BANGALORE, India, April 8, 2021 /PRNewswire/ -- The Pallet Market is segmented by Type (Rackable, Nestable, Stackable, and Display), Material (Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper, and Metal), and End-user Industry (Food & Beverage, Chemical, Retail, Pharmaceutical, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Manufacturing Category.
The Pallets Market size is expected to reach USD 110,565.7 million in 2027, from USD 79,008.6 million in 2019, growing at a CAGR of 5.1% from 2020 to 2027.
Major factors impacting the size of Pallet Market are :
The rapidly growing e-commerce market, with COVID-19 pandemic further propelling this market for pallets suitable for the e-commerce industry.
Adoption or emerging technologies in the supply chain is increasing the demand for RFID pallets.
Striving towards production of fully recyclable or 100% reusable wooden and plastic pallets targeted for specific industries. Display segment is projected to grow at a significant CAGR.
Pallet market size is expected to skyrocket as the e-commerce industry experiences exponential growth. The COVID-19 pandemic has increased people's interest in e-commerce platforms, especially in developing countries where e-commerce is less common. The growth of e-commerce has put pressure on supply chains to improve shipping and logistics in order to monitor the movement and cost of goods going out and coming in. Online orders are usually smaller and more regular, necessitating more assets for inventory management. As a result, there is a need for pallets for e-commerce-based logistics, which propels the pallet market growth.
Furthermore, the growing focus on sustainable packaging and pallets is expected to increase the pallet market size. The majority of pallets in use today are made of wood, which is one of the most significant contributors to municipal solid waste (MSW). As a result, businesses are turning to recycle strategies to cut down on the amount of wood wasted in pallet production.
The incorporation of RFID tags provides a lucrative growth opportunity for the pallet market players. RFID incorporated pallets help mitigate pallet theft and misplacement. Furthermore, the introduction of emerging technologies in supply chains such as the internet of things (IoT), automation, collaborative robots (cobots), and others will increase the demand for RFID pallets.
Based on material, plastic via injection molding segment is projected to grow at a significant CAGR during the forecast period.
Based on type, the Display segment is projected to grow at a significant CAGR during the forecast period.
Based on the region, Asia-Pacific held the largest market share in 2019, and LAMEA is expected to grow at the highest rate during the forecast period. The rapid industrialization in the Asia-Pacific region, as well as the explosive growth of e-commerce, are two main factors driving the Asia-Pacific market's expansion.
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- The global Wood Pallet market is valued at USD 10430 Million in 2020 is expected to reach USD 15750 Million by the end of 2026, growing at a CAGR of 6.0% during 2021-2026.
- In 2020, the global Paper Pallet market size was USD 646.3 Million and it is expected to reach USD 742.4 Million by the end of 2027, with a CAGR of 2.0% during 2021-2027.
- In 2019, the global Plastic Pallet market size was USD 5388.4 Million and it is expected to reach USD 8640.5 Million by the end of 2026, with a CAGR of 6.9% during 2021-2026.
- The global Air Cargo Pallet market was valued at USD 159.8 Million in 2019 and it is expected to reach USD 216.7 Million by the end of 2026, growing at a CAGR of 4.4% during 2021-2026.
- Lumber Pallet Market by Product-Type: Asia Standard Pallet, US Standard Pallet, Europe Standard Pallet, Others, Application: Pharmaceuticals, Food and Beverage, Manufacturing, Construction, Retail, others, by key players, by Regions: North America, Europe, China and Japan, etc.
- Global Industrial Plastic Pallet Market by Product-Type: HDPE, PP, Application: Food Industry, Medical Industry, Chemical Industry, Electronics Industry, Others, by key players, by Regions: North America, Europe, China and Japan, etc.
- Global Corrugated Cardboard Pallet Market by Product-Type: Less than 3 Layers, 3-5 Layers, More Than 5 Layers, Application: FMCG and Food, Pharmaceutical Industry, Electronic and Automotive, Others, by Regions: North America, Europe, China and Japan, etc.
- The global Pallet Pooling (Rental) market size is projected to reach USD 12380 million by 2026, from USD 7894.4 million in 2019, at a CAGR of 6.6% during 2021-2026.
- Global Spill Pallets Market by Product-Type: Polyethylene, Galvanized Steel, Other, Application: Secure Storage Of Fuels, Clean And Waste Oil, Chemicals, Other, by Regions: North America, Europe, China and Japan, etc.
- Foldable And Collapsible Pallets Market by Product-Type: Plastic, Metal, Application: Food & beverage, Consumer goods, Shipping and logistic, Automotive, Pharmaceutical, Chemical & petrochemical, Industrial packaging, Other, by Regions: North America, Europe, China and Japan, etc.
- Heat Treated Wooden Pallets Market by Product-Type: Asia Standard Wood Pallet, US Standard Wood Pallet, Europe Standard Wood Pallet, Others, Application: Logistics & Transportation, Manufacturing Enterprise, Others, by Regions: North America, Europe, China and Japan, etc.
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