“Global Pallet Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028” by Expert Market Research provides a comprehensive view of the global pallet market, assessing the market on the basis of its segments such as types, applications, structural designs, and key regions.
The report studies the latest updates in the market along with their impact on the market. It also analyzes market demand, along with its price and demand indicators. The report also tracks the market based on SWOT and Porter’s Five Forces models.
Pallet Market Share, Size, Industry Report, Key Player, Key Segments and Forecast
Highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.4%
Pallets are an excellent choice for storing and moving food products due to their high load performance, high reliability and affordability. Therefore, 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 being damaged or punctured, which is a major advantage offered by the product. The increasing demand for clean label food and beverages is further encouraging the growth of the pallet market.
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Meanwhile, pallets are gaining traction in the pharmaceutical manufacturing industry due to the growing demand for high-quality cancer drugs and therapeutics. Pallets are also suitable in a drug manufacturing environment as the product provides great support during rapid movements. During the forecast period, the anticipated increase in demand for biopharmaceutical drugs and medicines is likely to drive the application of pallets in the pharmaceutical sector.
Regionally, Asia Pacific holds a significant segment in the market due to the increasing expansion of key product end-use industries. Increasing domestic trade in drugs and food items is further escalating the deployment of pallets in the region, leading to further growth of the pallet market.
Pallet industry definition and key segments
A pallet refers to a transport 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 on pallets. Pallets can be made of different components such as metal or wood.
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By type, the market can be divided into:
Important product applications include:
Food and Drinks
Chemicals and Pharmaceuticals
Machinery and Metal
According to structural design, the market is segmented into:
On the basis of region, the market can be categorized into:
Middle East and Africa
Pallet market trends
Key trends in the global pallet market include the booming e-commerce industry which is driving the demand for pallets due to the growing purchasing power of the population. The growth of online sales of chemicals, pharmaceuticals, and food and beverage products is further leading to increased deployment of pallets to transport orders from one county to another. In addition, the pallets are hygienic and can be easily disinfected, which is attracting the attention of food carriers.
Pallets are an essential component in the construction industry for storing blocks, bricks and tiles. In this regard, rapid urbanization, industrialization and residential and commercial construction projects are increasing the demand for pallets. It also speeds up the construction process leading to less burden on the workforce. Therefore, its potential to reduce the laborious nature of construction works is predicted to be another crucial trend in the pallet market.
The increasing demand for household appliances and complex machinery in various end-use industries is likely to strengthen the application of pallets in metal and electronic equipment manufacturing facilities, which is another crucial trend in the market. Additionally, increasing research and development activities in chemical and pharmaceutical companies are further generating demand for the product to increase operational efficiency.
Major market players
The key players in the pallets market report are
The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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