Pallet is a structural foundation that allows storage and transportation of goods. Pallet offer several activities such as assembling and storing of goods in the manufacturing units and warehouses. The pallets are lifted by jacking devices such as forklift, front loader, pallet jack, or cranes. The material offers an inexpensive method for handling and storage activities in various manufacturing industries.

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Increasing number of manufacturing units and the growing housing and construction sector is a major factor propelling growth of the market. Moreover, the increasing import-export activities in pharmaceuticals and food and beverage industry has fuelled demand for reliable and durable product storing materials, including pallets. Plastic pallets accounted for the fastest growing material segment, as plastic pallets are preferred for shipment of goods. This is owing to the materials’ durability, light-weight, and low-cost in terms of floor space and labor requirement. Moreover, various companies such as Amazon Inc. and Inditex S.A are investing in R&D activities such developing RFID tags for tracking pallets. Such R&D activates are expected to drive growth of the global pallet market.

North America held dominant position in the global pallet market and accounted for the market share of 37.99% in 2016. Development in the food and beverage and construction sector in the U.S. and Canada is major factor driving growth of the market in the region. Moreover, the increasing demand for pharmaceuticals and health supplements, due to high prevalence of diseases such as obesity, diabetes and others is expected to increase demand for plastic pallets as these pallets possess enhanced durability and are less prone to contamination.

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