A pallet is a platform or a support for boards to stack loads upon them. Pallets are generally manufactured using plastic, wood, metal, and corrugated paper. They are considered as a tertiary form of packaging and are a mandatory part of nearly all industrial supply chains and warehousing. Moreover, pallets are generally used as a base for stacking, storing, transporting, and protecting materials, which are later transported using material handling equipment.
The global pallets market size is expected to reach $110.5 billion in 2027 from $79.0 billion in 2019, growing at a CAGR of 5.1% from 2020 to 2027.
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Furthermore, the growth in the e-commerce industry has surged the demand for pallets significantly. The rise in inclination of people toward e-commerce, especially during the COVID-19 pandemic has created growth opportunities for the pallet manufacturers as well as the logistic companies. Automation of supply chain and logistic systems can propel the demand for pallets with RFID tags, bar codes, and other technologies. This is expected to drive the pallets market growth significantly.
Covid-19 Impact Analysis
The outbreak of the COVID-19 pandemic has negatively affected the pallets market due to a halt in international trade, prolonged lockdown, and ceased manufacturing processes. In addition, the major end-user companies in China, Germany, and the UK are facing financial impacts due to halted production and interrupted supply chains, which is expected to hinder the growth of the pallets market during 2020.
Key Market Players
Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, PalletOne Inc., Rehrig Pacific Holdings, Inc., and Schoeller Allibert Services B.V.
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Key Market Segments
By End-user Industry
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