Pallets Market is expected to reach $110.5 billion in 2027 from $79.0 billion, Says AMR

Pallets are an integral part of supply chains thus, the technological upgradation of logistics and warehousing facilities

PORTLAND, OR, UNITES STATES, March 24, 2022 /EINPresswire.com/ -- The report provides study at global and regional level to provide comprehensive value market analysis for the years (2017 & 2018 – Historic Years, 2019 – Base Year and 2020-2027 Forecast Period). The Pallets Market research report is a wide-ranging study of current trends, market growth drivers, and restraints. Each market segment is broadly analyzed at a powdered level by region (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America) to provide thorough information on the global and regional level.

global pallets market size is expected to reach $110.5 billion in 2027 from $79.0 billion in 2019, growing at a CAGR of 5.1% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 44.0% share of the global pallets market.

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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 outbreak of COVID-19 pandemic has negatively affected the pallets market due to halt in international trade, prolonged lockdown, and ceased manufacturing processes. In addition, the major end-user companies in China, Germany, and the UK are facing financial impacts due to halted production and interrupted supply chains, which is expected to hinder the growth of the pallets market during 2020.

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A pallet is a platform or a support for boards to stack loads upon them. Pallets are generally manufactured using plastic, wood, metal, and corrugated paper. They are considered as a tertiary form of packaging and are a mandatory part of nearly all industrial supply chains and warehousing. Moreover, pallets are generally used as a base for stacking, storing, transporting, and protecting materials, which are later transported using material handling equipment. Further, the standard sizes of pallets differ within different regions and countries.
Furthermore, the growth in the e-commerce industry has surged the demand for pallets significantly. The rise in inclination of people toward e-commerce, especially during the COVID-19 pandemic has created growth opportunities for the pallet manufacturers as well as the logistic companies. Automation of supply chain and logistic systems can propel the demand for pallets with RFID tags, bar codes, and other technologies. This is expected to drive the pallets market growth significantly.

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According to the material, the wood segment exhibited high revenues owing to the high adoption of wooden pallets globally. It garnered 87.3% share during 2019 and is expected to lead the pallet market during the forecast period. In addition, North America and Europe drive the demand for wooden pallets in addition to the increasing focus on recycling and sustainable pallet production .

Key Findings Of The Study
• On the basis of type, the stackable pallets segment dominated the pallets market share in 2019.
• On the basis of material, the wood pallets segment led the pallets market in 2019.
• On the basis of end-user industry, the others segment garnered major share of the pallets market in 2019.
• On the basis of region, Asia-Pacific dominated the market in 2019.

Market 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., and Schoeller Allibert Services B.V.

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David Correa
Allied Analytics LLP
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