This can be attributed to rising expenditure on housing and infrastructure activities as a result of rapid urbanisation and boosting disposable incomes.

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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. A new research report by IMARC Group, titled “Pallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global pallet market reached a volume of 6.5 Billion Units in 2017. The report further anticipates the market to reach 8.8 Billion Units by 2023, at a projected CAGR of around 5% over the forecast period.

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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.

* The limited availability of pallets and increasing cost of raw materials are some of the other factors which act as major factors impeding the growth of the global pallet market.

Market Breakup by Type:

1. Wood

2. Plastic

3. Metal

4. Corrugated Paper

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.

Market Breakup by Application:

1. Food and Beverages

2. Chemicals and Pharmaceuticals

3. Machinery and Metal

4. Construction

5. Others

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.

Market Breakup by Structural Design:

1. Block

2. Stringer

3. Others

Based on structural design, the market has been segregated as block, stringer and others. Block pallets generally use plywood, solid wood, or plastic blocks for supporting the unit load, whereas, stringer pallets use boards of 2 x 4's or 3 x 4's, placed between the top and bottom deck boards.

Market Breakup by Region:

On a geographical front, North America represents the largest region for the global pallet market, accounting for the majority of the share. This can be accredited to rapid development in the industrial sector and an increase in exports across the region. Some of the other major markets include Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Import and Export:

On the basis of imports and exports scenario, Germany currently represent the largest importer, whereas, Poland represents the biggest exporter of pallet across the globe.

Competitive Landscape:

The market is characterised by the presence of several regional and global manufacturers who are investing in product development in order to improve their portfolio as well as increase the functionality and efficiency of the products. Some of the leading players operating in the market are Brambles Ltd., Rehrig Pacific Company, Schoeller Allibert, LOSCAM and CABKA Group.