According to Future Market Insights, during the forecast period, the global Pallet Corner Boards Market is expected to account for US$ 558.2 Million in 2023 and is going to further expand at a CAGR of 4.4% to reach a valuation of US$ 858.6 Million by the year 2033. The sales of pallet corner boards are anticipated to bolster with the top 5 companies projected to hold around 15 to 20% of the market in 2023.
Pallet corner boards offer better protection of packed goods which aids in the arrival of products in good condition without any damage from unfortunate mishaps while storing or shipping. With an increasing demand for delivering the best quality products to the clientele, the pallet corner boards market is anticipated to grow 1.6 times the current market value during the forecast period.
Market Size 2023
US$ 558.2 Million
Market Size 2033
US$ 858.6 Million
Value CAGR (2023 to 2033)
4.4%
Collective Value Share: Top 3 Countries (2023E)
~20-25%
The revenue of the pallet corner boards market totaled US$ 536.2 Million in 2022. Due to an increasing need for the safe delivery of goods across long distances, the pallet corner board market is anticipated to reach US$ 858.6 Million by the end of the year 2033, with an increasing CAGR of 4.4% throughout the forecast period.
The pallet corner boards market is set on a growth trajectory during the forecast period. A new forecast of FMI estimates that pallet corner board sales will rise between 2022 and 2033 and are projected to create an absolute incremental growth opportunity of US$ 322.4 Million. The perpetual growing quantity of items in storage and shipping opportunities have caused a surge in demand for pallet corner boards and the market for the same is anticipated to expand 1.6 times the current market value during the forecast period.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Historic Market Outlook for Pallet Corner Boards
The global pallet corner board market witnessed a CAGR of 4.0% during the historic period with a market value of US$ 536.2 Million in 2022.
Corner boards are rigid, right-angled strips made from paper and plastic that reinforce the edges on the top, bottom, and corners of a box to protect it from any collisions, stress or strapping that it may have to endure during storing or moving processes. Most of the paper pallet corner boards are made from recycled paper and are 100% biodegradable. Using corner boards is one of the most efficient and reliable yet simple ways of adding strength to boxes while protecting the goods inside them and ensuring their safety from strains and stresses.
Pallet corner boards are cost-effective and are used as a protective measure against damage from heavy blows, warping due to stacking, etc. The size and thickness of the corner boards are customizable according to the customer’s requirements. Some manufacturers also allow custom printing on corner boards to facilitate branding of the customer’s company or to make the boxes of their brand distinguishable from others.
Quality products damaged due to mishandling or mishaps prove detrimental to businesses and may affect customer retention which is the grounds for which they invest in packaging protection. All these factors contribute to the expansion of the pallet corner board market extensively.
How logistics is attributing to the steady increase of pallet corner boards sales
Globalization, the emergence of e-commerce websites, the rise in consumerism, and ease of communication and transportation across vast distances have fueled the logistics industry in the past decade. The rising quantity of items stored in inventory and the growing number of transits over longer distances are causing logistic companies to majorly consider the safety of the items being shipped. This owes to the fact that an increase in consignment leads to higher chances of damage to the items as even a slight blow or jolt to the packaging box can cause the item inside it to get disfigured easily especially if it is fragile.
Logistics companies strive hard to make any product reach its destination from the dispatch center while not only maintaining its utmost quality but also ensuring that no substandard product is delivered. Adding pallet corner boards to boxes as a protective measure at an economical cost saves huge costs of logistic facilities and management while corroborating the safety of goods. Due to the increasing utilization of logistics, the scope of the pallet corner board market is also expanding.
Find your sweet spots for generating winning opportunities in this market.
How e-commerce is Shaping the Demand for Pallet Corner Boards
The surging number of people who prefer online shopping as opposed to in-store shopping has led to the emergence of several e-commerce websites since various types of goods can be ordered from the comfort of home. To expand their businesses, these e-commerce companies need to maintain large-scale warehouses with a huge quantity of sales items. The safety of these goods is of paramount importance as a compromise in quality will incur considerable losses. To safeguard the items, companies are using corner boards as a way to secure prime quality. With an increase in e-commerce, the sales of pallet corner boards are accelerating.
Comparative View of Pallet Corner Boards Market
Pallet Corner Boards Market:
Attributes
Pallet Corner Boards Market
CAGR (2023 to 2033)
4.4%
Market Value (2023)
US$ 536.2 Million
Growth Factor
Easy utilization, cost-effective, and an environmentally friendly alternative to safeguard products while stacking and shipping.
Key Trend
The demand for preserving the highest quality of an item by protecting its outer packaging box at a cheaper cost.
Molded Wood Pallets Market:
Attributes
Molded Wood Pallets Market
CAGR (2023 to 2033)
5.8%
Market Value (2023)
US$ 183.2 million.
Growth Factor
High tensile strength, stiff, durable, low weight and temperature resistant which ensures optimum protection of goods while shipping.
Key Trend
Rising demand for e-commerce shipments, logistics, building & construction is expected to fuel the demand for molded wood pallets.
Paper Pallets Market :
Attributes
Paper Pallets Market
CAGR (2023 to 2033)
5.6%
Market Value (2023)
US$ 633 million
Growth Factor
The small-sized paper pallets that help effective inventory management and time saving for assembling along with being extremely resistant to bacteria.
Key Trend
Being bulky which aids in high load lifting capacity that will benefit the timely loading and shipping of goods as needed due to an increase in supermarkets and retail stores.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Category-Wise Insights
How Does Paper Corner Boards Dominating the Pallet Corner Board Market?
