Pallets Market Report , Demand , Potential and Forecast to 2029 With a CAGR of 5.6%

Significant demand generated from manufacturers and retailers in food & beverages, pharmaceutical, and chemical industries continue to drive sales of pallets in global market. Poised for a whopping market value of US$ 95 Bn towards the end of 2029, the global pallets market is headed for a healthy CAGR during the following decade. Adoption of smart pallets, block pallets, and plastic pallets will progress at a notable rate owing to their several benefits over conventional pallets, as suggested by a new Persistence Market Research (PMR) report.

A majority of demand for plastic and block pallets is accounted by the food & beverages industry, which can be attributed to heightening sales of processed food products and increasing need for sustainable cold storage and transportation solutions. The market will also be shaping up with significant increase in the usage of radio-frequency identification (RFID) tags in plastic pallets, robots in processing and handling of pallets, and emergence of alternative pallets in the market.

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Key Takeaways - Global Pallets Market Study

Pallet sales in Asia Pacific are identified to remain dominant throughout the forecast period, and exhibit a higher CAGR in comparison to fellow regions.
Growth of manufacturing, infrastructural, and transportation sectors would remain pivotal to the build-up of global pallets market.
Demand for pallets is concentrated predominantly in the food and beverages industry.
Wood-based pallets are identified to account for majority of the market share owing to factors such as ease of availability of wood and better price-efficiency than other materials.
Plastic pallets are gaining prominence in food & beverages, automotive, and pharmaceutical industries owing to their high strength, durability, lightweight, and long-term environmental sustainability.
Smart pallets are gaining popularity among various manufacturers for asset tracking and inventory management. Market players must capitalize on the lucrative opportunities created by the segment to establish their presence in the market.

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Local Manufacturers Leading their Way in Pallets Market

The market for pallets is identified to be a fairly fragmented on a global level, with leading market players accounting for nearly 8-10% of overall market size as of 2018. However, significant fragmentation is witnessed in regions such as Asia Pacific, where local manufacturers hold prominent market positions. Some of the key market players in the market included in the report are

Brambles Ltd.
Falkenhahn AG 
Cabka Group GmbH 
Palettes Gestion Services
PalletOne, Inc. 
Schoeller Allibert Group B.V.
Corrugated Pallets Company
ORBIS Corporation
Craemer Holding GmbH
Rehrig Pacific Company, Inc.
Edwards Timber Company, Inc.
Shanghai Lika Plastic Pallet Manufacturing Co., Ltd.
Tasler, Inc.
World Steel Pallet Co., Ltd
Arrington Lumber and Pallet Company
L.C.N Inc.
Industrial Pallet Corporation
PECO Pallet, Inc.
iGPS Company LLC 
Furthermore, several market players are coming up with technological innovations in pallet production to gain a higher consumer base. Companies are focused on new launches and strategic long-term partnerships to sustain their revenue flow in the pallets market.

Pallets Market - Report at a Glance

PMR, in its new research report, offers an unbiased analysis of the global pallets market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The report covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the industrial gases market value chain & industry road map. Readers can also find key trends and market growth scenarios based on material type, structural design, and end-use industries across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.

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This release was published on openPR.