Asia: Wood Flat Pallet Market 2024

Wood Flat Pallet Market Size in Asia

The Asian wood flat pallet market expanded remarkably to $X in 2021, picking up by 9.8% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in years to come.

Wood Flat Pallet Production in Asia

In value terms, wood flat pallet production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 15% against the previous year. Over the period under review, production reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Wood Flat Pallet Exports

Exports in Asia

In 2021, shipments abroad of flat pallets and pallet collars of wood decreased by -2.8% to X units for the first time since 2018, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 13% against the previous year. The volume of export peaked at X units in 2020, and then shrank slightly in the following year.

In value terms, wood flat pallet exports surged to $X in 2021. Total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +56.8% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Malaysia (X units) and China (X units) represented the main exporters of flat pallets and pallet collars of wood in Asia, together recording near 51% of total exports. Turkey (X units) ranks next in terms of the total exports with a 9.5% share, followed by the United Arab Emirates (7.4%), Palestine (6.6%), South Korea (5.4%) and Vietnam (5%). Thailand (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +10.1%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), China ($X) and Turkey ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 67% of total exports. The United Arab Emirates, South Korea, Palestine, Vietnam and Thailand lagged somewhat behind, together accounting for a further 24%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +12.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, rising by 30% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Palestine ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+6.5%), while the other leaders experienced more modest paces of growth.

Wood Flat Pallet Imports

Imports in Asia

In 2021, supplies from abroad of flat pallets and pallet collars of wood decreased by -23.8% to X units for the first time since 2011, thus ending a nine-year rising trend. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 20%. Over the period under review, imports attained the maximum at X units in 2020, and then declined markedly in the following year.

In value terms, wood flat pallet imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore was the main importer of flat pallets and pallet collars of wood in Asia, with the volume of imports accounting for X units, which was near 37% of total imports in 2021. Malaysia (X units) held an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Oman (8.2%), South Korea (7.7%), India (6.9%) and Hong Kong SAR (6%). China (X units), Japan (X units), Turkey (X units), Taiwan (Chinese) (X units), Thailand (X units), Cyprus (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to wood flat pallet imports into Singapore stood at +4.1%. At the same time, Cyprus (+33.7%), Oman (+20.9%), Malaysia (+19.4%), India (+10.3%), China (+10.3%), South Korea (+10.0%), Hong Kong SAR (+7.4%), Taiwan (Chinese) (+6.9%), Thailand (+6.8%) and Turkey (+6.6%) displayed positive paces of growth. Moreover, Cyprus emerged as the fastest-growing importer imported in Asia, with a CAGR of +33.7% from 2012-2021. By contrast, Japan (-3.1%) and the Philippines (-9.2%) illustrated a downward trend over the same period. While the share of Oman (+5.8 p.p.), Malaysia (+5.6 p.p.), South Korea (+2.5 p.p.) and India (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-4 p.p.), Singapore (-4.1 p.p.) and the Philippines (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported flat pallets and pallet collars of wood in Asia, comprising 43% of total imports. The second position in the ranking was held by Oman ($X), with an 8.8% share of total imports. It was followed by South Korea, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value in Singapore totaled +5.8%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+12.3% per year) and South Korea (+5.3% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, with an increase of 65% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per unit), while Cyprus ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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