According to the latest report, titled “Pallets Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The global pallets market size stood at US$ 59.91 Bn in 2018 is projected to reach US$ 88.69 Bn by 2026, exhibiting a CAGR of 5.1% during the forecast period (2019 – 2026)
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Pallets Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Pallets Market.
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A few top players in the industry are–
- Netflix, Inc.
- Hulu, LLC
- Google LLC
- Apple, Inc.
- Facebook, Inc.
- Telstra Corporation Ltd.
- Rakuten, Inc.
- Microsoft Corporation
- Roku, Inc.
- Kakao Corp.
- Vudu, Inc.
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Pallets Market and the market concentration is described in the report.
On the basis of Geography, the Global Pallets Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Pallets Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of Pallets Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Wood Pallets Cover the Maximum Share Owing to their Numerous Features
Among different types of pallet materials such as injection moulding pallets, corrugated paper pallets, and oxo-biodegradable pallets, wood pallets are anticipated to account for the largest share in the global market during the forecast period. These pallets are preferred over others owing to their massive benefits such as reduced startup cost and less response time in terms of customized designs. Other benefits offered by wood pallets is that they can be repairable and have high strength. On the other hand, wood pallets are not sustainable in terms of food compliance. Also, these cannot be reusable, therefore, plastic pallets are likely to gain traction in the forthcoming years. Plastic pallets are more durable and lightweight, which will augment their demand among consumers.
An overview of the Pallets Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Market Registers Impressive Growth in MEA Owing to Saudi Arabia’s New Waste Management Technologies
The pallet utilization is expected to be high in Asia Pacific during the forecast years. In 2018, the market was valued at US$ 14.77 Bn and is anticipated to lead the global pallet market in the next few years. The region registers the highest adoption of plastic and wooden pallets for massive imports and exports of goods. Countries such as China and India are likely to be the most progressive markets in the forecast years.
The market in the MEA (the Middle East and Africa) generated a value of US$ 6.18 Bn in the year 2018. The market is expected to grow in this region owing to the rising adoption of plastic pallets, especially in the logistics and transportation industry. Among countries in MEA, Saudi Arabia adopted novel technologies for waste recycling management. Furthermore, the country produced around 15 million tons of municipal waste every year. It is planning to continue adopting new technologies in order to reproduce and recycle plastic products for material handling equipment and industrial handling equipment.
CHEP’s New Technologies for Developing Lightweight Plastic Pallets Garners Growth
Pallet manufacturers are paying a lot of attention to develop plastic pallets with the emergence of advanced technologies such as automation processes. Moreover, the demand for plastic pallets is increasing as these are easy to clean.
A lead analyst at Fortune Business Insights said, “As plastic pallets are environmental-friendly, new users are also expected to adopt these pallets in the forecast horizon.” He added, “Raising awareness about reducing carbon footprint is further increasing sales of plastic pallets, thus driving the pallet market.”
CHEP- A brambles company has adopted novel technologies to develop plastic pallets. The aim of the company is to offer lightweight and durable products across several industries.
People across the world are increasingly investing in infrastructural and housing activities consequently with rising per capita income and rapid industrialization. This, along with rapid urbanization, is driving the global market.
- What is the driving factor for the growth of the Pallets Market?
- How will the COVID-19 pandemic impact the demand and consumption of the Pallets Market?
- What is the major application area of the Pallets Market?
- Who are the Pallets Market manufacturers across the globe?
- Which geographical location is dominant in the Pallets Market?
- Which are the top industry players in the Pallets Market?
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