LONDON--(BUSINESS WIRE)--The global lumber pallet market is expected to post a CAGR of almost 5% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growth in international trade and the rise in port traffic have increased the demand for containerization across the world. Besides, the rapid rise in the demand for intermodal freight transport has further increased the need for containerization. This has increased the use of lumber pallets as they facilitate easy movement of heavy stacks in containers without damaging the smooth, level surfaces of shipping containers. Therefore, the rise in containerization is expected to drive the growth of the global lumber pallets market during the forecast period.
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As per Technavio, the rising popularity of pallet tracking technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Lumber Pallet Market: Rising Popularity of Pallet Tracking Technologies
Logistics companies are increasingly integrating tracking technologies such as RFID, sensors, and tags in lumber pallets for effective monitoring of supply chains. This is encouraging many RFID manufacturers to introduce products with robust designs that can withstand the harsh environment and material handling conditions. Some vendors are introducing intelligent lumber pallets integrated with IoT technologies for multi-site manufacturing applications. The increasing adoption of such advanced technologies is expected to have a positive impact on the growth of the global lumbar pallet market.
“Emergence of pallet pooling and the adoption of reusable lumber pallets will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Lumber Pallet Market: Segmentation Analysis
This market report segments the global lumber pallet market by geography (APAC, Europe, MEA, North America, and South America) and end-user (food and beverages, chemicals and pharmaceuticals, retail, construction, and others).
The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the strong growth of the e-commerce industry in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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