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The global pallets market size 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 market is estimated to grow with the increasing adoption of material handling equipment in various industries. Pallet manufacturing companies catering to the 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 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 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 pallets 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, logistics 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 plastic pallets demands, which in turn, will fuel the global pallets market sales.
Furthermore, considering the multiple benefits of plastic pallets, the demand for the 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. This will further augment the global pallets market revenue in this region.
Asia Pacific Pallet Market, 2018
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The report provides qualitative and quantitative insights on the global 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 market is categorized 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 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.
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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.
By Material Type
Fortune Business Insights says that the value of the global Pallets Market was USD 59.91 Billion in 2018
The Pallets Market is projected to reach USD 88.69 Billion by 2026
The Pallets Market will grow at the rate of 5.1% CAGR