LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the pallet market in Europe provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
The pallet market in Europe is expected to grow at a CAGR of approximately 6% during the forecast period, according to Technavio analysts. A key factor driving the market’s growth is the rising demand for plastic pallets. The demand for plastic pallets has been increasing significantly across the globe. This is due to the numerous advantages such as low weight, durability, safety, and hygiene that plastic pallets offer over wooden pallets. But, wooden pallets are still largely used, and they occupy over 90% of the total pallet market in Europe by volume. The lightweight quality of plastic pallets makes them more pocket-friendly than the wooden counterpart in terms of transportation.
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In this report, Technavio highlights the increasing demand for lightweight pallets as one of the key emerging trends in the pallet market in Europe:
Increasing demand for lightweight pallets
The demand for plastic pallets from end-user industries such as chemical, dairy, wine and spirit, steel, and electrical industries is growing significantly. The single inject molding technology is used to make plastic pallets. Thus, they are structurally more integrated than wooden pallets and can last for more than 10 years. Wooden pieces are put together with nails to make a wooden pallet. Plastic pallets do not break easily and do not require repairs, unlike wooden pallets.
“Corrugated pallets, a fast-growing segment of the pallet market in Europe, are gaining popularity due to their lightweight, least damage to goods, and high safety associated with handling. The weight of these pallets is about 70% less than that of wooden pallets of the same dimensions. Corrugated pallets are also 100% recyclable,” says a senior analyst at Technavio for research on warehouse and storage.
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Pallet market in Europe - segmentation analysis
This market research report segments the pallet market in Europe into the following products (wooden pallets, plastic pallets, corrugated pallets, and metal pallets) and key regions (Western Europe and Eastern Europe).
The wooden pallets segment held the largest market share in 2017, accounting for nearly 91% of the market. The market share of this segment will decrease to some extent by 2022. However, this product will dominate the global market throughout the forecast period.
The Western Europe region led the pallet market in Europe in 2017, accounting for a market share of nearly 80%. This region is anticipated to lead the market throughout the forecast period.
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