The global sales of block pallets are estimated to be worth USD 20.4 billion in 2021 and are anticipated to reach a value of USD 32.5 billion by 2031. Sales are projected to rise at a CAGR of 4.8% over the forecast period between 2021 and 2031. The revenue generated by block pallets in 2020 was USD 19.5 billion.
As per the latest industry survey conducted by Future Market Insights, due to rise in global shipping and logistics business there has been an exponential rise in demand for block pallets across the globe. With the help of these, we can transport the multiple containers simultaneously which significantly reduces the risk of breakage and save time and efforts.
Increasing demand for efficient and durable packaging solutions for various industries is significantly driving the block pallets market. Block pallets are being preferred by the companies because of durability, reusability, and superior strength for optimizing the supply chain. Boom in ecommerce is fueling the block pallets market in which reliable and efficient logistics are essential for meeting the consumer demands.
Global Block Pallets Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 19.5 billion |
| Estimated Size, 2021 | USD 20.4 billion |
| Projected Size, 2031 | USD 32.5 billion |
| Value-based CAGR (2021 to 2031) | 4.8% |
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Block pallets are essential storage and transportation solutions for local as well as international transportation of any manufacturing or shipping company. The pallets made up of wood, plastic or plywood, also known as ‘’four-way’’ pallets are made up of 12 cylindrical blocks to support the top deck board are known as block pallets globally.
The block pallets allows forklifts and other pallet jacks to access the pallet from all four sides, though block pallets are more stronger than other types of pallets such as stringer pallets. Block pallets are gaining worldwide popularity due to safety it provides to the bulk loaded on it while transit.
In modern day supply chain pallets are regarded as essential elements, as foundation of unit loads for shrink wrapping, simply storing them or either manufacturer or shipper is strapping or shipping their bulk sized loads.
Most unique feature of block pallets is they can be easily customized as per the requirement of the load to be stored on it, for carrying food & beverages, for carrying automotive equipment, varied uses of block pallets across all industries has positive impact on its demand across continents.
Manufacturers producing wooden block pallets are making wooden pallets matching the international safety and quality standards making them suitable for carrying loads to the farthest markets.
The wooden block pallets do not require any chemical coating and resistant to harsh environmental changes during the transit of loads, along with designs which are lighter than other load carrying counterparts indicates towards expansion of global block pallet market due to rise in demand registered in all parts of the world.
Principal Consultant
The cost of block pallets is higher than the other load handling pallets, manufacturers and operational facilities operators are preferring over other alternative pallets available in the market in lesser price. Thus, high cost incurred for procurement of block pallets has a negative impact on demand for block pallets globally.
Blocks places inside the block pallets to support the unit load placed on it are not repairable, instead of repairs those blocks needs to be replaced in shorter time periods, thus it incurs a high cost of maintenance for the end user industries using block pallets. Moreover, it impacts the overall growth potential of the global block pallets market over the forecasted period.
Key global industry players are switching to sustainable practices and marketing themselves as sustainable practitioners, the wooden block pallets can allow them to meet their sustainability goals as wooden block pallets are made up of wood and does not have any negative impact on the environment. Eventually provides a lucrative growth opportunity for the block pallet manufacturers in all parts of world.
The manufacturers of block pallets can differentiate themselves from each other by marketing their pallets as 100% recyclable features of wooden block pallets. Large scale industries and shipping companies adapting block pallets over other types of pallets, indicates towards expansion of global block pallets market.
Currently the block pallets are most preferred pallet type in Europe only, due to increase in market popularity and variety of safety features offered to bulk loads by block pallets, the key global market players of block pallets can target larger untapped markets witnessing fast paced development in manufacturing and logistics sector to expand their market bases by catering developing markets.
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Stringent pallets were most used pallet type in the USA market, but due to more international trade organizations and key manufacturers adapting block pallets for enhanced safety and convenience for storage & movement of bulk loads, recent decade has witnessed a sharp rise in demand for block pallets in the USA
Manufacturers of pallets are using sustainable raw materials such as wood and metals to produce block pallets to serve the increasing demand from ever-growing food & beverages industry and thriving chemical production industries in the country. In addition to all this the rise in demand for block pallets in USA market indicates towards expansion of global block pallets market in whole North American region over the forecasted period.
Exponential growth witnessed by shipping & logistics industry in India, along with increasing warehousing and storage facilities due to favourable government policies and easy finance schemes throughout the country has resulted in sharp rise in demand for safe unit material handling solutions such as block pallets across the country.
Being a global manufacturing hub for almost all the industries including automobiles, electronics and chemicals, presence of large scale operational facilities in the country, makes China a fast growing market for block pallets. Due to significant rise in exports driving demand for bulk material handling and storage solutions such as block pallets made of different materials, resulting in growing sales of block pallets in China.
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Block Pallets Market
