Pallets Market (By Product: Plastic Pallets, Wood Pallets, Metals Pallets, Others; By Application: Glossary Manufacturing, Logistics and Transportation, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global pallets market is poised to attain valuation of around US$ 84.56 Bn by 2026 and growing at a CAGR of 4.8% over the forecast period 2019 to 2026.
The pallet is a flat-based structure that supports goods in a constant manner while being lifted by a crane, a forklift, pallet jack, front loader or any other jacking device to make work safer and easier. A pallet is the structural foundation of a unit load that allows handling and storage efficiencies. While, many pallets are made of wooden, plastic, metal, paper, and recycled materials. Goods and consignment containers are often placed on a pallet secured with strapping, stretch wrap or shrink wrap and then ready to be shipped. Nowadays, goods can be packed or carried easily with modern packaging such as cardboard boxes and Intermodal containers commonly used for bulk shipping. Most pallets are wooden pallets are designed for the owners of sports cars, high-speed cars and other applications for those who need to increase handling response of their application and purchase, particularly in dry and wet conditions. Pallet feature unique construction structures, tread configurations and rubber combinations to provide enhanced precision, responsiveness, and traction.
Market Dynamics
Pallets offer to reduce weight, higher acceleration, and high braking. These are comprehensively used in premium compact automotive applications to improve together with the aesthetic appearance of the application and accompaniment to the performance of the application. The insignificance of application, these wheels are manufactured either from corrugated cardboard Pallets, Plastic Pallets, Wood Pallets or Metals Pallets. Plastic Pallets play a very major role in creating pallets market demand. Aimed at the amount, the use of Plastic Pallets wheels was introduced mainly for fashioning or designing purposes, not for a lightweight alternative.
Now, pallet consumption has observed in high growth mainly in developed regions comprising North America, Western Europe, and South-East Asia. This trend is highly associated with the demand for plastic wrappers in respective regions and a high frequency of usage of wooden or plastic. An additional one more important factor is to reduce weight for making lightweight and combined with advanced designs. These are the major growth factors driving the pallet industry. However, the manufacturing methods of the wooden pallet are more multifarious as compared to others because of the advanced technologies present in the form of developing, shaping, and skilled manpower.
Furthermore, an increase in demand, innovation, and development in pallet, raising concerns about the usage of the pallet, and rising spending capacity are also estimating to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing industry and the emergence of new product development in Metals Pallets products are expected to create opportunities for the manufacturers in the global market over the forecast period. However, rigorous government regulations towards pallet quality and safety & quality concerns of the pallet are expected to hamper the growth of the global pallets market in the coming years.
Based on product, the metals pallets segment is expected to dominate during the forecast period
Based on product, the market has been segmented into plastic pallets, wood pallets, metals pallets, and others. The plastic pallets segment accounts for the largest share in the market in 2018 and will appear a decent growth rate during the forecast period. The major factors that are driving the growth of the metals pallets segment are the extremely high strength alongside reduced weight, exclusive design, high production, and the availability of a huge resource. This probably to heighten the dominance of the metals pallets segment rather than other in the global market over the forecast period.
By application, the logistic and transport segment dominated the pallets market
Based on application, the market has been segmented into glossary manufacturing, logistic & transport, and others. The logistic & transport accounts of the largest share market share in terms of value in 2018. In addition to that, escalating demand from the packaging and automobile industry is yet another factor to act as a growth driver for the global pallets market in the coming future. The limited availability of raw material and the high cost of raw material are the two major challenges for the global pallets market.
The quality of products which grows the demand for a pallet in application. The major factors that are driving the growth of this segment are increasing consumption in logistic and beautiful appeal of the product with efficient marketing styles.
The market research study on “Pallets market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global pallets market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global pallets market, its product, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global pallets market size and volume, and segment markets byproduct, application, and geography along with the information on companies operating in the market. The pallets market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia Pacific is expected to dominated the regional market with a maximum market share
The Asia Pacific accounted for the highest market share in the pallets market and the region is also expected to maintain its dominance over the forecast period. The rapid consumption of pallets in terms of size, enhanced product, and better product value are the major driving factor for the region in the global market. Moreover, the increasing demand for logistics & transport and increasing awareness about maintaining health among the customer are expected to enhance the market growth in the global pallets market in the future. North America is expected to account for the second-largest in the global market during the forecast period. An increase in adoption of the pallet, growing disposable income and an increase in innovation and development in pallet products is expected to enhance the regional market growth in the global pallets market during the forecast.
China is expected to hold the highest CAGR in the global market during the forecast period. The manufacturers are investing in developing countries to meet the demand for pallets. Moreover, changing lifestyle of consumers, increase in wooden pallet trend, and growing GDP, and strong economic growth in countries, such as Europe, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global pallets market during the forecast.
The players profiled in the report Spruce ImpexPvt Ltd., Totre Packaging, Gee Enterprises, Spanco Enterprises, Swift Technoplast Private Ltd., Loscam Australia Pty Ltd., Pilco Storage Systems Private Ltd., Brambles Ltd., and SchoellerAllibert. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Product
- Plastic Pallets
- Wood Pallets
- Metals Pallets
- Others
Market By Application
- Glossary Manufacturing
- Logistics and Transportation
- Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What does pallet mean?
A pallet is the structural foundation of a unit load that allows handling and storage efficiencies.
which are the pallets market growth factors?
An increase in demand, innovation, and development in pallet, raising concerns about the usage of the pallet, and rising spending capacity are also estimating to boost the pallets market growth.
What will be the market value of pallets in the forecast period 2019 to 2026?
According to Acumen Research and Consulting, the pallets market value is anticipated to be worth around US$ 84.56 billion in 2026.
What will be the growth rate of pallets market during the forecast period 2019 to 2026?
The pallets market is anticipated to grow over 4.8% CAGR during the forecast period 2019 to 2026.
Which product segment accounts for the largest share in the pallets market in 2018?
The plastic pallets segment accounts for the largest share in the market in 2018.
Which region held the maximum share of the pallets market?
Asia- Pacific held maximum share in 2018 for pallets market.
Which are the top key players operating in the pallets market?
Spruce ImpexPvt Ltd., Totre Packaging, Gee Enterprises, Spanco Enterprises, Swift Technoplast Private Ltd., Loscam Australia Pty Ltd., and Pilco Storage Systems Private Ltd. are the top players operating in the pallets market.
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