The paper corner board is projected to hold 35% market share during 2023 to 2033. Paper corner boards are lightweight which chalks up to ease of use. They are recyclable as well as biodegradable and hence are good for the environment. Companies can buy them at a lower cost as the raw materials used to manufacture paper corner boards are cheap to acquire and they provide just as much protection as their counterparts such as plastic or wooden corner boards.
Country Wise Insights
Country
USA
Market Share (2023)
18.3%
Market share (2033)
17.8%
Basis Points (BPS) Analysis
-50
Country
China
Market Share (2023)
6.8%
Market share (2033)
6.5%
Basis Points (BPS) Analysis
-30
Country
India
Market Share (2023)
5.5%
Market share (2033)
5.9%
Basis Points (BPS) Analysis
40
Country
Japan
Market Share (2023)
4.2%
Market share (2033)
4.8%
Basis Points (BPS) Analysis
60
Country
Germany
Market Share (2023)
9.6%
Market share (2033)
9.9%
Basis Points (BPS) Analysis
30
How does the logistics performance in Germany bolster the demand for pallet corner boards?
Germany is ranked as the top country when it comes to logistics as per the Logistics Performance Index ((LPI) a benchmark tool set by the World Bank) which owes to the fact that around US$ 16.3 billion is invested in this sector annually. Along with efficiency and punctuality, maintaining the product standard is of prime concern, particularly for large consignments which are seen as bountiful in this country. The perpetual growth of logistics in Germany is projected to spike the sales of pallet corner boards.
How is India shaping the demand for the pallet corner boards market?
The India is anticipated to hold 43% market share in south Asian pallet corner board market during forecast period. In India, the Fast Moving Consumer Goods (FMCG) sector is growing at a fast pace since FMCG products are necessities and their sales are only going to escalate owing to the tremendous population growth.
These products need to be handled carefully while being transported from the manufacturing plant to the end destination.
The rise of the e-commerce sector in India led to an increase in the number of warehouses, and the need for smooth operations while transiting. This surged the demand for proper handling while storing, stacking, and shipping products to maintain the quality of the same which is propelling the demand for pallet corner boards.
Competitive landscape
The key stakeholders and investors in the pallet corner boards market around the world are making an effort to expand their businesses by adopting mergers and acquisitions to meet the increasing demand. They are also focusing on making their products eco-friendlier in light of rising awareness of the environment. Listed here are some of the key developments by the leading players in the industry.
In July 2022, The Great Northern Laminations announced a new product in the market, namely E-Board, which is a modified version of corner boards that provides an easier application and removal as tapes, shrink wraps, strapping, etc. are not required to keep the product in place.
In June 2021, The Smurfit Kappa Group PLC acquired Cartones del Pacifico, a key paper-based packaging company in Peru that is expected to succor corrugated paper operations.
Scope of the report
Attributes
Details
Growth Rate
CAGR of 4.4% from 2023 to 2033
Base Year For Estimation
2022
Historical Data
2015 to 2022
Forecast Period
2023 to 2033
Quantitative Units
Revenue in USD Million, Volume in Units and CAGR from 2023 to 2033
Report coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments covered
Material type
Thickness
End use
Region
Regions covered
Central Europe
North America
Eastern Europe
Western Europe
Baltic Countries
Southeast Asia
Latin America
Scandinavian Region
Middle East
South Asia
Key countries covered
Poland
Germany
Czech Republic
Netherlands
Belgium
United states
Lithuania
Latvia
Italy
Malaysia
Switzerland
France
Ukraine
Denmark
Canada
Peru
India
Key companies profiled
Millenium Packaging Inc.
Smurfit Kappa Group PLC
Kyana Packaging Solutions
Kraft Material Services
Signode Industrial Group LLC
North America’s Laminating and Converting Company
Impakt Packaging
Korpack
Crateco Pack LLC
IPS Packaging and Automation
Intreden Exim Private Limited
Continental Packaging Material Industry LLC
Pro Pac Professional Packaging Systems
Great Northern Laminations
Angleboard UK
Sonoco Products Company
BENZ Packaging Solutions Private Limited
Customization and pricing
Available Upon Request
Pallet Corner Boards Market by Category
By Material Type, Pallet Corner Boards Market is Segmented as:
Paper
Plastic
By Thickness, Pallet Corner Boards Market is Segmented as:
Less than 3 inches
3 to 5 inches
5 to 8 inches
More than 8 inches
By End Use, Pallet Corner Boards Market is Segmented as:
Automotive
Shipping and logistics
Building & Construction
Electronics & Electrical
Others (Agriculture, Chemical, etc)
Frequently Asked Questions
What was the pallet corner boards market size reported by FMI for 2022?
The global pallet corner boards market was US$ 536.2 Million in 2022.
What is the pallet corner boards market estimated to reach in 2023?
The global pallet corner boards market is projected to reach US$ 558.2 Million by the end of 2023.
What is the pallet corner boards market valuation expected for 2033?
The pallet corner boards market is estimated to reach US$ 858.6 Million in 2033.
What value CAGR did the pallet corner boards market exhibit over the last 4 years?
The global pallet corner boards market exhibited a CAGR of 4.1% over the last 4 years.
What is the projected CAGR for the pallet corner boards market from 2023 to 2033?
The pallet corner boards market is projected to register a CAGR of 4.4% from 2023 to 2033.
Which material type will garner significant value share by 2023?
The paper material will garner significant value share by 2023.
