Pallets are platforms used for storing and transporting materials and products. They provide efficient material handling and storage for various industries like retail, food and beverages, pharmaceuticals, etc. Pallets help reduce product damage and simplifies material handling.
The global Pallet Market is estimated to be valued at US$ 30.02 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The strong demand from the logistics industry has been a key growth driver for the pallet market. As international and domestic transportation of bulk shipments increase due to the rising trade volumes, the need for efficient and durable pallets has risen substantially. Pallets help reduce loading/unloading time and enable better organization of shipments during transportation. They play a critical role in streamlining supply chain operations of various businesses. Growing logistics activities worldwide are expected to augment the demand for pallets over the forecast period.
Segment Analysis
The global Pallet market is dominated by the wood pallets segment. Wood pallets have been used for decades in material handling and packaging applications due to their durability and sturdiness. They can withstand harsh weather conditions and repeated handling by forklifts and pallet jacks. Wood pallets are also 100% recyclable and reusable, making them a sustainable choice for many end-use industries like food and beverage, automotive, chemicals etc.
Key Takeaways
The Global Pallet Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 30.02 Mn by 2024, growing at a CAGR of 16%.
Regional analysis
North America is currently the largest and fastest growing regional market for pallets. This is attributed to strong presence of end-use industries like manufacturing, retail and logistics in countries like the US and Canada. Moreover, growing emphasis on supply chain efficiency and automation is fueling adoption of standardized pallet sizes in the region.
Key players
Key players operating in the Pallet market include: 3D Robotics, AeroVironment, Inc., DJI, Elbit Systems Ltd, General Atomics, GoPro, Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Northrop Grumman Corporation. Lockheed Martin Corporation is one of the top players in defense & space industry. The company offers unmanned aerial vehicles for commercial as well as defense applications.
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