About the Pallet Market
A pallet is a flat panel that serves as a base for storing and transporting raw materials and finished products. It is designed to be lifted by forklifts and pallet jacks. The majority of pallets are made from wood, but pallets made of plastic, metal, and corrugated paper are also available. The use of palletized storage and transportation is one of the key considerations in modern logistics as it enables operational efficiency in terms of material handling. With the growing need for safe, efficient, and easier transportation solutions, pallet market will benefit significantly from this requirement for safer transportation of the goods, especially for end user industries like dairy, cement, retail, chemical, automobile, food and beverage.
Technavio’s analysts forecast the global pallet market to grow at a CAGR of 4.90% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global pallet market for 2016-2020. To calculate the market size, Technavio considers only the new pallets produced in the industry for the market size and forecast.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pallet Market 2016-2020
Technavio recognizes the following companies as the key players in the global pallet market: Brambles, LOSCAM, ORBIS, Rehrig Pacific, and Schoeller Allibert.
Other Prominent Vendors in the market are: Buckhorn, CABKA Group, The Corrugated Pallets, Craemer Holding, Euro Pool System International, Faber Halbertsma Group, Falkenhahn, Greystone Logistics, HTR Paletten-Service, INKA Paletten, IPG Intelligent Packaging Group, Jinyuan Group Wuhu Zhongshan Wood Packing, Kamps Pallets, Litco International, Millwood, PalletOne, PECO Pallet, Prioridades Ecológicas, RM2 International, and Tianjin CIMC Logistics Equipment.
Commenting on the report, an analyst from Technavio’s team said: “One trend which will propel market growth is vertical integration by companies. The demand for lumber used for manufacturing pallets is high in the construction and furniture industries. Sawmills are unable to meet the growing demand. As a result of the shortage of lumber in the market, pallet manufacturers find it difficult to complete their orders. Therefore, the supply of raw materials to pallet manufacturers has been adversely affected. Pallet manufacturers such as Arrington Lumber and Pallet and Associated Pallet are vertically integrating and investing in logging and sawmills. This enables them to offer high-quality pallets at an economical price.”
According to the report, a key growth driver is the increase in manufacturing output. The revival of the manufacturing sector and projected economic expansion worldwide will boost demand in the materials transport segment. The MAPI (Manufacturers Alliance for Productivity and Innovation) Foundation anticipates manufacturing production to outpace GDP during 2015-2016. The output in the manufacturing sector has increased over the last three years after a fall in 2008-2009. The manufacturing production will grow at 3.6% in 2016 and 2017. The uptick in manufacturing and resultant need to transport materials, including exports will drive the demand for pallets.
Further, the report states that one challenge that could restrict market growth is the limited availability and high cost of raw materials.
Brambles, LOSCAM, ORBIS, Rehrig Pacific, Schoeller Allibert, Buckhorn, CABKA Group, The Corrugated Pallets, Craemer Holding, Euro Pool System International, Faber Halbertsma Group, Falkenhahn, Greystone Logistics, HTR Paletten-Service, INKA Paletten, IPG Intelligent Packaging Group, Jinyuan Group Wuhu Zhongshan Wood Packing, Kamps Pallets, Litco International, Millwood, PalletOne, PECO Pallet, Prioridades Ecológicas, RM2 International, Tianjin CIMC Logistics Equipment.