Published Date : May 22, 2017
ALBANY, New York, May 22, 2017 – The global pallet market is slated to expand at a 5% CAGR from 2016 to 2020, according to a report recently added to MarketResearchReports.biz. The 64-page report is titled “Global Pallet Market 2016-2020” and outlines the key factors driving and hampering the market. The rapid expansion of a number of industries – such as manufacturing, food and beverages, consumer goods, retail, and personal care products – is the primary factor driving the pallet market. Rising construction and housing activities have also contributed to the growth of this market. While the vertical integration by major companies is slated to offer several opportunities, the high cost and limited availability of raw material is likely to restrict the pallet market.
Pallets can be of metal, wood, corrugated paper, or plastic. Wooden pallets are most commonly used and as a result, this segment accounted for a massive 90.0% in 2015. These pallets dominate over other types in terms of versatility, strength, variety, and cost-effectiveness and other key features of wooden pallets include their ability to be easily recycled or repaired and their light weight. However, in recent years, plastic pallets have also gained prominence, especially in the food and beverages sector. This can be attributed to the fact that tracking technologies can be planted in these pallets with ease and the fact that they adhere to food safety norms.
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Geographically, the report covers three main regions: Europe, the Middle East, and Africa, Asia Pacific, and the Americas. At a CAGR of 8.0% between 2016 and 2020, Asia Pacific is likely to emerge as the fastest growing regional market for pallets. This can be attributed to rising disposable incomes of the consumers, changing consumer lifestyles, rapid expansion of the retail and manufacturing sectors, increasing investments in storage facilities, and high usage of pallets while transporting and storing various products.
The vendor landscape of the global pallet market is immensely fragmented and comprises recycling specialists, manufacturers, pooling firms, and management companies. Considering the intense competition in the market, vendors are differentiated based on their customized offerings to cater to the varied demands of the consumer. Along with major enterprises in the pallet market vendor landscape, there are numerous small family-owned companies that offer stiff competition. With growing investments in the industry, companies are focused on the development of pallets with better durability and strength. Newer technologies are also being adopted in order to track equipment and refine service offerings in a modern logistics sector.
The pallet market is dominated by LOSCAM, Brambles, Rehrig Pacific, Schoeller Allibert, and ORBIS. Apart from these, there are several other prominent companies in the market: RM2 International, Craemer Holding, Falkenhahn, INKA Paletten, Kamps Pallets, CABKA Group, Greystone Logistics, Tianjin CIMC Logistics Equipment, Euro Pool System International, The Corrugated Pallets Company, Buckhorn, Faber Halbertsma Group, Litco International, Millwood, IPG Intelligent Packaging Group, PalletOne, Jinyuan Group Wuhu Zhongshan Wood Packing, Prioridades Ecológicas, PECO Pallet, and HTR Paletten-Service.
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