Press Release Description
Rapid Industrialization Driving South Korea Pallet Market at a Projected CAGR of Around 6.67% During 2025-30
The South Korea Pallet Market size was valued at around USD 1.22 billion in 2024 and is projected to reach USD 1.79 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.67% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The main driving factor behind the growth of this market is the rapid industrialization in South Korea. Since many industries in this region are in expansion mode like; manufacturing, electronics, automotive, etc. so this has resulted in an increased demand for pallets as they are used to store, lift, and transport various products more efficiently.
Moreover, with a high sales record of the online retail segment, it can be deduced that the e-commerce sector is also continuously expanding. This results in an increase in products that have to be handled and then transported in various warehouses. This further increases the demand for pallets as they are highly functional in terms of handling the goods while managing the space efficiently. In Addition to these, they provide ease of transporting goods by getting easily lifted using jacks, cranes, or forklifts. Therefore, as the e-commerce sector is expected to expand in South Korea, the need for efficient product handling will increase the demand for pallets as well in the coming years.
Furthermore, the number of products exported from South Korea is continuously increasing. This can be observed from an increasing number of exports of cars from Hyundai Motors, smartphones from Samsung, etc., which have made this country the seventh largest export of goods worldwide. As a result, they also increase the demand for pallets as they are used in all such industries to hold the products stable in containers and provide ease while loading and unloading the products in them. Therefore, the superior advantages have made it highly popular among South Korean industries in historical years, and the expanding e-commerce and logistic sector shows the high demand for pallets in the future as well, further states the research report, “South Korea Pallet Market Analysis, 2025.”
South Korea Pallet Market Segmentation Analysis
Wood is the Most Preferred Material for Pallets Manufacturing
Based on the material, the market is further bifurcated into Wood, Plastic, Metal, and Corrugated Paper. Here, wood leads the market with a market share of around 52%. This is because of the high abundance of wood in South Korea which is used for making pallets. For instance, around 63.5% of the land area is forest in this country, with pine and oak as the primary species. As a result, wooden pallets are highly available in the market, and that too at low prices.
Moreover, the supreme advantages of wooden pallets further increase their demand. These include their corrosion-free property, ease of repair, environment-friendly nature, light-weight, and others. Therefore, wood pallets hold a major share of the market due to the high availability of required wood, advanced properties, and cheap price, and this dominance is expected to remain in the future as well.
Block Pallets Capture a Major Market Share
Block pallets lead the market with a market share of around 69%. This dominance is because of the durability offered by block pallets. For instance, the load capacity of the stringer wood is up to 2,500 pounds whereas the block pallets can have a load capacity of up to 5,500 pounds. Moreover, the design of block pallets is such that they can lifted from any of the four sides which made them highly efficient in managing the space of the inventories. Additionally, block pallets are easy to repair as compared to other segments. Therefore, multiple advantages of this design have made block pallets highly popular in South Korea, and this dominance is expected to remain in the future as well.
Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Sehwa Pallet, Samjung Industries, Daihyun Wood, Logisall Group, Enlightening Pallet, Eagon Greentech, NPC Corporation, Korea Plastic Co. Ltd., Leehwa Industry Co. Ltd., Alporter, and others are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across the country?
- How have buying behavior, customer inclination, and expectations from products been evolving during 2020-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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