Paper Pallet Market is anticipated to rise at a value CAGR of 6.1% over 2019-2028. According to a study published by Insure Insights on the Paper Pallet Market, Paper pallets are also known as ecopallets; they are mostly used in are shipping or for display pallets and are made up of paperboard. These Pallets are being used for stacking, storing, protecting, and for transporting the materials. Paper pallets are relatively cheap, and high preference given to the safe and efficient transportation is driving the market growth of Paper Pallet.
Top Driver: The Rise in the manufacturing of FMCG goods is driving the market
The rise in the demand and popularity for FMCG goods like beverages, stationery, over-the-counter medicines, cleaning, laundry products, plastic goods, and personal care products are driving the market growth of the Paper pallet market as it indirectly increases the need of Paper Pallets. Further, the need for efficient and cost-effective pallets are enhancing the demand for Paper pallets. Paper pallets are easy to dispose of and are completely clean and free from impurities and are further propelling market growth. The reusability and recyclability of the paper pallets and manufacturers are keen in making various innovations to satisfy the customers’ needs are the factors expanding the growth of the market.
Honeycomb Paper Pallet to Make Crucial Contribution to Growth of Global Paper Pallet Market
Based on the Pallet structure segment, honeycomb pallets have dominated the growth of the segment as they have hassles import and export restrictions Encountered with wooden pallets. As such, they are efficient, economical, effective, and Environmental-friendly substitute for wooden and plastic pallets.
Based on the Material Segment, Corrugated paper pallet has obtained the most significant growth as they are a very thick paper board as it can be efficiently used for packaging materials different material. These papers are grooved and ridged alternatively to create layers of strong paper material. They are also like wooden pallets, corrugated paper pallets are stronger on one axis than the other and are also used to carry heavy materials. Based on the End User Segment Shipping has obtained the most remarkable growth as paper pallets are useful in shipping, transportation, etc
North America will continue to Rule the Paper Pallet market due to the rise of the Manufacturing activities.
The high demand for manufacturing goods in sectors like food, cosmetics, medicines, etc. as well as a better infrastructure of the large retail industry, is deriving the regional growth of the market. The high consumption rate of Paper Pallet is enhancing regional growth. The outbreak of covid -19 in 2020 and increase in need of drugs have further propelled the regional growth. The rise in the shipping actives of different products has further accelerated market growth.
Strategic partnerships, collaboration and acquisition are the major strategies of the competitors
The competitors focus on mergers, acquisitions, partnerships, and collaboration and are their key strategies. The key competitors of the global Paper Pallet market are DS Smith, Smurfit Kappa Group, DNA Packaging Systems, Green Label Packaging, Eltete Malaysia Sdn Bhd, YOJ Pack-Kraft, Sonoco, and Honey Shield Emballeurs.
Smurfit Kappa Group: – Sonoco is one of a giant competitor of the Paper Pallet market; for instance, in the year 2019, Sonoco had announced that they had completed the acquisition of Conitex Sonoco, they are a global leader in the manufacturing of paper-based cones and tubes used in the textile industry this acquisition was made by Sonoco was to strengthen its product portfolio.
Smurfit Kappa Group: Smurfit Kappa Group is popular in the global Paper Pallet market. In March 2019, Smurfit Kappa Group had announced that it had completed the acquisition of Balkanpack. Balkanpack is involved in the supplies of corrugated packaging to the food, agricultural, cosmetic, pharmaceutical, and chemical industries; this acquisition was made by Smurfit Kappa Group to strengthen in position in the Balkan region.
Scope of the Report
By Pallet Structure
Table of Content
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