The ‘Global Pallet Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pallet market, assessing the market on the basis of its segments like types, applications, structural designs, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Pallet Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.80%
Pallets are a great choice for storing and moving food products owing to the superior load performance, high reliability, and affordability. Hence, the increasing applications of the product in the food and beverage industry is driving the market growth. In addition, wooden pallets effectively prevent premium packaged food products from getting damaged or punctured which is a major advantage offered by the product. The rising demand for clean-labelled food and beverage items is further encouraging the pallet market growth.
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Meanwhile, pallets are gaining traction in the pharmaceutical manufacturing industry due to the increasing demand for superior quality cancer drugs and therapeutics. Pallets are also suitable in a drug manufacturing environment as the product offers great assistance during rapid movements. Over the forecast period, the anticipated increase in demand for biopharmaceutical drugs and medicines is likely to boost the application of pallets in the pharmaceutical sector.
At a regional level, the Asia Pacific holds a significant segment in the market due to the growing expansion of the major end use industries of the product. Increasing domestic trade of drugs and food items is further escalating the deployment of pallets in the region, leading to a greater growth of the pallet market.
Pallet Industry Definition and Major Segments
A pallet refers to a transportation component which is used to store and transport goods safely from one place to another using a forklift. However, hazardous or flammable products should never be stored in pallets. The pallets can be made up of different components such as metal or wood.
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Based on type, the market can be segmented into:
The significant applications of the product include:
Food and Beverages
Chemicals and Pharmaceuticals
Machinery and Metal
By structural design, the market has been segmented into:
On the basis of region, the market can be categorised into:
Middle East and Africa
Pallet Market Trends
The key trends in the global pallet market include the flourishing e-commerce industry which is propelling the demand for pallets due to the increasing purchasing power of the population. The increasing online sale of chemicals, pharmaceuticals and food and beverage products is further leading to a heightened deployment of pallets to transport orders from one district to another. In addition to this, pallets are hygienic and can be easily disinfected which is gaining attention of food transporters.
Pallets are a crucial component in the construction industry for storing blocks, bricks, and tiles. In this regard, the rapid urbanisation, industrialisation, and residential and commercial construction projects are boosting the demand for pallets. It also speeds up the construction process leading to a lesser burden on labour. Hence, its potential to decrease the laborious nature of construction work is anticipated to be another crucial trend in the pallet market.
The increasing demand for household equipment and complex machines across various end use industries are likely to bolster the application of pallets in the metal and electronic equipment manufacturing facilities which is another crucial trend in the market. Moreover, the growing research and development activities across chemical and pharmaceutical companies are further generating the demand for the product to augment the operational efficiency.
Key Market Players
The major players in the pallet market report are
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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