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Region : South America | Latest Update: Aug, 2019 | Published Date: Jun, 2019 | Report ID: FBI100560| Status : Published
Global pallets market which was valued at US$ 59.91 Bn in 2018 is projected to reach US$ 88.69 Bn by 2026, exhibiting a CAGR of 5.1% during the forecast period (2019 – 2026)
The global pallets market is estimated to grow with the increasing adoption of material handling equipment in various industries. Pallet manufacturing companies catering to pallets market are focused on developing light, durable, and efficient products for the end users. Moreover, key players are concentrating on providing innovative pallets with attached RFID chips for tracking and tracing purposes.
The global pallets market is segmented by material type, which includes wood, plastic, composite wood, metal, corrugated, and others. The wood segment is projected to capture the largest market share, owing to the adoption of such pallets from the past few years. Wood pallets offer multiple advantages, such as high strength and can be repairable. Meanwhile, the demand for plastic pallets has also increased from the past few years, due to their lightweight and durability properties. The plastic pallet sub-segment is expected to hold the largest CAGR in the forecast period, further boosting the global pallets market growth.
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Adoption of innovative pallets is driving the market
Major players operating in the global pallets market are concentrating on developing innovative pallets with the adoption of smart technologies. Warehousing & transportation consumers across the globe are demanding smart pallets, to track and trace the flow of pallets for accurate management. The RFID will help consumers to accurately measure the impact, humidity, and temperature to ensure safety, especially in the food supply chain.
The warehousing & transportation sub-segment is projected to hold the largest market share during the forecast period, 2019 – 2026. This growth is driven by the growing transportation and logistics industry across the globe.
Increasing demand for plastic pallets across the industry verticals, across the globe
From the past three decades, wooden pallets have been adopted due to their strength and easy manufacturing processes. On the other hand, it has many disadvantages such as less durability, moisture absorption, cleanliness problems, and it splinters and breaks easily. The wooden pallets need to follow certain regulations such as International Standards for Phytosanitary Measures No. 15 (ISPM 15) to prevent the spread of insects and diseases. Nowadays, logistic and shipment companies are shifting more towards plastic pallets, owing to its advantages such as lightweight and environmental friendly as compared to wooden pallets. Moreover, the growing awareness to reduce the carbon footprint is also increasing the demand for plastic pallets.
Furthermore, considering the multiple benefits of plastic pallets, the demand for plastic pallets market is projected to increase in the short-term, mid-term, and long-term forecast period.
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Increasing demand for wooden and plastic pallets across Asia Pacific is driving the region
The pallets market in Asia Pacific was accounted for US$ 14.77 Bn in 2018 and is expected to emerge as the growing region during the forecast period. The growth in Asia Pacific is likely to be driven by the adoption of wooden and plastic pallets for importing and exporting goods from one country to another. Countries, such as India and China are expected to have a significant opportunity to grow over the forecast period.
In 2018, MEA generated a revenue of US$ 6.18 Bn and was estimated to witness the growth owing to increasing demand for plastic pallets in the transportation and logistics industry. Countries of MEA are adopting the usage of recycled products, which is ultimately supplementing the reduction of plastic wastes.
For instance, Saudi Arabia has started adopting new technologies for waste recycling purposes. Saudi Arabia itself produces 15 million tons of municipal wastes each year, which includes plastics wastes (5-17%), glass (3-5%), metals (2-8%), paper (12-28%) and food wastes (40-50%). Moreover, Saudi Arabia is working continuously on adopting new and innovative technologies to reproduce plastic products for multiple purposes, which includes material handling products and services. According to Invest Saudi, the country is focusing on the establishment of a production facility of semi-finished engineering plastics.
North America Forestry Equipment Market, 2018
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The report provides qualitative and quantitative insights on the global pallets market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by material type, application, and geography. By material type, the global pallets market is zcategorized into wood, plastic, corrugated, composite wood, metal, and others. Based on the application, the market is segmented into pharmaceuticals, F&B, manufacturing, warehousing & transportation, retail, and others. Geographically, the global pallets market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the global pallets market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments in the pallets industry, such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and key industry trends.
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By Material Type
· Composite Wood
· Warehousing & Transportation
· North America (USA and Canada and Rest of North America)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
SOME OF THE KEY COMPANIES PROFILED IN THE REPORT