Pallets are logistic equipment widely used across the warehouse to carry the load during material handling by using machine such as forklift. Use of pallets ensure better handling and strapping of the goods and are available in different materials such as plastics, wood, metal, composite wood, and paper. They are mainly manufactured in rectangular shapes roughly around 1 square meter.
The India pallets market was estimated to be valued more than INR 8500 Cr. in terms of revenue in 2019 and is predicted to grow at a CAGR of 13.9% during the forecast period (2020 to 2027).
The growing need for the safe transport of the goods to the consumers is projected to propel the market growth of pallets. Pallets are majorly used for storing and supporting goods in large quantities as it allows faster conveyance of the goods. Moreover, pallets provide essential support to the structure during transportation. All these advantages offered by pallets in the manufacturing facilities is projected to foster the market growth.
Growing use pallets in the food and beverage industry coupled with the growth in the various infrastructural activities in India is projected to bring profitable growth to the market of pallets. Increasing urbanization and industrialization in India is primary factor stimulating the market growth of pallet. Moreover, the increasing population is further driving demand for new infrastructure which is again fueling the market growth of pallet.
The emergence of labor-intensive industry in India as manufacturing industries are not as advanced as those of other developed countries is expected to hinder the market growth of pallets. Manual labor work is still preferred across a few industries in the region due easy availability of cheap labor.
On the basis of end use, engineering products dominated the India pallets market in 2019 with around 55% of market share in terms of revenue, followed by pharmaceutical products and others.
Product innovation by major players for business expansion is a key trend in the market growth. For instance, In July 2017, Delhi based Flywheel Logistics announced its launch of a national-level pallet network in India, which enable the corporate to make proper use of Pallet system to ship consignments across India in a safe, secure and time bound manner.
Partnership and agreements among major players is a current trend in the market. For instance, in September 2019, IriTech, Inc. today announced that it has partnered with Penta Security Systems, a leading data security vendor, to equip its IriKey iris hardware wallet with the latter’s well-known PALLET framework. PALLET is a decentralized finance solution developed by Penta Security Systems, it provides a framework for storing and managing digital assets with an in-house developed encryption algorithm, wallet standard, and blockchain protocol.
India Pallets Market - Impact of Coronavirus (Covid-19) Pandemic
Measures such as lockdown, and cease in the economic activities has reduced the discretionary spending of a consumer, which has in turn impacted the sales non-essential goods. However, packaging solution and service provider have shifted their offerings towards pharmaceutical industry which has resulted in increase in demand for pallets during Covid-19 pandemic. This is expected to boost the demand of pallets market in India for next few years till mid quarter of 2021.
Key players are operating in the India pallets market are Saraswati Engineering Limited, Schoeller Arca TIME Material Handling Solution, Mekins Group, Swift Technoplast Private limited, Doll Plast Pallets, JIT Wood Packaging, LEAP India Pvt. Ltd., Spanco Enterprises, Bharadwaj Packaging Private Limited, Aristoplast Products Pvt. Ltd., B.D. Industries (India) Pvt. Ltd., Total Pack, and DNA Packaging Systems
By Material Type
By Structural Design
By End Use