Industry Insights
Global pallets market is expected to witness strong growth owing to increasing demand from glossary manufacturing industries over the forecast period. Pallets are modern transportation infrastructure that provides stable support to products during transportation. Increasing demand for safe transportation and shipping of goods is anticipated to drive global pallets demand over the forecast period. Growing transportation industry is the key factor expected to drive global the global market in near future. Increasing application scope of pallets in foods & beverages is anticipated to drive the market growth at a good pace over the next six years. Pallets can be easily cleaned and plays important role in reducing contamination. Recycled materials are used as a raw material in manufacturing pallets, which is the most attracting factor for the manufacturers. Moreover, environmental friendliness of pallets coupled with huge availability of raw materials is anticipated to augment the market growth over the next six years.
Product Insights
Raw materials used in manufacturing pallets include plastic (HDPE, poly propylene and PVC), metals (carbon steel, stainless steel and aluminum), composite wood (particle board, plywood) and corrugated paper (corrugated, honeycomb and molded pulp paper). Wooden pallet have been the dominating product segment in this market over the last few years owing its eco friendliness, durability and recyclability. Plastic pallet is the second major product segment followed by corrugated paper pallets. Moreover, plastic pallets have witnessed significant growth over the last few years and trend is expected to continue over the forecast period. However, increasing environmental concerns across the globe coupled with stringent regulations from EPA is likely to hamper the market growth over the forecast period. Cheap manufacturing cost of corrugated paper pallets is likely to drive the market over the next six years. Metal pallets have been witnessing stagnant growth rates on account of unorganized niche applications.
Application Insights
Glossary manufacturing industry was the largest application segment over the last few years owing to functional requirements in safe transportation of goods. Industrial expansion and emerging manufacturing industries in countries such as India and China is expected to fuel the market growth over the forecast period. Application scope of pallets in foods and beverages has been increasing over the last few years. Increasing demand for functional foods and beverages coupled with rising disposable income of consumers is anticipated to drive the market growth over the forecast period. Moreover, pallets play crucial role in packaging industry by providing immense facilities for shipping goods according to the user requirement. Growing demand for packaging industry is also anticipated to fuel pallets market growth over the forecast period.
Regional Insights
North America was the largest market for pallets over the last few years due to presence of dominant manufacturing industries in this region, and the trend is expected to continue over the forecast period. Europe was the second major market, and has been witnessing strong growth over the recent past on account increasing foods & beverages industries in this region. Asia Pacific is anticipated to witness significant growth over the forecast period on account of rapid industrialization in emerging countries such as India and China. Furthermore, rising demand for packaging and automobile industries in this region is expected to augment the pallets market growth over the forecast period.
Competitive Insights
Growing safe transportation demand coupled with increasing application scope of pallets in major end-use industries is anticipated to open new opportunities for the existing market leaders to enhance production capacity. No barriers to entry are the major factor expected to create an opportunity for the new market participants. Some key players operating in the global market include Airdex international Inc., Brambles Limited, wooden pallets limited, Arrington Lumber & Pallet Company and Great Northern Corporation.
