LONDON--(BUSINESS WIRE)--The pallet market in Europe is expected to grow by 407.4 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The industrial production index (IPI) of industries in Europe has been steadily increasing over the past few years. For instance, in 2018, the industrial production rate in the European pharmaceutical industry witnessed a growth of over 5% than in 2017. Similarly, the transport equipment and other manufacturing industries observed growth of 4.2% and 3.8% respectively. These industries are some of the major end-users of pallets. Therefore, the growth in industrial outputs in these industries is crucial in driving the growth of the pallet market in Europe.
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As per Technavio, the high applications in shipping and load handling sectors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Pallet Market in Europe: High Applications in Shipping and Load Handling Sectors
Plastic pallets are widely used in various shipping applications that include storage, loading, and unloading of industrial goods. Factors such as improving socio-economic conditions, rising world population, and increasing employment opportunities are driving the growth of industries such as automotive, heavy machinery, food processing, electrical and electronics, agriculture, and others. Therefore, the growth of these end-user industries is expected to boost the growth of the pallet market in Europe during the forecast period.
“Increase demand for lightweight pallets and the rising adoption of RFID in pallet will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Pallet Market In Europe: Segmentation Analysis
This market research report segments the pallet market in Europe by product (wooden pallets, plastic pallets, corrugated pallets, and metal pallets) and geography (Western Europe and Eastern Europe).
The Western European region led the pallet market in Europe in 2019. During the forecast period, Western Europe is expected to register the highest incremental growth due to the strong presence of vendors in the region.
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Some of the key topics covered in the report include:
- Wooden pallets
- Plastic pallets
- Corrugated pallets
- Metal pallets
- Western Europe
- Eastern Europe
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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