Asia Pallets Market is set to hit a worth of US$ 32,179 Million at a CAGR of 5.8% from Forecast Period of 2023 to 2033 | Analysis by Future Market Insights, Inc.
NEWARK, DE / ACCESSWIRE / June 22, 2023 / Asia Pallets Market is expected to experience substantial growth at a CAGR of 5.8% during the forecast period. The market value is projected to rise from US$ 18,285.1 million in 2023 to US$ 32,179.0 million by 2033. By the end of 2022, the market was valued at US$ 17,187.3 million, and it is anticipated to demonstrate a year-on-year growth of 6.4% in 2023.
The pallets market in Asia is poised for promising growth over the next decade. Recent estimates indicate that sales will surge from 2023 to 2033, presenting a significant growth opportunity of US$ 14,991.6 million. Furthermore, the market is expected to expand around 1.9 times its current value during this period, highlighting its attractive growth potential.
Urbanization and infrastructure development in Asia have been the main drivers of demand for pallets in the region. As countries in Asia experience rapid urbanization and the number of people moving to cities increases, the need for reliable and efficient logistics systems expands.
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It has led to significant investments in infrastructure projects, including the construction of new airports, seaports, highways, and rail systems. The expansion of this transportation network has facilitated the movement of goods and materials.
It is hence leading to increasing demand for pallets as an important part of an efficient supply chain. Pallets play an important role in streamlining logistics operations, making it easy to handle, as well as store & transport goods in a standardized and storable manner.
As urbanization and infrastructure development accelerate across Asia, demand for pallets will continue its upward trajectory. It is further expected to create significant opportunities for the pallet sector to meet the region's logistics needs.
Key Takeaways from this Market Study:
- The Asia pallets industry exhibited a CAGR of 2.0% during the historical period with a value of US$ 17,187.3 million in 2022.
- China's pallets market is likely to create an incremental opportunity of US$ 8,694.2 million during the projected years.
- India's pallets market is expected to record a CAGR of 7.4% in the next ten years.
- Based on material, the wooden pallets segment is estimated to offer incremental an opportunity worth US$ 8,196.3 million during the forecast period.
- By product type, the block pallet segment is expected to record a CAGR of 5.8% during the projected years from 2023 to 2033.
"Creation and use of environmentally friendly pallets have received more attention as sustainability and environmental issues have gained prominence. A small number of these are made of recycled or biodegradable materials. This pattern reflects shifting market dynamics for pallets in Asia and is consistent with global environmental aspirations," - says a lead analyst at Future Market Insights (FMI).
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Manufacturing and Warehousing to Spur Demand for Pallets in Asia
The growth of the Asia pallets industry is driven by the rapid expansion of the manufacturing and warehousing sectors in the region. Asia has emerged as a manufacturing powerhouse with China, India, and countries in Southeast Asia becoming global manufacturing hubs.
Increasing manufacturing activity might raise the need for low-cost storage and transportation solutions. It is anticipated to lead to a significant increase in the demand for pallets.
Pallets provide an inexpensive and standardized way to organize and transport goods in manufacturing and warehouse facilities. It enables easy movement of products, improves inventory management, and optimizes the use of warehouse space.
The growth of e-commerce and the rising online retail sector requires the creation of large warehouses and distribution centres to meet the ever-increasing demand. Such warehouses rely on pallets to efficiently manage and store large quantities of products.
As the manufacturing and warehousing sectors continue to expand in Asia, the pallet market is poised for significant growth. It might be driven by the need for streamlined logistics operations and supply chain management.
Competitive Landscape:
Asia-based pallet manufacturers are diversifying their product lines by creating a variety of pallet kinds & sizes to satisfy the various demands of sectors and supply chains. This covers common pallets, ones made to order, those that are lightweight, and those that are tailored for certain uses.
Pallet businesses are also implementing environmentally friendly procedures as the importance of environmental sustainability grows. In order to create pallets, sustainable resources such as recycled wood or plastic are used. To reduce their ecological footprint, they are also putting recycling and trash reduction strategies into place.
For instance,
- Loscam Holdings Limited and CHEP China will combine their pallet and automobile pooling businesses, according to a collaboration deal announced by Brambles Limited in November 2022. As per this deal, Loscam (Greater China) Co., Limited, the Greater China division of Loscam Group, will own 80% of the newly created firm, with 20% owned by Brambles.
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Key Players Are:
- Mabuchi Thailand Co Ltd.
- Nefab Group
- Nilkamal Limited
- Brambles Limited
- Enno Marketing Services PTE Ltd
- Long Thanh Plastic Co., Ltd.
- Penno Packtech Co., Ltd
- Mapac Technology
- Atlanta Global
- Aristoplast Products Pvt. Ltd
- Pesonex
- Hanoi Sin Timber Industry Sdn Bhd.
- Linyi Kunpeng Wood Co., Ltd
- Vishakha Mouldings Private Limited
- Others
Market Key Segmentation:
By Material:
- Wood
- Plastic
- Metal
- Paper
- Press Wood
By Product:
- Stringer Pallet
- Block Pallet
- Customized Pallet
By Pallet Size:
- 0.8 Meter X 1.2 Meter
- 1 Meter X 1.2 Meter
- 1 Meter X 1 Meter
- 1.1 Meter X 1.1 Meter
By Medium of Recycling:
- Pallet Processing Companies
- Recycling Service Facilities
By End-use:
- Manufacturing & Warehousing
- Food & Beverages
- Chemicals
- Automotive
- Healthcare
- Logistics & Transportation
- Building & Construction
Table of Content (ToC):
1. Executive Summary
1.1. Asia Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Technological Trends
3.3. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Go-To-Market Strategies
5. Market Demand Analysis 2017 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Units) Analysis, 2017 to 2022
5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Market - Pricing Analysis
6.1. Average Selling Price, By Product (US$/ Unit)
6.2. Pricing Analysis
View Complete ToC here: https://www.futuremarketinsights.com/toc/rep-gb-17454
Get More Valuable Insights:
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the Asia pallets market, analysing historical demand from 2017 to 2022 and forecast statistics for 2023 to 2033.The study reveals growth projections on the Asia pallets industry by material (wood, plastic, metal, paper, and press wood), product (stringer pallet, block pallet, and customized pallet), by pallet size (0.8-meter X 1.2 meter, 1 meter X 1.2 meter, 1 meter X 1 meter, 1.1 meter X 1.1 meter), by the medium of recycling (pallet processing companies and recycling service facilities), and by end use (manufacturing & warehousing, logistics & transportation, and building & construction) across countries.
About the Packaging Division at Future Market Insights (FMI):
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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About Future Market Insights, Inc:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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SOURCE: Future Market Insights, Inc.
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