Pune, Oct. 14, 2020 (GLOBE NEWSWIRE) -- The global wood pallets market size is expected to experience considerable growth backed by the growing import-export activities and the rising e-commerce industry across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Wood Pallets Market Size, Share & Industry Analysis, By Type (Asia standard, U.S. standard, Europe standard, Other), By Application (Logistics & Transportation, General manufacturing, Other) and Regional Forecast, 2019-2026.”
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries, is anticipated to bring the economy back on track and aid in resuming industrial activities.
Wood pallets are a type of rigid structural foundation that aids in the efficient handling and storing of materials. Owing to their rigidness and portability, they are extensively adopted in the unitization of goods across supply chains globally. Today, the growing adoption of technology is propelling the manufacturers to produce wood pallets equipped with sensors and the internet of things (IoT) technologies.
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List of the Best Companies Operating in the Global Wood Pallets Market are:
- PalletOne
- United Pallet Services
- CHEP
- PECO
- Pacific Pallet
- Others
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain a market stronghold between 2019 and 2026.
DRIVING FACTORS
Rising Import-Export Activities to Promote Growth
The flourishing trade activities between nations across the globe are leading to rising import-export activities. The import-export industry is a vital aspect that plays a major role in shaping up the economy. According to the World Trade Organization (WTO), China held the largest position in export activities, with 12.8% of the total global share in 2018. The increasing import-export activities drive the demand for innovative wood pallets to aid in the efficient handling and storing of goods. In addition to this, the surging e-commerce traffic to purchase goods is expected to favor the global wood pallets market growth during the forecast period.
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REGIONAL INSIGHTS
Asia-Pacific to Remain at the Forefront; High Demand for Consumer Goods to Favor Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global wood pallets market in the forthcoming years. This is ascribable to factors such as the increasing demand for consumer goods and food products owing to the rising import-export activities that propel the demand for advanced wood pallets in the region.
North America, on the other hand, is expected to showcase considerable growth backed by the presence of the large number of manufacturers that are producing superior quality heated wood pallets for several industrial applications such as logistics, e-commerce, and others in the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Major Companies Focus on Product Innovation to Strengthen Their Market Positions
The global wood pallets market presents lucrative growth opportunities leveraged by the major companies to maintain their presence and gain a competitive edge over their rivals. The companies are focusing on product innovations to develop innovative wood pallets that cater to the growing demand from logistics and food and beverage sectors globally. The adoption of strategies such as merger and acquisition, partnership, and collaboration by key players is further anticipated to bode well for the market growth in the forthcoming years.
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Key Industry Development:
October 2020 – RM2, an autonomous technology solution provider, announced the launch of its new automated pallet wash and sort facility that is located in Rogers, Arkansas. The third facility by RM2 is spread over 4.5 acres of land and supports its customers’ hygienic wood pallet needs.
Have a Look at Related Research Insights:
Composite Pallet Market Size, Share & Industry Analysis, By Application (Pharmaceutical, Food & Beverage, Manufacturing, Warehouse & Transportation, Retail, Others) and Regional Forecast, 2020-2027
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