According to a new report published by Allied Market Research, titled, "Pallets Market by Type, Material, and End-User Industry: Opportunity Analysis and Industry Forecast, 2020–2027," the 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.
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.
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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.
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 .
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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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 global pallets market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period; however, LAMEA is expected to grow at the fastest rate.
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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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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