Future of pallet Market to 2028: Recent Industry Activity Focus on Key Players and Their Latest Strategies

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.

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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.

However, high initial and maintenance cost of pallets, especially wooden pallets is expected to restrain growth of the global pallet market during the forecast period. Among regions, Asia Pacific is expected to witness significant growth in the global pallet market during the forecast period. This is owing to increasing demand for wooden and plastic pallets across the region.

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.

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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Detailed Segmentation:

Global Pallet Market, By Product Type Type:
Nestable
Rackable
Stackable

Global Pallet Market, By Material:
Wood
Plastic
Metal
Corrugated Paper
Others

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