According to study the Single Use Pallet market is projected to expand between 5% and 7% CAGR during the 2021 to 2031 assessment period.
Single use pallets (also known as export pallets, non-returnable pallets or one-way pallets) are custom-designed to customer/user specification and used wherever return transport is not possible or needed. Rapid Industrialization combined with increasing disposable income as well as drive from export activities is set to boost the growth of the market in the forecast period.
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What is Driving Demand for Single Use Pallets?
The need for logistics and warehousing services is expanding significantly as a result of rising consumer goods sales and bulk commercial cargo shipments, which is bolstering the expansion of the pallet market globally. Besides, pallets offsetting abrasions or physical trauma to shipment items and aiding during multiple platform shifts has found its patronage by the end users.
Further increasing export activities around the globe is also a prominent driver of the market. According to UNIDO in 2019, the global trade value of goods exported throughout the world amounted to approximately 19 trillion U.S. dollars at current prices.
In comparison, this figure stood at around 6.45 trillion U.S. dollars in 2000. This rise in the value of goods exported around the world reflects developments in international trade, globalization, advances in technology and related products like this pallets.
Although in most sectors, switching from rigid to flexible packaging has been the standard. However, when it comes to shipping and transporting bigger consignments, rigid packaging still has its prominence. This pallets are the most typical examples. Even after the introduction of plastic pallets to the market, single use pallets still account for prominent share.
Warehouse and Logistics Likely to Augment Single Use Pallets Sales
Single use pallets have a low cost and a long life cycle, making it appropriate for a wide range of applications especially for single use and storage. Its export advantage is that no return transport has to be organized or paid for it. The end customer can simply dispose of the pallets, which are made of 100 % environmentally friendly materials. Thus, this pallets are extensively used in Warehouse and Logistics.
However, as the pallets currently accounts for such a big portion of the entire pallet industry, future growth prospects will continue to boost, and demand for these pallets will be surpassed by demand for plastic and metal pallets.
Plastic is becoming increasingly essential in the food and beverage industries, and pharmaceutical industry owing to its resistance to insects, fungus, and other forms of biological infestation
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US Single Use Pallets Market Outlook
US is one of the prominent markets for Single Use Pallets globally. However with the current vaccination pace in the USA, Industrial and commercial activities is set to uplift. However even after fast vaccination the markets will take some time to get back on pre pandemic levels.
Similarly demand for this pallets in US is set to gain track in next few quarters. The growth will be supported by increasing manufacturing activities leading to increase in storage, transportation and export activities.
Furthermore according to latest data from trade map US export value is set to touch US$ 1,500,000 Mn mark in near future. This will have optimistic impact on market.
Asia Pacific Demand Outlook for Single Use Pallets
Increased imports of bulk commodities such as coal and mineral ores from Canada and Australia are projected to enhance lumber supply levels in Asia Pacific. End Users in Asia Pacific are increasingly inclined to use pallet pooling, which is anticipated to limit pallet growth in the short future.
In Asia Pacific region China has been an important market for single use pallets which can be backed by the fact that China is the prominent exporter around the globe and according to the latest make this trade map statistics china has crossed an export value of US$ 2,500,000 Mn.
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Who are the Key Manufacturers and Suppliers of Single Use Pallets?
Some of the leading manufacturers and suppliers of the product include
The market is perceived to be highly competitive with leading players touted to acquire around 15% share in the market. Access to raw material and procurement price of the same is the key differentiator between the market participants in manufacturing and sales of the product. These companies offer the product of standard and custom dimensions for various application, like transportation of mechanical equipment, machines etc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
