According to Future Market Insights, during the forecast period, the global Pallet Corner Boards Market is expected to account for US$ 558.2 Million in 2023 and is going to further expand at a CAGR of 4.4% to reach a valuation of US$ 858.6 Million by the year 2033. The sales of pallet corner boards are anticipated to bolster with the top 5 companies projected to hold around 15 to 20% of the market in 2023.
Pallet corner boards offer better protection of packed goods which aids in the arrival of products in good condition without any damage from unfortunate mishaps while storing or shipping. With an increasing demand for delivering the best quality products to the clientele, the pallet corner boards market is anticipated to grow 1.6 times the current market value during the forecast period.
| Attributes | Details |
|---|---|
| Market Size 2023 | US$ 558.2 Million |
| Market Size 2033 | US$ 858.6 Million |
| Value CAGR (2023 to 2033) | 4.4% |
| Collective Value Share: Top 3 Countries (2023E) | ~20 to 25% |
The revenue of the pallet corner boards market totaled US$ 536.2 Million in 2022. Due to an increasing need for the safe delivery of goods across long distances, the pallet corner board market is anticipated to reach US$ 858.6 Million by the end of the year 2033, with an increasing CAGR of 4.4% throughout the forecast period.
The pallet corner boards market is set on a growth trajectory during the forecast period. A new forecast of FMI estimates that pallet corner board sales will rise between 2022 and 2033 and are projected to create an absolute incremental growth opportunity of US$ 322.4 Million. The perpetual growing quantity of items in storage and shipping opportunities have caused a surge in demand for pallet corner boards and the market for the same is anticipated to expand 1.6 times the current market value during the forecast period.
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The global pallet corner board market witnessed a CAGR of 4.0% during the historic period with a market value of US$ 536.2 Million in 2022.
Corner boards are rigid, right-angled strips made from paper and plastic that reinforce the edges on the top, bottom, and corners of a box to protect it from any collisions, stress or strapping that it may have to endure during storing or moving processes. Most of the paper pallet corner boards are made from recycled paper and are 100% biodegradable. Using corner boards is one of the most efficient and reliable yet simple ways of adding strength to boxes while protecting the goods inside them and ensuring their safety from strains and stresses.
Pallet corner boards are cost-effective and are used as a protective measure against damage from heavy blows, warping due to stacking, etc. The size and thickness of the corner boards are customizable according to the customer’s requirements. Some manufacturers also allow custom printing on corner boards to facilitate branding of the customer’s company or to make the boxes of their brand distinguishable from others.
Quality products damaged due to mishandling or mishaps prove detrimental to businesses and may affect customer retention which is the grounds for which they invest in packaging protection. All these factors contribute to the expansion of the pallet corner board market extensively.
Globalization, the emergence of e-commerce websites, the rise in consumerism, and ease of communication and transportation across vast distances have fueled the logistics industry in the past decade. The rising quantity of items stored in inventory and the growing number of transits over longer distances are causing logistic companies to majorly consider the safety of the items being shipped. This owes to the fact that an increase in consignment leads to higher chances of damage to the items as even a slight blow or jolt to the packaging box can cause the item inside it to get disfigured easily especially if it is fragile.
Logistics companies strive hard to make any product reach its destination from the dispatch center while not only maintaining its utmost quality but also ensuring that no substandard product is delivered. Adding pallet corner boards to boxes as a protective measure at an economical cost saves huge costs of logistic facilities and management while corroborating the safety of goods. Due to the increasing utilization of logistics, the scope of the pallet corner board market is also expanding.
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The surging number of people who prefer online shopping as opposed to in-store shopping has led to the emergence of several e-commerce websites since various types of goods can be ordered from the comfort of home. To expand their businesses, these e-commerce companies need to maintain large-scale warehouses with a huge quantity of sales items. The safety of these goods is of paramount importance as a compromise in quality will incur considerable losses. To safeguard the items, companies are using corner boards as a way to secure prime quality. With an increase in e-commerce, the sales of pallet corner boards are accelerating.
