Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global pallets market size is expected to rise at a CAGR of 5.1% and reach a value of USD 88.69 Billion by the end of 2026 from USD 59.91 Billion in 2018. Increasing adoption of material handling equipment in different industries is a major factor propelling the growth of the global pallets market. Fortune Business Insights presents a detailed study of the global pallet market in the report, titled "Pallets Market Size, Share and Global Trend by Material Type (Wood, Plastic, Composite Wood, and others), By Application (Pharmaceuticals, F&B, Manufacturing, and others), and Geography Forecast till 2026."
According to the report, the wood pallet segment is anticipated to witness largest share in the market because of the adoption of wood for pallets since traditional times. Besides this, wood pallets have many advantages such as high level of strength and repairable abilities, that make it more preferred as compared to the others. Meanwhile, plastic pellet is gaining popularity due to their durability and lightweight properties. Thus, the demand for plastic pellet is anticipated to increase during the period between 2018 and 2026.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 5.1% |
| 2026 Value Projection | USD 88.69 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 59.91 Billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 210 |
| Segments covered | By Material Type, By Application, And Region |
| Growth Drivers | Increasing demand for plastic pallets across the industry verticals, across the globe |
| Increasing demand for wooden and plastic pallets across Asia Pacific is driving the region |
Regional Insights:
The Middle East and Africa to Emerge Fastest Growing Region on Account of Initiatives Taken to Recycle Plastic Waste and Turn in to Plastic Pallets
Fortune Business Insights foresees the global pallets market to be dominated by Asia Pacific because of the increasing adoption of plastic and wooden pallets for both exporting and importing goods through international borders. In 2018, the market in Asia Pacific was valued at US$ 14.77 Bn and is anticipated to continue doing so in the coming years. Nations namely China and India are anticipated to offer significant opportunities during the forecast period.
Meanwhile, the market in the Middle East and Africa was valued at US$ 6.18 Bn in 2018. Market in the region is driven by the rise in demand for plastic pallets in logistics and transportation industry. Nations in the Middle East and Africa are adopting recycled products and this is further expected to help reduce plastic waste. To cite an example, Saudi Arabia have started to adopt new technologies in order to recycle waste in order to cope with the 15 million tons of municipal waste the nation has been producing every year. This included paper (12-28%), food wastes (40-50%)plastic waste (5-17%), metals (2-8%), and glass (3-5%). So the adoption of new machinery for keeping a check on waste is appreciable. Thus, such innovations are likely to bode well for the pallets market in the Middle East and Africa and bring huge revenues in the years to follow.
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Rising Demand from Agriculture, Chemical and Other Industries to Boost Market
The increasing demand for alternative pallet types such as plastic is anticipated to create lucrative growth opportunities for the global pallets market. Pallets are used in construction sectors, warehousing, and manufacturing industries for carrying goods in huge amounts with ease. This is a major factor driving the global market for pallets.
Additionally, the increasing volume of trade all over the world especially in the Middle East and Africa is also presumed to boost the global market for pallets. The logistics and transport sector in the Middle East is anticipated to grow substantially with pallets playing a vital role in linking the storage and supply chain.
The rising demand for safe and better transportation is another factor fueling the demand for pallets in the market worldwide. This, coupled with the increasing demand for pallets from other industries such as chemicals, pharmaceuticals, agriculture, food and beverage industries and others, is also anticipated to drive the global pallets market in the forecast duration.
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List of Key Players Mentioned in the Report:
- ORBIS Corporation
- Schoeller Allibert Group B.V.
- Cabka Group GmbH
- Falkenhahn AG
- Craemer Holding GmbH
- Brambles Ltd.
- PECO Pallet, Inc.
- Falkenhahn AG
- Loscam Australia Pty Ltd
- L.C.N Inc
Pallets Market Segmentation:
By Material Type
- Wood
- Plastic
- Composite Wood
- Metal
- Corrugated
- Others
By Application
- Pharmaceuticals
- F&B
- Manufacturing
- Warehousing & Transportation
- Retail
- Others
By Geography
- North America (USA and Canada and Rest of North America)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Pallets Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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