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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.
Containerization is a system of intermodal freight transport using intermodal containers. The growth of containerization worldwide has increased the use of pallets because shipping containers have smooth, level surfaces that permit quick pallet movement with forklifts of varied sizes.
The use of pallets makes it easier to move heavy stacks in containers. Moreover, containerization helps in reducing congestion in ports, shortening shipping time, and reduces loses from damage and theft.
In industrializing countries, manufacturing output will not be the sole driver of market advances, however. In these nations, pallet utilization is typically low relative to the size of their manufacturing, warehousing, and construction sectors.
Going forward, greater numbers of potential pallet users will strive to become more competitive on a global scale by improving operating efficiencies and reducing product damage in shipments through the use of pallets.
On the basis of type, the market has been segmented into wood, plastic, metal and corrugated paper. Amongst these, wood pallets exhibit a clear dominance in the market as they are lightweight, stiff, durable and cost effective.
On the basis of structural design, the market has been segmented into Block, Stringer and customized. The stringer is the most widely used design which is used by the automotive, steel and food and beverages industry. Customized the fastest growing market in amongst others as it is the most preferred by high technology, electronics industries.
Pallets currently find myriad applications across various sectors which include food and beverage, chemical and pharmaceutical, machinery and metal, and construction. The food and beverage sector currently represents the largest segment.
These racks are widely used in cold storage due to surface and height optimization. As a result, manufacturers of storage pallets will witness huge demand in the future from the growing regional food processing industry.
In the coming years, the need of smarter pallets is anticipated to increase as the supply chain is likely to become automated. Moreover, utilization of pallets is gaining attraction among new users. Owing to growth of manufacturing, construction, warehousing, and construction sectors globally, pallet utilization will readily increase.
Vendors have started using robots for processes such as pallet nailing, pallet dismantling, and pallet repair. In future, robots are expected to boost production with limited personnel requirement. This factor is likely to contribute significantly towards the growth of global pallet market.
In addition, they are not only more likely to be made from recycled materials, but also be recyclable themselves.
This is a very attractive benefit for companies, which are focused on being sustainable in the long run.
There are several leading pallet manufacturers, that include:
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