The global pallet pooling (rental) market is estimated to be valued at nearly US$ 720 Mn by 2017 end and is projected to be valued at nearly US$ 1,400 Mn by 2027 end. Exhibiting a CAGR of 6.6% over the forecast period, the global pallet pooling (rental) market is driven by stringent government regulations related to hygiene issues in pharmaceuticals, demand for high durable pallets, and a simple rental system. The market is estimated to create an incremental dollar opportunity of nearly US$ 700 Mn between 2017 and 2027.
Reduction in product damage due to regular pallet repairs and quality checks aids the development of the global pallet pooling (rental) market
The main point of attraction of companies that purchase plastic pallets is the reduction in the costs associated with the repair, maintenance and storage of pallets. Rental companies, therefore, eliminate these costs by providing regular quality checks on a monthly, quarterly or an annual basis to avoid any damage to pallets. Due to the renting of pallets, the costs are curtailed by eliminating pallet procurement and disposal programmes to manage inventory.
As plastic pallets are more durable than wooden pallets, their market is showing a promising growth
Plastic pallets have a long life span of around 10-12 years and don’t shrink, warp or splinter. In addition, they are capable of working efficiently in-house. Also, another major advantage of using plastic pallets is that unlike wooden pallets, plastic pallets don’t incorporate nails, screws, or fasteners, which can possibly protrude, come-off, or loosen to cause damage to stock or injuries to the personnel handling them. In addition, plastic pallets exhibit resistance to different chemicals, resulting in increased reusability and reliability. Due to these factors, various end-use industries such as food and beverage, electronics, FMCG, and others find plastic pallets more durable and hence more attractive than wooden pallets, which is aiding growth of the plastic pallets market.
As the cost of wooden pallets is low compared to that of plastic pallets, it acts as a restraint to the growth of the plastic pallet market
The cost of wooden pallets is low as compared to that of plastic pallets, which is expected to hamper the plastic pallets rental market. The high cost of plastic pallets is associated with the three types of moulding processes used during their manufacturing; namely injection moulding, blow moulding and rotation moulding. Injection and blow moulding are commonly used processes for bulk orders and for the faster production of pallets. Due to this high cost of moulding and size limitations, the market for rental plastic pallets is hampered.
The drawback that plastic pallets are strongly affected by a change in climatic conditions is also hampering the growth of the plastic pallet rental market
Plastic pallets are unable to perform under changing climatic conditions; which is not the case with wooden pallets. Plastic pallets become brittle in cold conditions, soft in hot conditions, and when exposed to direct sun rays, they lose oil and become brittle. Such drawbacks are not experienced with wooden pallets – a main reason why they are preferred for export applications.
Demand for pallets that meet hygiene requirements and offer mechanical performance is an upcoming trend
Various end-use industries such as food and beverage, FMCG, and pharmaceuticals look for hygienic, washable, and insect-free pallets due to various sanitary issues. Wooden pallets are unable to comply with these industry requirements, due to which the demand for plastic pallets is expected to grow. Plastic pallets are also easy to clean and dry, as they have a smooth and closed surface that eliminates cavities and doesn’t allow dirt from accumulating.
Global Pallet Pooling (Rental) Market Attractiveness Analysis by Product Type
All the three kinds of pallets have demonstrated their importance in various industries. For instance, nestable pallets are considered best for the shop floor, as they are cheap as compared to the other pallet types. Stackable pallets are considered best for in-house transportation, as they are more expensive than nestable pallets. Rackable pallets are relatively expensive as compared to the other types, and provide high quality and strength to end-user industries. The nestable segment is expected to be an attractive segment in terms of market share and is expected to create a slightly high incremental opportunity as compared to the rackable segment.
Future Market Insights presents a comprehensive report on the pallet pooling (rental) market titled ‘Pallet Pooling (Rental) Market: Global Industry Analysis and Opportunity Assessment, 2017-2027’ which charts the course of the global pallet pooling (rental) market. This exhaustive report on the global pallet pooling (rental) market starts with an executive summary that states the global pallet pooling (rental) market value year-on-year growth snapshot, which denotes the growth rates of the various regions. The executive summary gives the CAGR along with important market values and the dominant product type and region in the global pallet pooling (rental) market. The executive summary also lists the chief drivers, restraints and trends operating in the global pallet pooling (rental) market and lists the important market players operating in the international pallet market. At the end of the executive summary, Future Market Insights presents concise yet informative statements regarding the overall market approach of the key players, target product type and the region to watch out for and the differentiating strategy of the key players operating in the global pallet pooling (rental) market. The next section of the report gives out the market definition along with the key regulations that are applicable to the global pallet pooling (rental) market. After this, there is a key section of the report devoted to the market taxonomy of the global pallet pooling (rental) market.
By Material Type
By Product Type
By End Use
After the market taxonomy, there is a section of the report devoted to the global pallet pooling (rental) market analysis scenario, which includes the market value figures from 2017 to 2027, year-on-year growth grate analysis and absolute dollar opportunity analysis of the global pallet pooling (rental) market. A section of the report explains the value chain overview of the global pallet pooling (rental) market and gives the various stages through which the pallets come in the market; including raw material suppliers, plastic pallet manufacturers, distributors, rental companies and the end users of the plastic pallets. The next section of the report is devoted to study the market dynamics of the global pallet pooling (rental) market and highlights the drivers, restraints and the trends that are operating in the global pallet pooling (rental) market and states the factors that encourage the growth of the market and also states the factors that hinder the growth of the market. The trends section provides a general direction of the market and the latest developments in the market so that the report audience know where the future of the global pallet pooling (rental) market lies.
In the subsequent sections of the report, there is information given on the global pallet pooling (rental) market analysis and forecast by material type, by product type, by end use and by region. These sections of the report give Basis Point Share analysis, year-on-year growth projections, absolute dollar opportunity analysis and market attractiveness analysis for all the four segments as given in the market taxonomy. In addition, market attractiveness analysis for each region is given in detail in the report that also highlights the key takeaways emerging from such analysis.
Last but not the least, there is an entire section of the report devoted to the competitive landscape pertaining to the global pallet pooling (rental) market. The competitive landscape portion of the report begins by presenting the global pallet pooling (rental) market dashboard, which gives valuable information regarding the key players operating in the market, their revenue, the kind of products they offer, preferred business strategy and USP in a nutshell and their market share in the pallet pooling business. Subsequent to this, the competitive landscape section of the report contains the individual company profiles that discuss each of the key market players listed in the report in detail. The company profiles section details the information of the company, company description, segment financials, key financials, revenues and operating as well as net margins. Also, the company profiles contain a SWOT analysis for each of the key market players as well as information on the latest market developments.
Overall market size has been analysed through historical data, primary responses, and public domain data. Revenue of companies in the global pallet pooling (rental) market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and end-use application industries’ growth have been considered to forecast the market size over the assessed period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated with the help of the triangulation method and is extensively scrutinised using advanced tools to garner quantitative and qualitative insights into the global pallet pooling (rental) market.