The unprecedented growth in e-commerce industry is expected to drive the demand for pallets on a significant scale.
PORTLAND, OR, UNITED STATES, November 24, 2021 /EINPresswire.com/ — Pallets are an integral part of supply chains thus, the technological upgradation of logistics and warehousing facilities has promoted the development of pallets as well. Pallet theft and misplacement remains as an important issue to date, which can be reduced by the adoption of GPS sensors and RFID tags. In addition, plastic pallets allow better collaboration with the automated conveying and lifting processes, thereby, its demand is growing significantly.
According to a new report published by Allied Market Research, titled, “Pallets Market by Type, Material, and End-User Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global pallets market size is expected to reach $110.5 billion in 2027 from $79.0 billion in 2019, growing at a CAGR of 5.1% from 2020 to 2027.
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A pallet is a platform or a support for boards to stack loads upon them. Pallets are generally manufactured using plastic, wood, metal, and corrugated paper. They are considered as a tertiary form of packaging and are a mandatory part of nearly all industrial supply chains and warehousing. Moreover, pallets are generally used as a base for stacking, storing, transporting, and protecting materials, which are later transported using material handling equipment. Further, the standard sizes of pallets differ within different regions and countries.
Furthermore, the growth in the e-commerce industry has surged the demand for pallets significantly. The rise in inclination of people toward e-commerce, especially during the COVID-19 pandemic has created growth opportunities for the pallet manufacturers as well as the logistic companies. Automation of supply chain and logistic systems can propel the demand for pallets with RFID tags, bar codes, and other technologies. This is expected to drive the pallets market growth significantly.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging global pallets market trends and dynamics.
In-depth pallets market analysis is conducted by constructing market estimations for the key market segments between 2019 and 2027.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive pallets market opportunity analysis of all the countries is also provided in the report.
The global pallets market forecast analysis from 2020 to 2027 is included in the report.
Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the industry.
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The key market players profiled in the report include Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, PalletOne Inc., Rehrig Pacific Holdings, Inc., and Schoeller Allibert Services B.V.
Source: EIN Presswire