Pallet Market Growing Rapidly as Major Industry Leader Leap India announces to deploy more pallets to cater demand from food, e-commerce and logistics customers

 

A wooden pallet is an industrial structure that facilitates the mechanical handling of materials by forklift, front loader, truck, etc. They are typically made of either wood or plastics. A plastic pallet is those that are usually made out of polyurethane plastic material. Both kinds of pallets have their own set of advantages and disadvantages. Wooden pallets are more popular and available in various sizes. Plastic pallets, on the other hand, are less expensive than wooden ones. They are also available in various colors and designs to suit the needs of the customers. Wooden pallets, on the other hand, are heavier and do not move as easily as plastic ones. Wooden pallets are also sturdier than their plastic counterparts.

Increasing adoption of innovative pallets is expected to drive growth of the global pallet market during the forecast period. Adoption of innovative pallets has increased significantly over the years. Many companies have started adopting radio-frequency identification (RFID) tags for product tracking, typically in plastic pallets. Each tag contains specific information and can be located anywhere in the warehouse efficiently. Many warehouse management companies and vendors have started using pallets with RFID tags, in order to avoid damage of pallets as well as loss. Furthermore, many vendors have started adopting robots for processes such as pallet dismantling, pallet nailing, and pallet repair. In such cases, RFID tags can help to accurately measure the impact, temperature, and humidity to ensure safety, especially in the food supply chain. Thus, these factors are expected to drive growth of the global pallet market during the forecast period. Furthermore, increasing demand for plastic pallets across numerous industry verticals including logistics and shipment is expected to boost the global pallet market growth over the forecast period.

However, high initial and maintenance cost of pallets, especially wooden pallets is expected to restrain growth of the global pallet market during the forecast period. Among regions, Asia Pacific is expected to witness significant growth in the global pallet market during the forecast period. This is owing to increasing demand for wooden and plastic pallets across the region. Emerging economies such as India and China are holding a dominant position in the region. Furthermore, Middle East & Africa is expected to register a robust growth rate over the forecast period, owing to increasing demand for plastic pallets in the transportation and logistics sector.

Key companies operating in the global pallet market are Brambles Ltd., Schoeller Arca Time Materials Handling Solutions Ltd., CABKA Group GmbH, The Supreme Industries Ltd., Ergen Plastic Industries, Greif Inc., Sintex Plastics Technology Ltd., LEAP India Pvt. Ltd., Nilkamal Ltd., and Nefab AB.

For instance, in December 2019, Leap India announced to expand the number of pallets on lease for customers. 

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