The global sales of single use pallet are estimated to be worth USD 6.8 billion in 2021 and are anticipated to reach a value of USD 10.5 billion by 2031. Sales are projected to rise at a CAGR of 4.5% over the forecast period between 2021 and 2031. The revenue generated by single use pallet in 2020 was USD 6.5 billion.
The growth of the single use pallet market is driven by several factors such as the increasing focus on hygiene and prevention of contamination among various industries, including food and pharmaceuticals. Growing global trade and its associated logistics increase the demand for cost-effective, single-use pallets that save operations time and reduce cleaning needs. Innovations in lightweight but strong materials boost safe and efficient pallet handling.
Besides that, regulatory pressures for sustainability further advocate the use of recyclable and eco-friendly alternatives to pallets. The growth of the market is further supported by reliable and consistent packaging solutions to support supply chain efficiency. Increasingly expanding e-commerce and direct-to-consumer logistics also add to the increasing demand for single-use pallets.
Global Single Use Pallet Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 6.5 billion |
| Estimated Size, 2021 | USD 6.8 billion |
| Projected Size, 2031 | USD 10.5 billion |
| Value-based CAGR (2021 to 2031) | 4.5% |
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.
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 USA dollars at current prices.
In comparison, this figure stood at around 6.45 trillion USA 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.
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
USA 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 USA 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 USA export value is set to touch USD 1,500,000 Million mark in near future. This will have optimistic impact on market.
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 USD 2,500,000 Million.
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 single use pallet 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.
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Single Use Pallet Market
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