DUBLIN--(BUSINESS WIRE)--The "Pallets Market by Type, Material, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The pallets market size is expected to reach $110,565.7 million in 2027, from $79,008.6 million in 2019, growing at a CAGR of 5.1% from 2020 to 2027. A pallet is a tertiary form of packaging used as a base for unitization of goods for application in supply chains.
Pallets are generally used for stacking, storing, transporting, and protecting materials while being handled by material handling equipment, such as pallet jacks, forklifts, or conveyors. Pallets are used in nearly all supply chains including end user industries such as food & beverage, chemicals, pharmaceuticals, retail, and others.
Moreover, pallets can be manufactured using wood, plastic, metal, and corrugated paper, including recycled and new raw materials. According to the International Organization for Standardization, pallets are standardized in 6 sizes, including, 1,219x1,016 mm in North America; 1,165x1,165 mm in Australia, Europe and North America; 1,000x1,200 mm in Asia and Europe; 800x1,200 mm in Europe; and 1,100x1,100 mm in Asia only.
The unprecedented growth in the e-commerce industry is one of the major factors driving the demand for pallets, globally. The COVID-19 pandemic has assisted population to depend on e-commerce platforms, especially in developing countries including India, Brazil, and others. The growth in e-commerce has created challenges for supply chains to upgrade logistics and transportation services to enhance the existing devices and products including pallets.
Hence, the rise in e-commerce industry is expected to boost the demand for pallets, which in turn drives the growth of the pallet market. Moreover, increase in demand for plastic pallets owing to rising awareness regarding benefits of plastic pallets within the consumers is driving the growth of pallets market. Plastic pallets offer better handling during transportation.
In addition, plastic pallets are highly recommended in food & beverage, pharmaceutical, chemicals, and other industries, where the risk of chemical contamination is significantly high. Further, plastic pallets can also be used in clean room applications as they can be easily cleaned and sanitized. Such factors are driving the growth of the plastic pallets in the pallets industry.
However, the surge in price of lumber is a major restraint for the growth of the pallets market. Wooden pallets garner a high share in the pallets market. However, the propel in prices as well as utilization of wood while maintaining environmental sustainability has caused hindrances in the growth of the pallets market.
On the contrary, adoption of new technologies in the supply chain such as use of RFID tags, automation, and robotics is expected to boost the demand for developed pallet products during the forecast period.
The global pallets market is segmented on the basis of type, material, end-user industry, and region. By type, it is categorized into rackable, nestable, stackable, and display pallets. By material, it is classified into wood, plastic via injection molding, plastic via other methods, corrugated paper, and metal. By end-user industry, it is categorized into food & beverage, chemical, retail, pharmaceutical, and others.
The global pallets market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period; however, LAMEA is expected to grow at the fastest rate.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging global Pallets market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive pallets market opportunity analysis of all the countries is also provided in the report.
- The global pallets market forecast analysis from 2020 to 2027 is included in the report.
- Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the industry.
Market Dynamics
Drivers
- Growth in e-commerce industry:
- Increase in demand for plastic pallets
- Rising focus on sustainable pallet production
Restraints
- Increase in price of wooden pallets
- Disadvantages of pallets
Opportunities
- Adoption of new technologies in the supply chains
Key Players
- Brambles Limited
- CABKA Group GmbH
- Craemer Holding GmbH
- Falkenhahn AG
- LOSCAM International Holdings Co., Ltd.
- Millwood, Inc.
- Menasha Corporation
- PalletOne Inc.
- Rehrig Pacific Holdings, Inc.
- Schoeller Allibert Services B.V.
For more information about this report visit https://www.researchandmarkets.com/r/8qcdj0
