Global Corrugated Pallets Market Analysis and Global Forecast 2023-2033

Global Corrugated Pallets Market Overview

The global Corrugated Pallets market was valued at $1.48 Billion in 2022 and is anticipated to grow at a CAGR of 4.91% from 2023 to 2033. The global corrugated pallets market is valued at USD 1,380 million in 2021 and is projected to grow at a CAGR of 4.8% from 2022 to 2030. Corrugated pallets, also known as paper pallets, are made from corrugated material and paper board sheets, offering an eco-friendly alternative to traditional wood pallets. These pallets come in various designs, including 3-5 layers for medium-weight goods and less than 3 layers for lightweight products. The market is primarily driven by the increasing demand for sustainable packaging solutions, particularly in industries like food and beverages, pharmaceuticals, and agriculture. Companies like KraftPal Technologies are leading the way in transforming the global supply chain with innovative corrugated pallet solutions, aiming to provide efficient, scalable, and environmentally friendly pallet options for logistics and material handling

Global Corrugated Pallets Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global pallets market, including the corrugated pallets segment. While the overall pallets market is expected to register a CAGR of 5.2% during the forecast period (2021 – 2026), the pandemic has caused disruptions in supply chains and changes in consumer behavior. The increased demand for sustainable packaging solutions, driven by green consumerism, has led to the growth of corrugated pallets as a means of eco-friendly packaging. Established players in the market are innovating to strengthen the pallets for varied applications, and companies are adopting sustainable practices in response to the theme of sustainability, particularly in the Asia Pacific region. The market is fragmented, with several small and large manufacturers competing for market share. The rise of e-commerce and the need for efficient and cost-effective product delivery have led to the adoption of RFID chips in pallet materials for real-time tracking and tracing, minimizing product loss and improving supply chain efficiency.

Global Corrugated Pallets Market Dynamics

The major factors that have impacted the growth of Global Corrugated Pallets are as follows:

Drivers:

⮚     Technological Advancements

Ongoing technological advancements in manufacturing processes have led to the development of stronger, lighter, and more durable corrugated materials, enhancing the performance and versatility of corrugated pallets. These advancements have expanded the applicability of corrugated pallets across various industries, including automotive, retail, e-commerce, and electronics, driving market growth.

Restraint:

• Limited Reusability

Unlike durable materials like plastic or metal, corrugated pallets have a limited lifespan and may not be suitable for multiple reuse cycles, especially in industries with rigorous handling and transportation requirements. Although corrugated pallets are recyclable, their reusability is constrained by factors such as wear and tear, moisture damage, and structural integrity issues. This limited reusability may increase the overall packaging costs for businesses over time, particularly those with high-volume shipping operations.

Opportunity:

⮚     Technological Innovations

Ongoing technological advancements in corrugated materials and manufacturing processes present opportunities for product innovation and performance enhancement. By investing in research and development, manufacturers can develop lightweight yet durable corrugated pallets with improved load-bearing capacity, moisture resistance, and structural integrity. Additionally, innovations in digital printing technology enable high-quality, cost-effective customization of corrugated pallets, further expanding market opportunities.

Global Corrugated Pallets Market Segment Overview

By Product

Based on the Product, the market is segmented based on >3 walls, 3-5 Walls and 5+ Walls. With the most market share, the Less than 3 layers category is predicted to expand at a CAGR of 4.3% over the course of the projected period. For lightweight consumer goods products, corrugated pallets with fewer than three layers are employed. These pallets are made for transporting light items in the food and beverage and pharmaceutical industries and can support modest loads.

By Raw Material

Based on Raw Material, the market has been divided into Angle board and Corrugated sheet. the Raw Material segment plays a crucial role, with a focus on sustainability and recyclability. Manufacturers are increasingly using renewable and recycled materials, such as paperboard and fiber, to align with environmental goals and reduce the carbon footprint of pallet production

By End User

Based on the End User, the market has been divided into Food and Beverages, Chemical and Pharma, Agriculture, Metal and Machinery, Wholesalers and Others. With the biggest market share, the food and beverage segment is predicted to expand at a compound annual growth rate (CAGR) of 6.2% throughout the course of the projection period. The food and beverage sector constantly employs wheels to move its goods from one location to another or store them in warehouses.

By Application

Based on Application, the market has been divided into Logistics and Storage. Corrugated pallets are favored for their lightweight, hygienic, and customizable properties, making them ideal for transportation and storage needs across diverse sectors.

Global Corrugated Pallets Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of Asia Pacific is anticipated to dominate the market for the usage of Corrugated Pallets, followed by those in North America and Europe.

Corrugated Pallets Asia Pacific Market

The Asia Pacific region holds a dominant position in the Global Corrugated Pallets market. With the greatest market share, Asia Pacific is expected to grow at a compound annual growth rate (CAGR) of 5.6% over the course of the projected period. The goods are shielded from atmospheric, magnetic, electrostatic, vibration, and shock damage by corrugated pallets. Due to increasing industrialization and growing advances related to corrugated pallets in emerging economies, Asia-Pacific is expected to have strong growth potential. The need for corrugated pallets for the shipping of relatively small items is predicted to rise as online shopping becomes more common in developing nations.

Corrugated Pallets North America Market

The North America region is witnessing rapid growth and emerging as a significant market for the Global Corrugated Pallets industry. By area, North America is the second largest. At a 3.9% CAGR, it is predicted to reach an expected value of USD 400 million by 2030. The corrugated pallet markets in North America comprise major nations including the United States and Canada. There are numerous manufacturing facilities in these nations. As a result, corrugated pallet use has grown significantly in these nations, contributing to the expansion of the regional market. The main reasons propelling the growth and development of the packaging and protective packaging market in North America are the expansion of the global e-commerce sector, the demand for inflatable packaging, and the active involvement of third-party logistic businesses.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as SMURFIT KAPPA, DS Smith, WestRock, Conitex Sonoco, and International Paper are some of the leading players in the global Global Corrugated Pallets Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• SMURFIT KAPPA
• DS Smith
• WestRock
• Conitex Sonoco
• International Paper
• Mondi
• Klabin S.A
• PGS Group
• Nefab Group
• KraftPal

Key Development:

In September 2023, PGS Group, a prominent player in the corrugated pallets market, announced a significant expansion of its manufacturing capacity, bolstering its position as a leading provider of sustainable pallet solutions. This development marked a strategic move to meet the rising demand for eco-friendly packaging solutions and strengthen the company’s market presence.

Scope of the Report

Global Corrugated Pallets Market, by Product

• >3 walls
• 3-5 Walls
• 5+ Walls

Global Corrugated Pallets Market, by Raw Material

• Angle board
• Corrugated sheet

Global Corrugated Pallets Market, by End User

• Food and Beverages
• Chemical and Pharma
• Agriculture
• Metal and Machinery
• Wholesalers
• Others

Global Corrugated Pallets Market, by Application

• Logistics
• Storage

Global Corrugated Pallets Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $1.48 Billion
CAGR	4.91% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Product, Raw Material, End User, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	SMURFIT KAPPA, DS Smith, WestRock, Conitex Sonoco, International Paper, Mondi, Klabin S.A, PGS Group, Nefab Group, KraftPal
Key Market Opportunities	E-commerce and Retail Growth Customization and Branding
Key Market Drivers	Cost Efficiency Technological Advancements

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Global Corrugated Pallets Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Global Corrugated Pallets market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the Global Corrugated Pallets market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Corrugated Pallets Market.