Global Pallet Market - Insights
Pallet is a structural foundation that allows storage and transportation of goods. Pallet offer several activities such as assembling and storing of goods in the manufacturing units and warehouses. The pallets are lifted by jacking devices such as forklift, front loader, pallet jack, or cranes. The material offers an inexpensive method for handling and storage activities in various manufacturing industries.
Increasing number of manufacturing units and the growing housing and construction sector is a major factor propelling growth of the market. Moreover, the increasing import-export activities in pharmaceuticals and food and beverage industry has fuelled demand for reliable and durable product storing materials, including pallets. Plastic pallets accounted for the fastest growing material segment, as plastic pallets are preferred for shipment of goods. This is owing to the materials’ durability, light-weight, and low-cost in terms of floor space and labor requirement. Moreover, various companies such as Amazon Inc. and Inditex S.A are investing in R&D activities such developing RFID tags for tracking pallets. Such R&D activates are expected to drive growth of the global pallet market.
North America held dominant position in the global pallet market and accounted for the market share of 37.99% in 2016. Development in the food and beverage and construction sector in the U.S. and Canada is major factor driving growth of the market in the region. Moreover, the increasing demand for pharmaceuticals and health supplements, due to high prevalence of diseases such as obesity, diabetes and others is expected to increase demand for plastic pallets as these pallets possess enhanced durability and are less prone to contamination.
Asia pacific is estimated as the fastest growing market in the global pallet market and is expected to exhibit the same trend over the forecast period. The growing industrialization and globalization in the emerging economies of the region is the major factor fueling growth of the market. Moreover, the growth of pharmaceutical and chemical industry has propelled the need for safer and reliable transportation, storage, and other material handling activities, which in turn, driving growth of the pallet market. According to the Indian Brand Equity foundation (IBEF), the Indian pharmaceutical industry is expected to witness a CAGR of over 15% between 2015 and 2020. Furthermore, the Department of Industrial Policy and Promotion stated that, the drugs and pharmaceutical industry attracted foreign direct investment (FDI) of US$ 14.71 billion from April 2000 to March 2017. Moreover, the demand for wood pallets in construction and housing sector is also on the surge, owing to the growing government investments on construction activities in the region.
Figure 1. Global Pallet Market, by Material, 2016
Among materials, wood segment is estimated as the largest segment in 2016 and is expected to show the same trend during the forecast period. The increasing use of wood pallets in the construction sector is the major factor fueling the market growth.
Major Players in the Global Pallet Market:
The major players are adopting various strategies for market growth. For instance, Brambles acquired IFCO (US pallet business) systems in 2011 as a part of their acquisition and merger strategy. Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc and Schoeller Allibert are some of the major players operating in the global pallet market.
Pallets are load bearing materials, which are used in transportation and storage of various products and materials. These pallets are handled by pallets jacks, forklifts, and other jacking devices.
North America holds the dominant position in the global pallet market in 2016, with market share of 38% and is expected to retain its dominance over the forecast period. The developed industrial sector coupled with increase in exports is the major factor driving growth of the pallet market in the region. Moreover, increasing demand for plastic pallets in food and pharmaceutical industry is further expected to fuel the market growth, owing to the food and safety compliance by the Food and Drug Administration (FDA) in the region.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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