Pallet Market is estimated to be US$ 109.64 billion by 2030 with a CAGR of 5.5% during the forecast period.
The growing emphasis on sustainable packaging and pallets is also predicted to fuel the expansion of the Pallets Market . The majority of pallets in use today are made of wood, and they are one of the main contributors to municipal solid garbage (MSW). Furthermore, the discarded wooden pallets are high in energy, which is typically lost during MSW disposal. As a result, industries are already implementing recycling ways to reduce wood waste in pallet manufacture. Companies such as Brambles, Ltd. in Australia and CABKA Group GmbH in Germany, for example, are working toward the creation of entirely recyclable or 100 percent reusable timber and plastic pallets. However, changes in wood prices, particularly in Europe and North America, hinder the expansion of the pallets business. Because Europe and North America are the two main consumers of wooden pallets, fluctuations in timber prices affect consumer behaviours in the pallets business. Furthermore, the COVID-19 pandemic has had a nega