The latest report by IMARC Group, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global pallet market has reached a value of nearly US$ 3 Billion in 2016. Pallets are horizontal platforms which offer a base for storing, handling, assembling and transporting products and materials while being lifted by a pallet jack, forklift or front loader. They are affixed with a superstructure and a bottom deck. Pallets are portable and easy to handle as they help in simplifying the process of loading and unloading, and ensure safe delivery of the product. As a result, they are extensively used by suppliers and manufacturers of commercial goods across the globe.
Highlights of the global pallet market:
- Recovering global economy coupled with rising infrastructural activities are the major growth-inducing drivers.
- Food and beverages represent the largest application segment of the market.
- North America exhibits a clear dominance in the market accounting for the majority of the share.
The major factor driving the growth of the global pallet market is an increase in consumer expenditure on infrastructure and housing activities which is supported by rising disposable incomes and rapid urbanisation. Due to this, there has been a growing need for efficient, easier and safe transportation which has augmented the demand for pallets across the globe. Another factor that has been catalysing the growth of the market is the increasing investments in manufacturing facilities. Additionally, vendors are shifting from single-trip pallets to multiple-trip pallets which, in turn, has induced the market growth. On the other hand, shortage of raw materials poses a major challenge for the market. Further, the global pallet marker is projected to reach a value of approximately US$ 4 Billion, exhibiting a CAGR of 4.7% during 2017-2022.
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On the basis of type, wood currently exhibits a clear dominance in the market, followed by plastic, metal and corrugated paper. Based on application, food and beverages represent the largest application segment of pallet market. It is followed by chemicals and pharmaceuticals, machinery and metal, and construction. Region-wise, North America accounts for the majority of the total global share owing to the growing manufacturing and retail sectors. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America. The market has also been segregated on the basis of imports which is led by Germany followed by France, Belgium, the Netherlands and Italy. Based on exports, Poland holds the largest share followed by Germany, the Netherlands, Czech Republic and Belgium. The competitive landscape of the market has also been analysed with some of the key players being Brambles Ltd, Rehrig Pacific Company, Schoeller Allibert, LOSCAM, CABKA Group, PECO Pallet Inc, Falkenhahn AG and Litco International INC.
The report by IMARC Group has examined the global pallet market on the basis of:
- Corrugated Paper
- Food and Beverages
- Chemicals and Pharmaceuticals
- Machinery and Metal
- Czech Republic
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- Brambles Ltd
- Rehrig Pacific Company
- Schoeller Allibert
- CABKA Group
- PECO Pallet Inc
- Falkenhahn AG
- Litco International INC
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