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Valley Cottage, NY -- (SBWIRE) -- 12/11/2018 -- According to a new report by Future Market Insights, the global pallet pooling (rental) market is expected to grow at 6.6% CAGR through 2027. Demand for pallet pooling (rental) is growing steadily, owing to their higher durability. Further, the high cost associated with repair, management, and storage of pallets is influencing companies to opt for rental pallet pooling.
Renting pallet allows companies to shift their focus on core businesses and day-to-day supply chain operations. Further, simple rental systems allied with price transparency are promoting the use of renting pallet among end-users.
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The key trends influencing the global pallet pooling (rental) market are,
An increasing demand is being witnessed for pallets that meet hygiene requirements and offer mechanical performance.
Adoption of radio frequency identification (RFID) tags is increasing among end-users owing to its advantage of tracking the pallets throughout the supply chain.
By material type, Future Market Insights has segmented the market into HDPE, Polypropylene (PP), and advanced composites. Among these, HDPE is the largest segment by material type, accounting for nearly 75% revenue share. In terms of revenues, this segment was valued at US$ 506 Mn in 2016, and is anticipated to reach US$ 538 Mn in 2017. PP and advanced composites segments are projected to grow at over 7% CAGR through 2027.
By product type, the global pallet pooling (rental) market has been segmented into nestable, stackable, and rackable. Among these, nestable segment is the most dominant, accounting for nearly 40% revenue share of the market. The nestable segment was valued at US$ 277 Mn in 2016, and is projected to grow at 6.2% CAGR through 2027.
Future Market Insights offers market forecast and analysis on key end-users in pallet pooling (rental) market. According to the report, the key end-use segments include,
FMCG and food are among the most dominant end-users in the global pallet pooling (rental) market. These two segments will grow at 6.7% and 6.8% CAGRs respectively during the forecast period. The FMCG segment was valued at over US$ 217 Mn in 2016. By 2027, this segment is projected to surpass US$ 438 Mn in revenues.
North America remains the largest region for pallet pooling (rental) accounting for 38% revenue share of the market. In terms of revenue, the North America pallet pooling (rental) market is projected to grow at 6.7% CAGR through 2027. Western Europe is the second largest market, accounting for 23.5% revenue share. Future Market Insights estimates these two regions to remain dominant throughout the forecast period.
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The key companies profiled by Future Market Insights in its report are iGPS Logistics LLC, Loscam Australia Pvt. Ltd., Brambles Limited, Euro Pool Group, and Faber Halbertsma Groep B.V. According to Future Market Insights' competitive landscape analysis, Tier 2 companies account for 43% to 48% market share.