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 negative impact on international trade and industry supply networks. This has an impact on the demand for pallets in 2020.

Region Analysis:

Asia-Pacific dominates the pallet market due to region's growing transportation and logistics sectors. For instance, in March 2021, Yelopack, a supply chain management firm with operations throughout Asia Pacific, including China, Russia, Korea, Japan, Singapore, and Malaysia, integrated the AFFINITY polyolefin elastomer (POE) in its existing plastic pallets. Adopting Dow's technology helps Yelopack to improve the life of its pallets by 150 percent, lowering its carbon impact. Middle East and Africa (MEA) are predicted to experience the fastest growth due to the region growing industrialization.

Key Highlights:

• Drax Group PLC, a British energy firm, has agreed to acquire Pinnacle Renewable Energy Inc., a Canadian wood pellet production company, in April 2021. After acquiring Pinnacle's 11 locations, Drax now controls 17 pellet facilities and expansions.
•  Beginning in January 2021, a new Wood and Pellet Heater Investment Tax Credit went into effect, allowing customers who purchase extremely efficient wood or pellet stoves or larger residence biomass heating systems to claim a 26 percent tax credit that is unlimited and based on the entire cost of the unit.
• Epic Games, Inc purchased Harmonix Music Systems, Inc in November 2021. The Harmonix team will collaborate closely with Epic Games, Inc to build musical adventures and gameplay for Fortnite while continuing to support existing products such as Rock Band 4.

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Key Market Insights from the report:

Global Pallet Market accounted for US$ 64.34 billion in 2020 and is estimated to be US$ 109.64 billion by 2030 and is anticipated to register a CAGR of 5.50%. The Global Pallet Market report segments the market on the basis of type, material, end-user and region.

• Based on Type, Global Pallet Market is segmented into Rackable, Nestable, Stackable and Display.
• Based on Material, Global Pallet Market is segmented into Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper and Metal.  
• Based on End-User, Global Pallet Market is segmented into Food & Beverage, Pharmaceuticals, Chemical, Retail and Others. 
• By Region, the Global Pallet Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Pallet Market:

The key players operating in the Global Pallet Market includes Universal Forest Products, Inc., Palcon LLC, Shur-way Group Inc., Coxco, Inc., Rowlinsons Packaging Ltd., Bay Wood Products, Inc., CHEP