The paper corner board is projected to hold 35% market share during 2023 to 2033. Paper corner boards are lightweight which chalks up to ease of use. They are recyclable as well as biodegradable and hence are good for the environment. Companies can buy them at a lower cost as the raw materials used to manufacture paper corner boards are cheap to acquire and they provide just as much protection as their counterparts such as plastic or wooden corner boards.
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| Country | USA |
|---|---|
| Market Share (2023) | 18.3% |
| Market share (2033) | 17.8% |
| Basis Points (BPS) Analysis | -50 |
| Country | China |
|---|---|
| Market Share (2023) | 6.8% |
| Market share (2033) | 6.5% |
| Basis Points (BPS) Analysis | -30 |
| Country | India |
|---|---|
| Market Share (2023) | 5.5% |
| Market share (2033) | 5.9% |
| Basis Points (BPS) Analysis | 40 |
| Country | Japan |
|---|---|
| Market Share (2023) | 4.2% |
| Market share (2033) | 4.8% |
| Basis Points (BPS) Analysis | 60 |
| Country | Germany |
|---|---|
| Market Share (2023) | 9.6% |
| Market share (2033) | 9.9% |
| Basis Points (BPS) Analysis | 30 |
Germany is ranked as the top country when it comes to logistics as per the Logistics Performance Index ((LPI) a benchmark tool set by the World Bank) which owes to the fact that around US$ 16.3 billion is invested in this sector annually. Along with efficiency and punctuality, maintaining the product standard is of prime concern, particularly for large consignments which are seen as bountiful in this country. The perpetual growth of logistics in Germany is projected to spike the sales of pallet corner boards.
The India is anticipated to hold 43% market share in south Asian pallet corner board market during forecast period. In India, the Fast Moving Consumer Goods (FMCG) sector is growing at a fast pace since FMCG products are necessities and their sales are only going to escalate owing to the tremendous population growth.
These products need to be handled carefully while being transported from the manufacturing plant to the end destination.
The rise of the e-commerce sector in India led to an increase in the number of warehouses, and the need for smooth operations while transiting. This surged the demand for proper handling while storing, stacking, and shipping products to maintain the quality of the same which is propelling the demand for pallet corner boards.
The key stakeholders and investors in the pallet corner boards market around the world are making an effort to expand their businesses by adopting mergers and acquisitions to meet the increasing demand. They are also focusing on making their products eco-friendlier in light of rising awareness of the environment. Listed here are some of the key developments by the leading players in the industry.
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.4% from 2023 to 2033 |
| Base Year For Estimation | 2022 |
| Historical Data | 2015 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2023 to 2033 |
| Report coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments covered | Material type, Thickness, End use, Region |
| Regions covered | Central Europe; North America; Eastern Europe; Western Europe; Baltic Countries; Southeast Asia; Latin America; Scandinavian Region; Middle East; South Asia |
| Key countries covered | Poland, Germany, Czech Republic, Netherlands, Belgium, United states, Lithuania, Latvia, Italy, Malaysia, Switzerland, France, Ukraine, Denmark, Canada, Peru, India |
| Key companies profiled | Millenium Packaging Inc.; Smurfit Kappa Group PLC; Kyana Packaging Solutions; Kraft Material Services; Signode Industrial Group LLC; North America’s Laminating and Converting Company; Impakt Packaging; Korpack; Crateco Pack LLC; IPS Packaging and Automation; Intreden Exim Private Limited; Continental Packaging Material Industry LLC; Pro Pac Professional Packaging Systems; Great Northern Laminations; Angleboard UK; Sonoco Products Company; BENZ Packaging Solutions Private Limited |
| Customization and pricing | Available Upon Request |
The global pallet corner boards market was US$ 536.2 Million in 2022.
The global pallet corner boards market is projected to reach US$ 558.2 Million by the end of 2023.
The pallet corner boards market is estimated to reach US$ 858.6 Million in 2033.
The global pallet corner boards market exhibited a CAGR of 4.1% over the last 4 years.
The pallet corner boards market is projected to register a CAGR of 4.4% from 2023 to 2033.
The paper material will garner significant value share by 2023.
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Pallet Corner Boards Market
