Paper Pallet Market to Reach US$983 Million by 2029 –
DUBAI, United Arab Emirates, Feb. 17 2022 (GLOBE NEWSWIRE) — The global paper pallet market is currently valued at approximately US$633 million and is expected to grow at a CAGR of 5.6% to reach US$983 million by 2029.
Banking on superior design and performance parameters compared to wooden pallets, paper pallets continue to be a strong potential competitor holding the future of the pallet industry. Although representing a negligible share in the current global pallet market, paper pallets are expected to experience a robust CAGR of 5.6% between 2022 and 2029.
|Market size 2022||US$670 million|
|Market size 2029||US$983 million|
|CAGR Value (2022-2029)||5.6%|
|Sharing Collective Value: Top 5 Companies (2021A)||15%|
This strong growth prospect, as suggested by a new research study from Future Market Insights (IMF), is mainly attributed to the complementarity of the paper palette with the lightweight trend. This also ensures a higher level of security in transit and compatibility with ongoing process automation.
The adoption of the paper pallet is seeing a slight but steady increase due to its resilient structure and complete recyclability. Profitability would remain an add-on, the report believes. By 2029, the current market value of paper pallets is expected to double.
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The electrical and electronics industry is expected to be a prominent end-use industry due to the growing demand for ready-made paper pallets to display bestsellers such as smartphones, tablets, and laptops. Additionally, lucrative opportunities in the cosmetics and personal care industry are another factor that is expected to boost the growth of the paper pallets market.
Key Takeaways – Paper Pallet Market Research
- Paper pallets are available in customizable sizes. However, Grocery Manufacturers Association standards prefer pallets sized 48 inches x 40 inches. This study analyzes that end users are accelerating the demand for small size paper pallets.
- Depending on the load lifting and storage conditions, two-way paper pallets are more economical to manufacture and provide good strength for lifting loads. However, the main limitation of the two-way pallet is that it offers less flexibility and load lifting stress in all directions. Market players are remedying this limitation by developing four-entry pallets.
- The analysis on the basis of pallet structure reveals that the hybrid pallet market is witnessing a significant growth rate over the past few years. Besides the combined advantages of the honeycomb pallet and the corrugated pallet for carrying loads, the hybrid pallet provides loop-free load lifting.
Unlike their wooden and plastic counterparts, paper pallets do not require chemical processes to maintain their shelf life, which will enhance their long-term preference. Paper pallets are highly resistant to fungal and bacterial impacts and therefore compliance with ISPM-15 is not mandatory for their use. Additionally, advancements in engineering technologies and paper pallet design have also resulted in improved load capacity. End users should therefore initiate a massive shift from traditionally used pallets to more sustainable paper pallets.
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|Historical data available for||2014-2021|
|Market analysis||Millions of US dollars for value and units in thousands of dollars for volume|
|Key regions covered||North America, Latin America, Western Europe, Europe, South Asia, East Asia, Oceania and Middle East & Africa|
|Main countries covered||United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC countries, China, India and Australia and New Zealand, ASEAN|
|Key Segments Covered||Product, pallet structure, size, end-use industry and region|
Profiled Key Companies
|• DS Smith Plc
• Smurfit Kappa Group
• Conitex Sonoco
• Multi-wall packaging
• Kraft Pal Technologies Ltd.
• Europal packaging
• Interpak Industries Pte. ltd.
• Kimmo (Pty) Ltd.
• Elson International
• Tri-Wall Holdings Limited
• Tat Seng Packaging Group Ltd.
• GreenLabel packaging
• Pheng Hoon Honeycomb Paper Products Pte. ltd.
• Mabuchi Singapore Pte Ltd.
• The Alternative Pallet Company Ltd.
• Oji Holdings Corporation
• Palletkraft Europe Ltd.
• Packprofil Sp. zoo
• The corrugated pallet company
|Report cover||Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives|
|Customization [email protected]||Available on demand|
Key Players Focused on Market Consolidation and Innovation
The study offers detailed insights into the competitive landscape of the global Paper Pallets market, which is majorly operated by DS Smith Plc, Smurfit Kappa Group, Conitex Sonoco, Oji Holdings Corporation, and Tat Seng Packaging Group Ltd. In the train of development activities of these key companies, they should also plan heavy investments in new launches. Innovative product launches will enable them to stand out in this young market.
In August 2022, the London-based unit of DS Smith plc. DS Smith Hungary has launched a paper fiber pallet with an investment of 3 billion HUF (6.9 billion USD). The company quickly acquired TRICORE Packaging and Logistic AG for the expansion of its business in Europe. Earlier in 2021, Smurfit Kappa Group launched TOPPSafe™, a corrugated, lightweight, hexacomb pallet top that replaced heavy wood and plastic pallet tops.
Paper Pallets Market by Category
- Two-way paper paddles
- Four entry paper pallets
By pallet structure:
- Honeycomb Paper Pallets
- Corrugated paper pallets
- Hybrid Paper Pallets
- 42 inches x 42 inches
- 44 inches x 44 inches
- 48 inches x 40 inches
- 48 inches x 45 inches
By end-use industry:
- Food and drinks
- Cosmetics and personal care
- Electrical and Electronic
- Health care
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
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Read more about the Paper Pallets market report
Future Market Insights, in this new offering, offers an unbiased analysis of the global paper pallets market, analyzing the historical demand from 2014-2021 and forecast statistics from 2022-2029. The study unveils the paper pallet market growth projections on the basis of size (42 inch x 42 inch, 44 inch x 44 inch, 48 inch x 40 inch, and 48 inch x 45 inch), product (two-way pallet and four-way pallet), the structure of the pallets (honeycomb, corrugated and hybrid) and the end-use industry (food and beverages, pharmaceuticals, cosmetics and personal care, electrical and electronics, care healthcare and automotive) in seven major regions.
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About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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Source of the press release: https://www.futuremarketinsights.com/press-release/paper-pallets-market