The global pallet market reached a value of nearly US$ 3 Billion in 2016 and is expected to reach a value of about US$ 4 Billion by 2022, exhibiting a CAGR of around 5% during 2017-2022.
Increasing consumer expenditure on housing and infrastructural activities as a result of surging disposable incomes along with rapid urbanisation and industrialisation remains the primary growth-inducing factor for the global pallet market. In the recent years, plastic pallets have gained immense popularity across various sectors on account of their reusability and recyclability.
Moreover, manufacturers are also coming up with various technological innovations in order to increase their consumer-base. Apart from this, a rising need for safe and efficient transportation alternatives is anticipated to boost the demand for pallets in the coming years. According to the report,
The report has segmented the market on the basis of type into wood, plastic, metal and corrugated paper. Among these, wood accounts for the majority of the total share. The market has further been segregated on the basis of application. This segment includes food and beverages, chemicals and pharmaceuticals, machinery and metal, and construction.
The report has also analysed the competitive landscape of the market with some of the key global players being Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM and CABKA Group.