Consumption of molded wood pallets in India is expected to increase at a promising growth rate of 8.6% CAGR during the assessment years. China Molded Wood Pallet Market is anticipated to reach US$ 724.4 million by 2033. The United Kingdom Molded Wood Pallet Market is estimated to surpass US$ 237.5 million by 2033. The U.S. holds a 15.6% share of the market in 2022.
File photo: Litco pallet
Molded Wood Pallet Market Revenues Are Expected to Reach US$ 4.66 billion by 2033, up from US$ 2.70 billion in 2023
NEWARK, Del, Feb. 22, 2023 – According to a recent projection by FMI, sales of presswood or molded wood pallets are estimated to increase from US$ 2.70 billion in 2023 to US$ 4.66 billion in 2033. The molded wood pallets market is projected to develop at a CAGR of 5.6% during the forecast period.
The market value is increasing due to factors including the advantageous properties of molded wood pallets, such as their rigidity, high tensile strength, durability, low weight, and temperature resistance. Regulations governing the transportation of wooden packing materials and a surge in the use of packaging options that are more convenient and effective than alternative pallets further boost market demand.
The production and logistics of manufactured goods are expected to increase along with adopting environment-friendly manufacturing processes that use less energy. This advances efforts to achieve sustainability goals. This is also expected to increase the global demand for molded wood pallets.
Improvements to traditional storage methods using molded wood pallets and rising public knowledge regarding the advantages of using molded wood pallets in the process both drive market expansion. Molded wood pallets have several advantages, including low cost, a nestable design, safety awareness, space savings, and ease of export.
The availability of specialized and distinctive products that can be altered in weight and size presents a lucrative potential for market expansion. Companies that produce pallets for the market concentrate on creating goods that are lightweight, strong, and useful for customers. Key companies also focus on supplying cutting-edge pallets with RFID chips attached for tracking and tracing reasons.
The molded wood pallets market in North America is expected to lead the global market during the forecast period. Adopting molded wooden pallets for importing and exporting commodities across nations is projected to be the main factor driving expansion in this sector.
Key Takeaways Regarding the Molded Wood Pallet Market
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 3.5% through 2033.
- The United States dominated the market in 2022, holding a 15.6% share of the global market.
- With a CAGR of 8.6% over the forecast period, India is predicted to develop significantly in the market.
- The market in China is expected to proliferate, registering a CAGR of 8.1% over the forecast period.
Competitive Landscape
According to FMI, the top market players in the molded wood pallets market are Litco International Inc, Millwood, Inc, Snyder Industries, Inc, The Nelson Company, Beacon Industries Ltd, Brambles Ltd, Nefab Group, Presswood International BV, CABKA Group GmbH, Schoeller Allibert services b.v, Loscam Australia pty ltd, Kronus Group, Linyi Kunpeng Wood Co., Ltd, Taik Sin Timber Industry Sdn Bhd, and others
Key players in the molded wood pallets market have chosen acquisition, merger, product launch, business expansion, and agreement as their main developmental methods to provide customers with great products and services. Companies competing in the market are also attempting to form strategic alliances and partnerships with other producers to increase the scope of their product lines.
Recent Developments
- In August 2020, Southern Molded Pulp and Molded Fiber Technologies and Acorn Pulp Group entered into a settlement agreement for their state-of-the-art molded fiber manufacturing equipment, which guarantees efficient manufacture of the molded wood pallets.
Molded Wood Pallets Market Segmentation
By Product Type:
- Nestable /Stackable
- Rackable Pallets
By End Use:
- Manufacturing
- Food & Beverages
- Chemicals
- Automotive
- Pharmaceuticals
- Others
- Logistics & Transportation
- Building & Construction
By Size:
- Full-size Pallet
- Quarter-size Pallet
- Half-size Pallet
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Ex. Japan (APEJ)
- Middle East & Africa (MEA)
- Japan
Source: FMI