Pallet
is a structural foundation that allows storage and transportation of
goods. Pallet offer several activities such as assembling and storing
of goods in the manufacturing units and warehouses. The pallets are
lifted by jacking devices such as forklift, front loader, pallet
jack, or cranes. The material offers an inexpensive method for
handling and storage activities in various manufacturing industries.
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Increasing
number of manufacturing units and the growing housing and
construction sector is a major factor propelling growth of the
market. Moreover, the increasing import-export activities in
pharmaceuticals and food and beverage industry has fuelled demand for
reliable and durable product storing materials, including pallets.
Plastic pallets accounted for the fastest growing material segment,
as plastic pallets are preferred for shipment of goods. This is owing
to the materials’ durability, light-weight, and low-cost in terms
of floor space and labor requirement.
North
America held dominant position in the global pallet market and
accounted for the market share of 37.99% in 2016. Development in the
food and beverage and construction sector in the U.S. and Canada is
major factor driving growth of the market in the region. Moreover,
the increasing demand for pharmaceuticals and health supplements, due
to high prevalence of diseases such as obesity, diabetes and others
is expected to increase demand for plastic pallets as these pallets
possess enhanced durability and are less prone to contamination.
Major
Players in the Global Pallet Market:
The
major players are adopting various strategies for market growth. For
instance, Brambles acquired IFCO (US pallet business) systems in 2011
as a part of their acquisition and merger strategy. Brambles Limited,
LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The
Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation,
Litco International Inc and Schoeller Allibert are some of the major
players operating in the global pallet market.
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