Penno Packtech Co., Ltd., Huzhou Lemai New Material Technology Co., Ltd., Qingdao Senyu Environmental Protection Technology Co., Ltd., Jadaun Technomech India Private Limited, Bulwark Industrial Solutions, Global Wood Packers, and Eco Solutions among others.
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What are the Key Opportunities for the Presswood Pallets Market?
The yield cost per trip and reusability over plastic pallets makes presswood pallets an optimistic market. Use of sustainable material and eco-intelligent designs is further expected to boost the market growth.
Manufacturing industry highly impacts presswood pallet market. According to the World Bank, world manufacturing value added (MVA) was estimated to be US$ 13.7 Trillion. High MVA index will directly imply a growth in presswood pallets. In 2019, manufacturing contributed almost 11.0% of the total GDP in the U.S. Increased manufacturing across the world is expected to elevate the demand for presswood pallets in the market.
Why will the India Generate Significant Demand for the Presswood Pallets Market?
According to NITI Aayog, India’s logistics sector was valued at US$ 147 Billion and is expected to accelerate with at a growth rate of 7%, which is expected to boost the demand for presswood pallets market in the country.
What is the Repercussion of the Pandemic on the Growth of the Presswood Pallets Market?
Due to the COVID-19, the global presswood pallets market has presented slight declination as leading manufacturing industries were under lockdown. Restriction was imposed on Import and export activities during the COVID-19 in several countries, which has lowered the growth of the presswood pallets market. As international trade began a few months ago the demand for presswood pallets is expected to grow during the forecasted period.
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Key Segments of Presswood Pallets Market
- Quarter Size presswood pallets
- Half-size presswood pallets
- Full-size presswood pallets
By End Use:
- Food & beverages
- Logistics & transportation
- Building & construction
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)