Global Pallet Market Expected to Reach a Volume of 8.8 Billion Units by 2023
According to the latest report by IMARC Group titled, “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the market reached a volume of 6.5 Billion Units in 2017. Looking forward, the market is expected to reach a volume of 8.8 Billion Units by 2023, exhibiting a CAGR of around 5% during 2018-2023.
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Pallets are portable horizontal platforms which are used to facilitate the mechanical handling of goods from one place to another by a forklift or front loader. They are one of the main bases which act as superstructures and bottom decks on which the goods are stacked. Depending on the application, they can be manufactured from different raw materials, such as wood, plastic, metal, etc. Pallets are used by a large number of manufacturers and shippers of commercial goods across the globe as they are cost-effective and ensure easy portability.
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Over the last few years, increasing disposable incomes, along with urbanization and industrialization, have led to a rise in infrastructural development as well as in consumer expenditure on housing projects. As pallets are mostly used in the construction industry, these factors have been proactive in driving the market growth. Although wooden pallets currently dominate the market, plastics pallets are rapidly gaining popularity owing to their reusability and recyclability. Apart from this, manufacturers are also introducing advanced products, such as lightweight pallets with fire retardant properties and GPS trackers, to expand the consumer base. Moreover, growing concern regarding enhanced product safety and hygiene as well as easy transportation are further anticipated to boost the market in the future.
Market Segmentation:
Breakup by Type:
- Wood
- Plastic
- Metal
- Corrugated Paper
Breakup by Application:
- Food and Beverages
- Chemicals and Pharmaceuticals
- Machinery and Metal
- Construction
- Others
Breakup by Structural Design:
- Block
- Stringer
- Others
Regional Insights:
- North America
- Europe
- China
- Asia (Excluding China)
- Rest of the World
Competitive Landscape
The report has also examined the competitive landscape of global pallet market. Some of the major players in the market are Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM and CABKA Group.
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
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