The new report by Expert Market Research titled, ‘North America Pallet Market Analysis, Growth, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the North America pallet market, assessing the market based on its segments like type, application, structural design, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): 1,563.9 billion units
- Forecast CAGR (2023-2028): 1.8%
- Forecast Market Size (2027): 1,737.7 billion units
The growth of the North America pallet market if driven by the increase in online shopping platforms. The e-commerce sector saw a robust growth owing to the covid-19 lockdown in 2021 thereby bolstering the pallet demand from storage and warehousing facilities. Additionally, the market if further fuelled by the rising demand for sustainably produced wooden pallets. Moreover, the government initiatives such as North American Pallet Recycling Network, for promoting the use of reusable and recycled is projected to provide growth opportunities over the forecast period.
North America Pallet Industry Definition and Major Segments
A pallet refers to a platform or support made from plastics, metal, wood, or corrugated paper. It is a form of tertiary packaging and finds application primarily in logistics and warehousing. It is used for storing, transporting, and managing heavy load.
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On the basis of type, the market is segmented into:
- Wood
- Plastic
- Metal
- Corrugated Paper
Based on application, the market is categorised into:
- Food and Beverage
- Chemicals and Pharmaceuticals
- Machinery and Metal
- Construction
- Other
On the basis of structural design, the market is divided into:
- Block
- Stringer
- Others
The regional markets for North America Pallet include:
- Canada
- United States of America
North America Pallet Market Trends
The North American wood pallet market is anticipated to be dominated by the wood pallet segment owing to it cheaper production cost. However, the plastic pallet segment witnessed a rapid growth amidst covid-19 pandemic. The plastic pallets can be washed and sanitised multiple times without damaging its structural integrity, thus, aiding the growth. Additionally, the stringent government regulations for food transport led to increased plastic pallet deployment in food and beverage sector thereby, propelling the market further.
Key Market Players
The major players in the market are PalletOne Inc., Herwood Inc., John Rock Inc., Pallet USA, TMF Corporations and a few others.
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