Pallet Market Growth by Top Key Players - Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc and Schoeller Allibert

Pallet is a structural foundation that allows storage and transportation of goods. Pallet offer several activities such as assembling and storing of goods in the manufacturing units and warehouses. The pallets are lifted by jacking devices such as forklift, front loader, pallet jack, or cranes. The material offers an inexpensive method for handling and storage activities in various manufacturing industries.

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Increasing number of manufacturing units and the growing housing and construction sector is a major factor propelling growth of the market. Moreover, the increasing import-export activities in pharmaceuticals and food and beverage industry has fuelled demand for reliable and durable product storing materials, including pallets. Plastic pallets accounted for the fastest growing material segment, as plastic pallets are preferred for shipment of goods.

North America held dominant position in the global pallet market and accounted for the market share of 37.99% in 2016. Development in the food and beverage and construction sector in the U.S. and Canada is major factor driving growth of the market in the region. Moreover, the increasing demand for pharmaceuticals and health supplements, due to high prevalence of diseases such as obesity, diabetes and others is expected to increase demand for plastic pallets as these pallets possess enhanced durability and are less prone to contamination.

Asia pacific is estimated as the fastest growing market in the global pallet market and is expected to exhibit the same trend over the forecast period. The growing industrialization and globalization in the emerging economies of the region is the major factor fueling growth of the market. Moreover, the growth of pharmaceutical and chemical industry has propelled the need for safer and reliable transportation, storage, and other material handling activities, which in turn, driving growth of the pallet market.

Major Players in the Global Pallet Market:

The major players are adopting various strategies for market growth. For instance, Brambles acquired IFCO (US pallet business) systems in 2011 as a part of their acquisition and merger strategy. Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc and Schoeller Allibert are some of the major players operating in the global pallet market.

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