Pallet Market, by Product Type, Material, and End-use Industries
Pallet is a type of platform, which allows the storage and transportation of goods. It serves as a material for assembling, sorting, and storing of goods in the manufacturing units and warehouses, which are then lifted by jacking devices such as forklift, front loader, pallet jack, or cranes. Pallets are used in various manufacturing industries for material handling activities and is considered to be an inexpensive way of handling goods.
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The growing housing and construction sector coupled with the increasing manufacturing units is expected to fuel growth of the market. Moreover, the increase in the import and export of pharmaceuticals and food and beverage products has further augmented the need for reliable and durable product storing materials, thereby, fueling demand for pallets. The durability, light-weight, low-cost in terms of floor space, and labor requirement has made plastic pallets more desirable for shipment of goods and is accounted to be the fastest growing material segment globally. Moreover, various companies such as Amazon Inc and Inditex S.A among others are investing in R&D activities such as the innovation of RFID tags for tracking and tracing of pallets, is another factor driving growth of the global pallet market.
North America holds a dominant position in the global pallet market, accounted with a market share of 37.99% in 2016. The developed food and beverage and construction sector in U.S. and Canada is the major factor driving growth of the market in the region. Moreover, the increasing demand for pharmaceuticals and health supplements, due to prevalent lifestyle diseases such as obesity and diabetes among other is expected to drive demand for plastic pallets, due to its enhanced durability and reduced contaminant problems.
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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. According to the Indian Brand Equity foundation (IBEF), the Indian pharmaceutical industry is expected to witness a CAGR of over 15% between 2015 and 2020. Furthermore, the Department of Industrial Policy and Promotion stated that, the drugs and pharmaceutical industry attracted foreign direct investment (FDI) of US$ 14.71 billion from April 2000 to March 2017. Moreover, the demand for wood pallets in construction and housing sector is also on the surge, owing to the growing government investments on construction activities in the region.
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