The COVID-19 pandemic has had a notable impact on the global economy, with restrictions on international trade and transport. This in turn has adversely impacted the global paper pallet market. Government-imposed restrictions on movement, transport, and social distancing on nationwide scales have cut deeply into the consumer spending in the paper pallets business, which is expected to continue through the 2nd quarter of 2020, squeezing the prospects of paper pallets for the near future.
According to a recent report published by Future Market Insights (FMI), the global paper pallet market is projected reach a US$ 800 Mn valuation by the end of 2025. The market is forecasted to display a steady rate of expansion through 2029. Manufacturers are preparing for substantial disruptions through 2020 in terms of the procurement of raw materials, reduced consumer demand, retail sales, and revenue. The temporary closure of non-essential businesses will have a major impact on the paper pallets market in the short term, states the FMI report.
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Four-way Pallets Remain Highly Sought-after
Two-way paper pallets have been popular owing to lower costs and high strength for load-lifting capabilities. However, these designs are limited in terms of flexibility and multi-directional load-bearing capabilities. Consequently, four-way pallets have been adopted increasingly as a viable solution to these problems, and have surpassed two-way pallets in terms of demand. On the other hand, the lack of demand from end user industries during the pandemic is expected to restrain the supply side of the industry. Demand is likely to steadily recover following the end of the pandemic.
“In comparison to wooden and plastic pallets, paper alternatives are gaining traction as they do not need chemicals for a longer shelf life. Also, paper pallets are resistant to fungal and bacterial influences. These products are subject to relatively fewer regulations, strengthening production. Improvements in designs have resulted in superior load carrying capacity. Sustainability initiatives are also likely to contribute to demand. However, recovery is only possible depending on the duration of the COVID-19 pandemic.”
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Europe to Hold the Lead; South East Asia and Oceania Catch up
Europe is one of the largest markets for paper pallets, driven by a high proliferation of end user industries such as pharmaceuticals, food & beverages, personal care & cosmetics, and consumer electronics. However, the widespread impact of the coronavirus across countries in the European Union has severely curtailed commercial and industrial activity in the region, eating into the requirement of pallet products.
The South Asia, East Asia, and Oceania regions are anticipated to generate remunerative opportunities for leading investors. The growth of leading manufacturers, and end users of paper pallets will remain a key factor in the market attractiveness of the region, once the coronavirus outbreak finally subsides.
The FMI report offers near and long-term growth outlook of the paper pallets market. Gain access to FMI’s exclusive COVID-19 tracker here.
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