- Positive business environment and a growing e-commerce sector are contributing massively to growth in the market
- Sales of Pallet Racking Systems will increase with growth in 3PLs Market–anticipated for the forecast period. Asia Pacific to chart a CAGR OF 9.4% by value owing to increasing demand for organized logistics
ALBANY, New York, June 18, 2020 /PRNewswire/ -- The global pallet racking system market is on an upward growth trajectory over the period of 2019 to 2027. A host of trends and drivers will impact the growth curve positively. Some of these are growth in manufacturing sector and increasing demand for organized logistics.
As per Transparency Market Research, "The growth rate that would be recorded by global pallet racking system market from 2019to 2027 is pegged at 7.4%, compounded annually. New and lucrative growth opportunities will be noted in the market landscape over the stated period."
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Key Findings of Global Pallet Racking System Market:
- The logistics sector will record notable growth over the forecast period owing to growth in manufacturing, retail, and e-commerce
- Need to reduce cost of operations and bring in efficiency in management of warehouses will drive demand in the global pallet racking system market
- Asia Pacific region will create a slew of lucrative opportunities for market players
Understand the key trends pertaining to the Global Pallet Racking System Market (System Type - Conventional, Mobile Racking, Shuttle Racking, Hybrid/Customized Racking; Racking System Type - Selective Pallet Rack, Narrow Aisle Rack, Drive-in Rack, Push-back Rack, Gravity Flow Rack, Mezzanine, Others; Frame Load Capacity - Up to 5 Ton, 5-15 Ton, Above 15 Ton; Application - Cases & Boxes, Pipes & Panels, Tires, Drums & Pails, Rigid Sheets, Timber & Rolls, Trays & Crates, Others; End-use Industry - Packaging, Food & Beverage, Electrical & Electronics, Healthcare, Metal Processing & Manufacturing, Building & Construction, Chemical, Logistics & Warehousing, Mining, Others) - Global Industry, Size, Share, Growth, Trends, and Forecast Analysis 2019 – 2027 at https://www.transparencymarketresearch.com/pallet-racking-system-market.html
Key Drivers of Growth in Global Pallet Racking System Market:
Increase in number and quality of warehouses is increasing and a major factor behind this is growth in manufacturing and retail. An increasing disposable income is also keeping the market buoyant by creating demand for goods. Additionally, automation and need for efficient operations is also driving growth in the global pallet packing system market. Some of the other growth factors, as identified by Transparency Market Research, are spelled out below:
- Growth in E-commerce is set to create new opportunities of growth as logistics become crucial with growing demand for goods from such platforms
- Need to reduce time and cost and to increase efficiency is leading to higher demand for organized logistics, driving market forward
- Demand for integrated subsystems and stand-alone subsystems is growing, paving way for higher demand for pallet racking system
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Regional Analysis of Global Pallet Racking System Market:
- Asia Pacific (APAC) region to generate gainful opportunities in the market over the forecast period
- The region will lay claim to a sizeable market share and grow at an impressive CAGR of about 9.4% by value
- Manufacturers are eyeing regions such as India, Brazil, Mexico, China, and countries in Central and Eastern Europe as these provide cheaper facilities and operations
Analyze global pallet racking system market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Pallet Racking System Market:
The global pallet racking system market is a fragmented vendor landscape. Transparency Market Research has profiled the top companies that operate in the market in its report. It also provides details into financials, growth strategies, and products, among other things.
Top players in the global pallet racking system market are Stora Enso Oyj, Georgia-Pacific LLC, Canfor Corporation, International Paper Company, Clearwater Paper Corporation, UPM-Kymmene Oyj, P.H. Glatfelter Co., Domtar Corporation, Mitsubishi Paper Mills Limited, Verso Corporation, BillerudKorsnäs AB, Burgo Group SPA, Twin Rivers Paper Company Inc., American Eagle Paper Mills, Delta Paper Corp., Catalyst Paper Corporation, Asia Pacific Resources International Holdings Ltd., Rolland Enterprises Inc., Alberta Newsprint Company Ltd., and Finch Paper LLC.
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Global Pallet Racking System Market – Segmentation:
- Mobile Racking
- Shuttle Racking
- Hybrid/Customized Racking
Racking System Type
- Selective Pallet Rack
- Narrow Aisle Rack
- Drive-in Rack
- Push-back Rack
- Gravity Flow Rack
Frame Load Capacity:
- Up to 5 Ton
- 5-15 Ton
- Above 15 Ton
- Cases & Boxes
- Pipes & Panels
- Drums & Pails
- Rigid Sheets
- Timber & Rolls
- Trays & Crates
- Food & Beverage
- Electrical & Electronics
- Metal Processing & Manufacturing
- Building & Construction
- Logistics & Warehousing
- North America
- Latin America
- Asia Pacific
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