A pallet is a flat transport structure that supports goods while being lifted by a forklift or other jacking devices. A pallet is the structural foundation of a unit load which allows handling and storage efficiencies. The recovery of industrial activities in North America and Europe after a period of sluggish growth is expected to drive the global pallets market. Increasing adoption of pallets in Asia Pacific lead by China is projected to be a prospective market opportunity.
The market can be segmented, based on product types, into five key market segments as wooden, plastic, metal, paper and recycled materials. Globally, wooden pallets are the largest product segment attributed to their lower prices when compared to other pallets. Plastic pallets are projected to be the fastest growing product segment for the next few years on account of their reusability, recyclability, versatility and durability. Plastic pallets can be easily cleaned and utilized for applications where product contamination is a major concern. Additionally, the recyclability adds to the attractiveness for users who are looking for raising their products’ perceived environment friendliness. This shift towards higher priced reusable pallets has increased the value returns of the market as well.
The market can be further segmented on the basis of end users as food & beverage manufacturing, other manufacturing, warehousing and construction & other. The food & beverages market is the largest consumer and expected to remain so over the forecast period. The construction & other market is projected to be the fastest growing end-user segment owing to the recent recovery in the global construction activities.
Demand from North America and Europe is expected to recover. Asia Pacific is also showing increased rate of adoption of pallets growing at an above average rate.
Some of the key players in the pallets market include Airdex International Inc., Associated Pallet Inc., Corrugated Pallets Company, Mauser AG, Myers Industries Inc. and Wooden Pallets Ltd. among others.
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