Pallet Market Outlook:
The IMARC Group’s latest research report, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global pallet market size reached US$ 60.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 79.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
A pallet represents a horizontal and portable wooden structure used for handling, storing, stacking, and transporting goods from one place to another. It usually utilizes pallet collars, adhesives, stretch wraps, and other stabilizing materials to secure products from transportation damage. A pallet is manufactured by using several materials, including wood, plastic, metal, corrugated paper, etc., depending on the application. It aids in simplifying the loading and unloading process and ensures safe product delivery. In line with this, a pallet improves warehouse operational efficiency by allowing easy movement of stacked goods using forklifts. Consequently, it is extensively utilized by leading manufacturers and suppliers of commercial goods across countries.
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Pallet Market Growth and Development:
The inflating levels of industrialization are primarily driving the pallet market. Additionally, the widespread adoption of smartphones, laptops, and tablets, the rising penetration of the internet, and the expanding e-commerce industry are propelling the demand for logistics services, which is further catalyzing the market growth. Besides this, the growing construction of residential and commercial places and the increasing need for safer storage, handling, and transportation of products from the warehouse to the industries are acting as significant growth-inducing factors. Moreover, key market players are introducing multiple-trip pallets, as they offer a lower cost per trip, minimize solid waste, enhance operational efficiency, etc., which is positively influencing the global market. Apart from this, the elevating utilization of plastic pallets, on account of their recyclable and reusable properties, is also stimulating the market growth. Furthermore, extensive investments in R&D activities to introduce technologically advanced product variants are anticipated to fuel the pallet market over the forecasted period.
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List of Top Pallet Manufacturers Worldwide:
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Brambles Limited
Establishment: 1875
Headquarters: Sydney, Australia -
Rehrig Pacific Company
Establishment: 1913
Headquarters: California, United States -
Schoeller Allibert Services B.V.
Establishment: 1959
Headquarter: Hoofddorp, the Netherlands -
LOSCAM International Holdings Corporation Limited
Establishment: 1942
Headquarters: Hong Kong, China -
CABKA Group
Establishment: 1994
Headquarters: Berlin, GermanyVisit Full Blog: https://www.imarcgroup.com/largest-companies-global-pallet-market
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