The Pallet market is witnessing a steady growth for the last few years. Goods or shipping containers are often placed with strapping, stretch wrap or shrink wrap on a pallet for secured shipping. A Pallet's use has dramatically supplanted older forms of crating like the wooden box and the wooden barrel since its invention in the twentieth century, as it works well with modern packaging's such as cardboard boxes and intermodal containers which are commonly used for bulk shipping.
So precisely, How Big Is The Pallet Market?
To get a better idea of how big the pallet market is, we split the overall pallet market into different categories based on their type.
Based on a report on the wood pallet market by Valuates, it is estimated that the global market for wood pallet is estimated at US$ 9230 million in 2018, reaching US$ 14700 million by the end of 2025, growing at a CAGR of 6.0 percent in 2019-2025.
Further market analysis reveals that in 2016, the top 5 manufacturers had a global market share of 58.69 percent. The CHEP, which has a market share of 42.07 percent in 2016, is the Wood Pallet industry leader. It is followed by PalletOne and Kamps Pallets, which have a global market share of 7.17% and 2.47%, respectively.
There are currently two main types of plastic pallets, including polyethylene (HDPE) and polypropylene (PP). High-density polyethylene (HDPE) is the main type of plastic used for pallet making, and, in 2016, high-density polyethylene (HDPE) achieved a sales volume of approximately 71533 K unit, with 52.13 percent of global sales.
Based on the report provided by Valuates, Brambles company is dominating the plastic pallet market with a share of 20.41 percent. According to the report in recent years, along with Brambles, Craemer Holding and Langjia are competing for the same space. Their market shares are 5.52 percent and 4.95 percent, respectively.
According to the Valuates Air Cargo Pallet report, the market size is estimated to reach US$ 197 million by 2025, from US$ 146.1 million in 2018, at a CAGR of 4.4% over the forecast period. Air cargo pallet demand has sustained steady growth in the global market, growth rates are about 4.9 percent, and close to sales growth.
The main application is commercial transport involving freight and civil aircraft, accounting for more than 95% of total air cargo pallet sales, and passenger transport is the largest segment with a 71% share. And actually, aluminum is still the most commonly used component for the ULDs.
The global market for Paper Pallet is projected at US$ 620 million in 2018, reaching US$ 710 million by the end of 2025, rising at a CAGR of 2.0 percent in 2019-2025. The paper pallet industry is currently a small part (less than 10 percent) of the world's total pallet market. Based on to market shares, wooden pallets are still the most frequently used type in the world.