FMI Study Indicates Global Pallet Pooling Market Revenue Forecasted to Hit USD 14.49 Billion Milestone by 2034, Growing at 6.1% CAGR

The global pallet pooling market is poised for significant growth, with a projected valuation exceeding USD 8.01 billion by 2024. This initial phase marks the commencement of a robust upward trajectory, with sales expected to sustain a compelling Compound Annual Growth Rate (CAGR) of 6.1%. By 2034, the market is anticipated to achieve a remarkable valuation of USD 14.49 billion.

Pallet pooling, increasingly embraced by warehouse operators, is gaining substantial momentum due to several compelling reasons. One of its key advantages lies in the significant time and resource savings it offers. By adopting pooled pallets, operators can efficiently bypass labor-intensive tasks associated with repairing, maintaining, and sorting individual pallets. This enhanced efficiency not only optimizes operations but also translates into substantial cost savings.

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Interestingly, the pallet-pooling market currently accounts for roughly 4% of the global material-handling equipment market. This relatively small segment, however, is poised for significant expansion. According to Future Market Insights (FMI), North America is set to take the lead, commanding a substantial 35% of the total market share over the forecast period. This indicates the region's strong affinity for efficient logistics and its eagerness to embrace innovative solutions like pallet pooling.

Sales in the pallet pooling market are predicted to increase development on the back of rising demand for reducing logistic costs. Pavement management solutions carry backlinks to gather these pallets for repurposing by other manufacturers across the supply chain. The pallet interface eliminates the need for managing pallet distribution, reducing the complexity of pallet purchase, management, and retrieval.

Technological advancements are projected to create growth prospects for the pallet pooling market players. Various pallet pooling companies are focusing on introducing sophisticated pallets. For instance, they are launching pallets covered in radio frequency identification (RFID) tags. Due to numerous advantages, such as effective supply chain monitoring, this concept is rapidly gaining traction.

In the fast-moving consumer goods, food & beverage, and pharmaceutical industries, pallet pooling is very popular. Pooling pallet manufacturers continue to use wood and plastic as their principal materials. Demand for wood pallets is expected to remain high in comparison with other materials such as steel and composites.

Key Takeaways:

- The pallet pooling market in China to grow at a 6.7% CAGR over the forecast period.

- The U.S. pallet pooling market will grow at 4.7% CAGR over the forecast period.

- Demand for pallet pooling services in Germany is poised to grow at a 3.6% CAGR over the forecast period.

- Based on material, the wood segment is expected to account for a share of 57.5% in 2024.

- Block segment is projected to lead the market in terms of structural design, and is expected to account for a share of 57.3% in 2024.

Competition Landscape:

Pallet pooling service providers are focusing on business expansion by opening new distribution centers and sales offices. Many manufacturers are creating strong networks with dealers and distributors to expand their businesses across multiple regions.

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Key Players Covered in Pallet Pooling Market:

Brambles
Euro Pool Group
Faber Halbertsma Group
LPR
Schoeller Arca Time Materials Handling Solutions Limited
Contraload NV
Zentek Pool System GmbH
PPS Midlands Limited
Demes Logistics GmbH & Co. KG

Key Segments Covered in Report:

Structural Design:
Block
Stringer
Customized

Materials:
Wood
Composite
Plastic
Steel
Other Metals

End-Use Industry:
FMCG Industry
Food & Beverages
Pharmaceuticals
Electronics
Chemicals
Others

Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa (MEA)

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.