Pallet Market Expected to Flourish a Significant CAGR of 4.8% by Positive Growth of Food & Beverage Industry
The global pallet market is segmented into product type such as plastic pallets, corrugated cardboard pallets, wood pallets, metal pallets, lightweight plywood pallets and press wood pallets. Among these segments, wood pallet segment is expected to occupy top position in overall pallet market during the forecast period. Further, benefits of wood pallets such as high strength, lightweight, recyclable and cost-effectiveness are believed to be major growth driver of the wood pallet market. Moreover, rising demand from end use industries is anticipated to drive the growth of the wood pallet market. However, plastic pallet segment is projected to showcase highest CAGR during the forecast period.
Global pallet market is expected to flourish at a significant CAGR of 4.8% during the forecast period. Moreover, the global Pallet Market is expected to garner significant revenue by the end of 2021. Increasing shipping activities in the world and positive growth of food & beverage & manufacturing industry is anticipated to fuel the demand for pallets in the next few years.
Asia Pacific captured the highest percentage of market share in overall pallet market in 2016. Further, Asia-Pacific is anticipated to witness highest CAGR during the forecast period. Factors such as increasing number of warehouses and storage facilities coupled with rising number of manufacturing plants in the region are believed to propel the growth of the Asia Pacific pallet market. Moreover, Middle East and Africa region is expected to showcase significant growth during the forecast period. Growing trade volume in the region is anticipated to accelerate the demand for pallet market.
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Growth in Trade Activities across the Globe
Growth of manufacturing activities in emerging nations is anticipated to accelerate the demand for pallets in the upcoming years. Moreover, rise in the number of product shipping is also likely to fuel the growth of pallet market. Moreover, as per United Nations conference on trade and development, in 2015, global shipments expanded by 2.1. Moreover, world shipments are expected to expand in the upcoming years which further, are anticipated to escalate the demand for pallets.
Rapid urbanization in the world has positively impacted the growth of food & beverage, manufacturing and construction industries. Moreover, increasing installation of manufacturing units by these companies are expected to positively impact the demand for pallet during the forecast period.
Although, fluctuation in the raw material price and low availability of raw material suppliers are some of the key factor which is likely to dampen the growth of pallet market during the forecast period.
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The report titled “Global Pallet Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global pallet market in terms of market segmentation by product, by application, by shape and size, by usage and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global Pallet Market which includes company profiling of Totre Packaging, Spruce Impex Pvt Ltd., Gee Enterprises, Spanco Enterprises, Pilco Storage Systems Private Limited, Swift Technoplast Private Limited, Brambles Limited, Loscam Australia Pty Ltd and ORBIS Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pallet market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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