Pallets Market Size, Share and Global Trend By Material Type (Wood, Plastic, Composite Wood, and others), By Application (Pharmaceuticals, F&B, Manufacturing, and others), and Geography Forecast till 2026

Pune, India -- (SBWire) -- 07/03/2019 --The rising standard of operations in goods transportation is helping the global pallets market grow. As per Fortune Business Insight's newly published report, titled "Pallets Market: Global Market Analysis, Insights and Forecast, 2019-2026" which was valued at US$ 59.91 Bn in 2018 is anticipated to expand at 5.1% CAGR between 2018 and 2026 to reach US$ 88.69 Bn. These global standards are expected to necessitate the adoption of pallets during the forecast period.

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Wood Pallets Cover the Maximum Share Owing to their Numerous Features

Among different types of pallet materials such as injection moulding pallets, corrugated paper pallets, and oxo-biodegradable pallets, wood pallets are anticipated to account for the largest share in the global market during the forecast period. These pallets are preferred over others owing to their massive benefits such as reduced startup cost and less response time in terms of customized designs. Other benefits offered by wood pallets is that they can be repairable and have high strength. On the other hand, wood pallets are not sustainable in terms of food compliance. Also, these cannot be reusable, therefore, plastic pallets are likely to gain traction in the forthcoming years. Plastic pallets are more durable and lightweight, which will augment their demand among consumers.

Market Registers Impressive Growth in MEA Owing to Saudi Arabia's New Waste Management Technologies
The pallet utilization is expected to be high in Asia Pacific during the forecast years. In 2018, the market was valued at US$ 14.77 Bn and is anticipated to lead the global pallet market in the next few years. The region registers the highest adoption of plastic and wooden pallets for massive imports and exports of goods. Countries such as China and India are likely to be the most progressive markets in the forecast years.
The market in the MEA (the Middle East and Africa) generated a value of US$ 6.18 Bn in the year 2018. The market is expected to grow in this region owing to the rising adoption of plastic pallets, especially in the logistics and transportation industry. Among countries in MEA, Saudi Arabia adopted novel technologies for waste recycling management. Furthermore, the country produced around 15 million tons of municipal waste every year. It is planning to continue adopting new technologies in order to reproduce and recycle plastic products for material handling equipment and industrial handling equipment.

CHEP's New Technologies for Developing Lightweight Plastic Pallets Garners Growth

Pallet manufacturers are paying a lot of attention to develop plastic pallets with the emergence of advanced technologies such as automation processes. Moreover, the demand for plastic pallets is increasing as these are easy to clean.

A lead analyst at Fortune Business Insights said, "As plastic pallets are environmental-friendly, new users are also expected to adopt these pallets in the forecast horizon." He added, "Raising awareness about reducing carbon footprint is further increasing sales of plastic pallets, thus driving the pallet market."
CHEP- A brambles company has adopted novel technologies to develop plastic pallets. The aim of the company is to offer lightweight and durable products across several industries.

People across the world are increasingly investing in infrastructural and housing activities consequently with rising per capita income and rapid industrialization. This, along with rapid urbanization, is driving the global market.

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Companies Developing Innovative Pallets to Fulfil Their Customer Requirements

Several players are engaged in manufacturing pallets to gain a better position in the market. These companies are continuously working on customizations as per their customers to stay ahead of the competition. Furthermore, they focus on developing durable, efficient, and light pallet products for their consumers. The transportation and warehousing consumers need smart and innovative pallets to track their flow for effective management. Considering such requirements, companies are manufacturing radio frequency identification (RFID) pallets to keep a better track of pallets. For instance, The Schoeller Allibert Time or SAT offers material management and logistics systems incorporated with RFID chips.