Pallets are horizontal platforms which support goods and help in carrying them with a front loader or forklift from one place to another. They are one of the most common bases used for stacking goods and are generally secured with a pallet collar, stretch wrap, adhesive or other means of stabilisation. They can be manufactured using different materials depending on the application, such as wood, plastic, metal, etc. Since pallets ensure an efficient handling and easy portability, they are used by a large number of manufacturers and shippers of commercial goods across the globe. According to IMARC Group’s latest report, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global pallet market reached a volume of 6.87 Billion Units in 2018.
Increasing consumer expenditure on housing and infrastructural activities as a result of surging disposable incomes along with rapid urbanisation and industrialisation remains the primary growth-inducing factor for the global pallet market. In the recent years, plastic pallets have gained immense popularity across various sectors on account of their reusability and recyclability. Moreover, manufacturers are also coming up with various technological innovations in order to increase their consumer-base. Apart from this, a rising need for safe and efficient transportation alternatives is anticipated to boost the demand for pallets in the coming years. According to the report, the market is expected to reach a volume of 9.18 Billion Units by 2024, exhibiting a CAGR of 4.87% during 2019-2024.
The report has segmented the market on the basis of type into wood, plastic, metal and corrugated paper. Among these, wood accounts for the majority of the total global market. The market has further been segregated on the basis of application. This segment includes food and beverages, chemicals and pharmaceuticals, machinery and metal, and construction. Region-wise, North America exhibits a clear dominance in the market, followed by Europe, Asia Pacific, Middle East and Africa, and Latin America. The report has also analysed the competitive landscape of the market with some of the key global players being Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM and CABKA Group.
This report provides a deep insight into the global pallet market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the pallet industry in any manner.
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