Global Pallet Market Trends and Forecast 2021-2026: Sharp Shift from Wooden to Plastic Pallets for Growing Sanitization Demands – ResearchAndMarkets.com
The global pallet market attained a volume of about 82.59 USD Billion in 2020, driven by the growth in the food and beverage industry. Aided by the increased internet penetration, the industry is expected to witness further growth in the forecast period of 2021-2026, growing at a CAGR of 5.4%. The pallet market is projected to reach a volume of nearly 115.17 USD Billion by 2026.
The vigorous shift from wooden to plastic pallets owing to high durability, toughness, and resistance to outside contamination is driving the growth of the pallet market. As plastic is easier to wash and sanitise, it has become a preferred choice of material especially in the food and beverage industry where the inside contents must be kept away from outside environment to avoid the risk of contamination. The physical properties of plastic that include recyclability, heavy-duty performance, and durability is augmenting the industrial growth of pallets.
The pallet market is experiencing robust growth owing to a heightened demand by the warehouse sector, with e-commerce sales providing a platform for sales of various industries, especially amidst the pandemic. The rapidly growing research and development (R&D) programs to incorporate technology in the manufacturing of pallets, like RFID technique to track the pallet, is further providing impetus to market growth.
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments of the key players in the industry.
Some of the major players in the market explored in the report are:
- Brambles Ltd
- Schoeller Allibert
- Loscam
- ORBIS Corporation
- CABKA Group
Key Topics Covered:
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
4 Key Assumptions
5 Executive Summary
6 Snapshot
7 Industry Opportunities and Challenges
8 Global Pallet Market Analysis
9 Regional Analysis
10 Market Dynamics
11 Value Chain Analysis
12 Trade Data Analysis
13 Price Analysis
14 Competitive Landscape
- Brambles Ltd
- Schoeller Allibert
- Loscam
- ORBIS Corporation
- CABKA GroupBrambles Ltd
- Schoeller Allibert
- Loscam
- ORBIS Corporation
- CABKA Group
For more information about this report visit https://www.researchandmarkets.com/r/6b2r85
Posted February 17, 2020
Pallets Market to Reach US$ 88.69 Bn by 2026; Rising Global Standard Operations for Goods Transportation Drive the Market
Key companies covered in the Pallets Market Research report include PECO Pallet, Inc., Cabka Group GmbH, PalletOne, Inc., Brambles Ltd., Schoeller Allibert Group B.V., Loscam Australia Pty Ltd, Craemer Holding GmbH, ORBIS Corporation, Falkenhahn AG, L.C.N Inc. among others.
The rising standard of operations in goods transportation, including the increasing adoption of palletized handling, is helping the global pallet market grow. As per Fortune Business Insight’s newly published report, titled “Pallets Market: Global Market Analysis, Insights and Forecast, 2019-2026”, the pallet market, which was valued at US$ 59.91 Bn in 2018 is anticipated to expand at 5.1% CAGR between 2018 and 2026 to reach US$ 88.69 Bn. These global standards are expected to necessitate the adoption of pallets during the forecast period.
As a counterpoint, the estimated pallet market size to 2026 compares closely to another report, “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″. That report expects the global pallet market to grow at a CAGR of around 4.8% during the forecast period 2019 to 2026 and reach the market value of around US$ 84.56 Bn by 2026.
Wood Pallets Cover the Maximum Share
Among different types of pallet materials such corrugated and plastic, wood pallets are anticipated to account for the largest share in the global market during the forecast period. These pallets are preferred over others owing to their massive benefits such as reduced startup cost and less response time in terms of customized designs. Other benefits offered by wood pallets is that they can be repairable and have high strength. On the other hand, wood pallets have limitations regarding direct food contact for food safety compliance. Also, plastic pallets can offer improved durability, and as such are likely to gain traction in the forthcoming years. Plastic pallets are more durable and lightweight, which will augment their demand among consumers.
Market Registers Impressive Growth in MEA Owing to Saudi Arabia’s New Waste Management Technologies
The pallet utilization is expected to be high in Asia Pacific during the forecast years. In 2018, the market was valued at US$ 14.77 Bn and is anticipated to lead the global pallet market in the next few years. The region registers the highest adoption of plastic and wooden pallets for massive imports and exports of goods. Countries such as China and India are likely to be the most progressive markets in the forecast years.
The market in the MEA (the Middle East and Africa) generated a value of US$ 6.18 Bn in the year 2018. The market is expected to grow in this region owing to the rising adoption of plastic pallets, especially in the logistics and transportation industry. Among countries in MEA, Saudi Arabia adopted novel technologies for waste recycling management. Furthermore, the country produced around 15 million tons of municipal waste every year. It is planning to continue adopting new technologies in order to reproduce and recycle plastic products for material handling equipment and industrial handling equipment.
CHEP’s New Technologies for Developing Lightweight Plastic Pallets Garners Growth
Pallet manufacturers are paying a lot of attention to develop plastic pallets with the emergence of advanced technologies such as automation processes. Moreover, the demand for plastic pallets is increasing as these are easy to clean.
A lead analyst at Fortune Business Insights said, “As plastic pallets are environmental-friendly, new users are also expected to adopt these pallets in the forecast horizon.” He added, “Raising awareness about reducing carbon footprint is further increasing sales of plastic pallets, thus driving the pallet market.”
CHEP has adopted novel technologies to develop plastic pallets. The aim of the company is to offer lightweight and durable products across several industries.
People across the world are increasingly investing in infrastructural and housing activities consequently with rising per capita income and rapid industrialization. This, along with rapid urbanization, is driving the global market.
Companies Developing Innovative Pallets to Fulfil Their Customer Requirements
Several players are engaged in manufacturing pallets to gain a better position in the market. These companies are continuously working on customizations as per their customers to stay ahead of the competition. Furthermore, they focus on developing durable, efficient, and light pallet products for their consumers. The transportation and warehousing consumers need smart and innovative pallets to track their flow for effective management. Considering such requirements, companies are manufacturing radio frequency identification (RFID) pallets to keep a better track of pallets. For instance, The Schoeller Allibert Time or SAT offers material management and logistics systems incorporated with RFID chips.
Key companies covered in the report
- PECO Pallet, Inc.
- Cabka Group GmbH
- PalletOne, Inc.
- Brambles Ltd.
- Schoeller Allibert Group B.V.
- Loscam Australia Pty Ltd
- Craemer Holding GmbH
- ORBIS Corporation
- Falkenhahn AG
- L.C.N Inc.
Browse Complete Report Details Enabled with Complete Tables and Figures: https://www.fortunebusinessinsights.com/industry-reports/pallets-market-100674