Pallet Market Analysis – Pallet Industry Trends, Growth, and Forecast
Global Pallet Market Overview
The global pallet market has been witnessing steady growth over the last few years and is expected to register a CAGR of 5% during the forecast period 2016-2020. The market is expected to experience a similar growth rate through 2022, driven by numerous factors including increased consumer spending on infrastructural activities and the resurgence of several industries such as the construction and housing industry. The recovering global economy has increased the consumer expenditure on housing and construction activities worldwide which is driving the demand for pallets.
Numerous emerging trends are expected to gain traction in the global pallet market over the next few years, positively impacting market growth. These top trends include a greater emphasis on automation processes and use of new technologies, vertical integration by companies, a rise in power of pallet pooling companies, and the growing preference for block pallets. Large retailers are increasingly preferring block pallets over stringer pallets which are aiding the growth of large pallet poolers such as CHEP and PECO, which only deals in block pallets.
Additionally, several segments within the global pallet industry are expected to increase over the next few years, further contributing to the growth of the pallet market. For instance, the size of the global plastic pallets market will increase by 122 million units by 2022, accelerating at a CAGR of around 8%. Plastic pallets have numerous benefits such as enhanced safety, better protection from contamination, and increased operational efficiency. These benefits compared to traditional pallets are driving demand for plastic pallets from several industries such as grocery, food and beverage, pharmaceutical, and e-commerce. The global corrugated pallet market will also witness steady growth in the coming years, registering a CAGR of more than 4% during 2017-2021. Technavio's latest pallet market analysis highlights that corrugated pallet market size will increase by nearly 11 million units by 2021.
Pallet Industry Statistics and Insights
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The pallet market in APAC is currently the fastest growing region within the global pallet industry and is expected to post a CAGR of 8% between 2016-2020. The rapid growth in the manufacturing and retail sectors is a primary factor driving pallet market growth in this region.
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The 2018 year-over-year growth rate for the pallet market in Europe was approximately 5% and will accelerate at an even faster rate through 2022. Between 2017-2022, the size of the pallet market in Europe is expected to increase by 170 million units.
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The global corrugated pallet market will incur sales volume of around 60 million units by 2021.
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Pallet Market Share and Segmentation
Within our pallet industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our pallet market research offerings include:
- Wood Pallet Market
- Lumber Pallet Market
- High-density hardwood pallet market
- Low-density hardwood pallet market
- Softwood pallet market
- Engineered Wood Pallet Market
- Lumber Pallet Market
- Plastic Pallet Market
- High-Density Polyethylene (HDPE) Pallet Market
- Polypropylene (PP) Pallet Market
- Paper Pallet Market
- Corrugated Pallet Market
- Honeycomb Pallet Market
- Fiberboard Pallet Market
- Metal Pallet Market
- Steel Pallet Market
- Aluminum Pallet Market
In addition, we also have a detailed analysis of the pallet market segmentation based on structural design. In line with this, we cover the following:
- Stringer Pallet Market
- Block Pallet Market
- Customized block pallet market
We at Technavio, with our comprehensive understanding of the pallet market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our pallet market research reports offer the following insights:
- Pallet market size
- Pallet market share
- Pallet market growth
- Pallet market forecast
- Pallet market trends
- Pallet market vendor landscape
- Pallet industry statistics
