Wood pallets, also known as skids, are wooden platforms used for moving and storing merchandise and products during shipping and transport. They provide a stable and secure platform for supporting, handling, and protecting goods while in transit. Wood pallets are inexpensive, durable and easy to handle conveyance systems for shipping and transporting a wide variety of products worldwide.
The global Wood Pallets Market is estimated to be valued at US$ 2.65 Bn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Favorable Government Rules and Regulations: Governments across the globe are promoting the use of wood pallets over plastic pallets owing to ecological and environmental concerns related to plastic waste. Several regulations enacted by governing bodies encourage the recycling and reuse of wood pallets. For instance, the European Union has issued directives restricting the use of hazardous substances in electrical and electronic equipment which favors the use of wood over plastic. Favorable regulations and norms related to sustainable packaging are expected to drive demand for wood pallets over the forecast period.
SWOT Analysis
Strength: Wood pallets are durable enough to withstand rigorous material handling processes and can be reused multiple times, reducing costs.
Weakness: Wood pallets are prone to damage from moisture, insects, and microorganisms leading to shorter lifespan. Transportation of wood pallets adds to environmental costs.
Opportunity: Growing e-commerce sector is increasing demand for efficient logistics and storage solutions driving opportunities in the wood pallets market. Adoption of RFID tags for tracking pallet movement allows for optimized resource usage.
Threats: Stringent regulations regarding the treatment and disposal of wood increase production costs. Substitutes like plastic pallets pose competition on parameters of durability and sterilisability.
Key Takeaways
Global Wood Pallets Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market was valued at US$ 2.65 Bn in 2023 and is anticipated to expand at a robust CAGR of 24% during the forecast period.
Regional analysis indicates that Asia Pacific dominates the wood pallets market and is expected to continue its dominance through 2030. The presence of emerging economies like India and China alongwith the growth of end-use industries such as food and beverage, chemicals, construction in the region is fueling market growth. North America and Europe are other high potential regions in the wood pallets market supported by stringent regulations regarding safe and efficient material handling.
Key players operating in the wood pallets market are Merck KGaA, Sanofi, AlpalifeB Inc, GenScript, Novartis International AG, Taisho Pharmaceutical Holdings Co., Ltd., Sino Biological, Inc., GeneMedi, Biocytogen, Abnova Corporation, NanoTag Biotechnologies, Avillion LLP, Capra Science, Numab Therapeutics, CUSABIO TECHNOLOGY LLC, Proteintech Group, Inc., GT Biopharma, Inc., Confo Therapeutics, R&D Systems, Inc., Abcepta Biotech Ltd. Co. The competitive landscape is consolidated in nature with top players emphasizing on new product launches and long term partnerships with end use industries for sustainable market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
