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.
Technavio's analysts forecast the pallet market in the US to grow at a CAGR of 2.2% over the period 2015-2020.
Covered in this report
The pallet market in the US is highly fragmented with the presence of local, regional, and international vendors. The market can be segmented into four based on the type of materials used to manufacture pallet: wood, plastic, metal, and corrugated paper.
Technavio's report, Pallet Market in the US 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report presents the market landscape and its growth prospects in the coming years, it also covers the vendor landscape and a corresponding detailed analysis of the major vendors in the market.
Technavio Announces the Publication of its Research Report – Pallet Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the Pallet Market in the US: CHEP, Millwood, PalletOne and PECO
Other Prominent Vendors in the market are: Buckhorn, Cabka North America, Edwards Wood Products, Greystone Logistics, iGPS Logistics, Kamps, LITCO International, ORBIS, Rehrig Pacific and RM2 International
Commenting on the report, an analyst from Technavio’s team said: “Vendors continue to invest in R&D to develop pallets that are environmentally friendly, recyclable, and reusable. Among the factors influencing purchase decisions, strength and durability are considered the most important. Pallets are designed and developed to ensure multiple trips in the supply chain process. The main effort of vendors has been toward shifting from single-trip pallets to multiple-trip pallets.”
According to the report, More US imports, exports, and shipments will require producers to add pallets to their existing stocks to handle the high output. Manufacturers are outsourcing logistics to third-party suppliers to reduce shipping costs and improve service. This is a viable opportunity for pallet companies to expand their existing logistics services.
Further, the report states that limited availability and high cost of raw materials hinders the market growth.
CHEP, Millwood, PalletOne, PECO, Buckhorn, Cabka North America, Edwards Wood Products, Greystone Logistics, iGPS Logistics, Kamps, LITCO International, ORBIS, Rehrig Pacific, RM2 International