LOS ANGELES, Feb. 18, 2020 /PRNewswire/ -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Pallets Market (By Product: Plastic Pallets, Wood Pallets, Metals Pallets, Others; By Application: Glossary Manufacturing, Logistics and Transportation, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".
The global pallets market is expected to grow at a CAGR of around 4.8% during the forecast period 2019 to 2026 and reach the market value of around US$ 84.56 Bn by 2026.
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In 2018, Asia Pacific dominated the regional market with a maximum market share
The Asia Pacific accounted for the high market share of the pallets market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the presence of testing device companies, favorable reimbursement policies in the rapidly growing population. The Asia Pacific is followed by the North America region in the business market. The North America region is expected to exhibit a second-largest share in the pallets market. North America is expected to account for the second-largest in the global market during the forecast period. An increase in adoption of the pallet, growing disposable income and an increase in innovation and development in pallet products is expected to enhance the regional market growth in the global pallets market during the forecast.
Few of the players profiled in the report operating in the market are Spruce ImpexPvt Ltd., Totre Packaging, Gee Enterprises, Spanco Enterprises, Swift Technoplast Private Ltd., Loscam Australia Pty Ltd., Pilco Storage Systems Private Ltd., Brambles Ltd., SchoellerAllibert, Rehrig Pacific Company, and CABKA Group. These players are implementing various strategies such as new product introduction, attainments, and collaborations, in order to apprehension in height revenue share in pallets business. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors. The presence of a large customer base along with the growing demand for pallets is additionally accelerating the regional market growth. Moreover, innovation and expansion in pallet usage and growing development, increasing the demand for logistics & transport and increasing awareness about maintaining health among the customer are expected to enhance the market growth in the global pallet market in the future. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
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Furthermore, increase in demand, innovation and development in pallet, rising concerns about usage of pallet, and rising spending capacity is also estimating to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing industry and emergence of new product development in Metals Pallets products are expected to create opportunities for the manufacturers in the global market over the forecast period. However, rigorous government regulations towards pallet quality and safety & quality concerns of pallet are expected to hamper the growth of the global pallet market.
Plastic pallets have dominated the type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The Plastic Pallets segment accounts of the largest share in the market in 2018 and will appear decent growth rate over xx % during the forecast period. The major factors that are driving the growth of Metals Pallets segment is the extremely high strength alongside with reduced weight, exclusive design, high production, and a huge resources availability. This is probably to heighten the dominance of the Metals Pallets segment rather than other in the global market over the forecast period.
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Based on application, the market has been segmented into glossary manufacturing, logistic & transport and others. The Logistic & transport accounts of the largest share market share by volume in the period 2018. In addition to that, escalating demand from packaging and automobile industry is yet another factor to act as a growth driver for the global pallet market in coming future. The limited availability of raw material and high cost of raw material are the two major challenges for the global pallet market.The quality of products which grows the demand for pallet in application type. The major factors that are driving the growth of this segment are increasing consumption in logistic and beautiful appeal of product with efficient marketing styles.
Some of the key observations regarding pallets industry include:
- September 2019, PalletOne, Inc., America's largest new pallet manufacturer, has purchased Bay Wood Products Inc., a pallet and crate manufacturing business located in Baldwin County on the Alabama Gulf Coast.
- October 2019, The National Wooden Pallet & Container Association (NWPCA) announces the release of PDS 6.0, the most advanced software tool in the world that considers the interactions between a flexible wood pallet and corrugated boxes.
- January 2019, Germany's Kion Group AG plans to magnify its industrial unit in Summerville, S.C., in a move to escape a 25% tariff that the U.S. levied on forklifts imported from China.
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