WOOD PALLET TRENDS 2022
Global Pallet Market (2022 to 2027) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts
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DUBLIN, FALL, 2022 /PRNewswire/ -- The "Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added.
The global pallet market reached a value of US$ 57.6 billion in 2021. Looking forward, the market is projected to reach US$ 75.9 billion by 2027, exhibiting at a CAGR of 4.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Pallets refer to horizontal platforms that support goods and assist in carrying them from one place to another using a front loader or a forklift. They are one of the most common bases employed to stack goods and are generally secured with a stretch wrap, pallet collar, adhesive or other means of stabilization. They can be manufactured using different materials depending on the application, such as wood, plastic, metal, etc. As they are relatively stronger than other containers like plastic wrappers and cardboard boxes, workers can stack heavier objects on a single pallet without breaking it. Owing to these attributes, they are extensively used by a large number of manufacturers and shippers of commercial goods across the globe.
With the rising sales of smartphones, increasing penetration of the internet and growing e-commerce industry, the demand for logistics services is being spurred considerably which, in turn, is strengthening the growth of the pallet market across the globe.
Apart from this, increasing consumer expenditure on housing and infrastructural activities owing to the inflating income levels of consumers, in confluence with the rapid urbanization as well as industrialization, is boosting the demand for pallets worldwide. In addition, manufacturers are investing in research and development (R&D) activities to incorporate technological innovations in the production of pallets.
For instance, they have introduced multiple-trip pallets, which aid in reducing cost per-trip, eradicating solid waste and improving operational efficiency. Plastic pallets have also gained immense popularity across various sectors on account of their reusability and recyclability. Competitive Landscape
The market is fragmented in nature due to the presence of several small and large manufacturers who compete against one another in terms of prices and quality. Some of the leading players operating in the market are: