Global Pallet Market Report 2019-2024

Pallets are horizontal platforms which offer a base for storing, handling, assembling and transporting products and materials. They are a type of tertiary packaging affixed with a superstructure and a bottom. Pallets are portable and easy to handle as they help in simplifying the process of loading and unloading and ensure safe delivery of the product. As a result, they are extensively used by suppliers and manufacturers of commercial goods across the globe. A new research report by IMARC Group, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global pallet market reached a volume of 6.87 Billion Units in 2018. The report further anticipates the market to reach 9.18 Billion Units by 2024, at a projected CAGR of 4.87% over the forecast period.

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Global Pallet Market Drivers/Constraints:

There has been a rise in the expenditure on both housing and infrastructure activities owing to a significant increase in disposable incomes and rapid urbanisation. This is one of the major factors which has been propelling the market growth.Manufacturers have increasingly started using multiple-trip pallets instead of single-trip pallets as they offer lower cost per-trip, eliminate solid waste and enhance operational efficiency. This has, in turn, positively influenced the growth of the market.Over the past years, there has been a significant development in the logistics and transportation sectors as well as trade volume of numerous emerging nations which have contributed towards an augmented demand for pallets across the globe.

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