IMARC Group’s latest report, titled “GCC Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the GCC pallet market size reached 167.7 Million Units in 2021. Pallets refer to horizontal, portable, flat, and rigid platforms used as a base for stacking, assembling, storing, handling, and transporting products. They provide support to goods and assist in carrying them from one place to another using material handling equipment, such as forklifts, conveyors, front loaders, or pallet jacks. They are usually secured with a pallet collar, stretch wrap, adhesives, or other stabilization means to facilitate safe freight transportation and shipping. They can carry heavier objects without breaking and are relatively strong and easy to handle than their traditional counterparts, such as plastic wrappers and cardboard boxes. As a result, pallets are widely used by manufacturers and suppliers of commercial goods across the GCC region to simplify the process of loading and unloading while ensuring the safe delivery of products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
GCC Pallet Market Trends:
In the GCC countries, the rising trade activities represent the primary factor driving the market. Besides this, the escalating demand for logistics services due to the significant growth in the e-commerce industry represents another major growth-inducing factor. In addition, governments of various GCC countries are taking favorable initiatives to boost domestic production and international trade. Besides this, the increasing usage of pallets across numerous sectors, including food and beverage, chemicals, and pharmaceuticals, to reduce product contamination or damage and ensure safe transportation of goods has augmented the product demand. Furthermore, the leading manufacturers are developing multiple-trip pallets to help decrease cost per trip, eliminate solid waste, and enhance operational efficiency. Along with this, the surging popularity of high-density polyethylene (HDPE) disposable plastic pallets due to their lightweight, durability, and environment-friendliness has accelerated the product adoption rate. Other factors, including the launch of recyclable corrugated pallets, increasing food exports, rising consumer expenditure on housing and infrastructural activities, rapid urbanization and industrialization, and technological advancements, are also providing a positive thrust to the market growth across the GCC region. Looking forward, the market volume is expected to reach 238.6 Million Units by 2027, expanding at a CAGR of 5.97% during 2022-2027.
- Based on the type, the market has been segregated into wood, plastic, metal, and corrugated paper.
- On the basis of the application, the market has been classified into food and beverages, chemicals and pharmaceuticals, machinery and metal, construction, and others.
- The market has been divided based on the structural design into block, stringer, and others.
- Country-wise, the market has been segmented into Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrain.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of the key players operating in the industry.
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