The global pallet market reached a volume of 6.87 Billion Units in 2018. Pallets refer to horizontal platforms that support goods and assist in carrying them from one place to another using a front loader or a forklift. They are one of the most common bases employed to stack goods and are generally secured with a stretch wrap, pallet collar, adhesive or other means of stabilization. They can be manufactured using different materials depending on the application, such as wood, plastic, metal, etc. As they are relatively stronger than other containers like plastic wrappers and cardboard boxes, workers can stack heavier objects on a single pallet without breaking it. Owing to these attributes, they are extensively used by a large number of manufacturers and shippers of commercial goods across the globe.
With the rising sales of smartphones, increasing penetration of the internet and growing e-commerce industry, the demand for logistics services is being spurred considerably which, in turn, is strengthening the growth of the pallet market across the globe. Apart from this, increasing consumer expenditure on housing and infrastructural activities owing to the inflating income levels of consumers, in confluence with the rapid urbanization as well as industrialization, is boosting the demand for pallets worldwide. In addition, manufacturers are investing in research and development (R&D) activities to incorporate technological innovations in the production of pallets. For instance, they have introduced multiple-trip pallets, which aid in reducing cost per-trip, eradicating solid waste and improving operational efficiency. Plastic pallets have also gained immense popularity across various sectors on account of their reusability and recyclability. On account of these factors, IMARC Group projects the market volume to reach 9.18 Billion Units by 2024, at a CAGR of 4.9% during 2019-2024.
Breakup by Type:
Wood currently represents the most popular pallet type as it is widely used for handling and storing purposes. In comparison with other pallet types, wood pallets are more durable, lightweight and cost-effective.
Breakup by Application:
The food and beverage segment accounts for the majority of the total market share.
Breakup by Structural Design:
At present, block pallets exhibit dominance in the market, followed by stringer and others. These pallets use blocks of plywood, solid waste and plastic to support the unit load. Furthermore, they are relatively taller, which helps in making additional clearance for fork insertion.
North America enjoys the leading position in the market, owing to the rising demand for pharmaceuticals and health supplements. The majority of the demand in the region comes from the United States and Canada as a result of their well-established food and beverage as well as the construction industry.
Based on imports and exports, Germany presently represents the largest importer, while Poland represents the biggest exporter of pallets around the world.
The market is fragmented in nature due to the presence of several small and large manufacturers who compete against one another in terms of prices and quality. Some of the leading players operating in the market are:
Key Questions Answered in This Report:
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