Newly released data from stringer pallets market analysis shows that global demand of the overall stringer pallets market is anticipated to register a CAGR of ~5.4% during the forecasted period and reach millions of units by 2031. Prominent sales of stringer pallets are due to the consistent evolution of the logistics and transportation industry.
During the transportation of packaged goods, it is of utmost importance that product is stable and is not damaged in any way due to the shocks and external environmental factors. Pallets are flat structures or platforms that are commonly made of wood and are used to stabilize and minimize the damage caused to the products while in constant movement. The two most common pallets used in the industry are block and stringer pallets.
Stringer pallet type are generally accessible from two sides for lifting operations by forklifts or pallet jacks. The increasing globalization and heightening of import and export activities coupled with elevated packaging needs are bolstering the demand for stringer pallets globally.
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One of the major concern for the manufacturing companies is recovering the pallets after delivery of desired products. As most stringer pallets made from wood are reused to fully utilize the lifespan of the pallets it is important to recover them from the destination. It becomes difficult and rather uneconomical if the product is shipped across the continents.
To overcome this issue the recent trend that is gaining popularity in the stringer pallets market is pallet rental system and pallet pooling. This helps the manufacturers to reduce their losses in recovering the pallets and expand their customer base across the globe.
The flourishing logistics industry is a key contributor in driving the demand and sales of the stringer pallets market. As a result of the deliberate efforts of manufacturers and the national governments, the logistics industry has witnessed substantial growth in the past decade.
The increasing use of technology and innovative packaging solutions is supporting the logistics industry growth. Stringer pallets are extensively used in the logistics industry to safeguard freight. The stringer pallets market is anticipated to expand incrementally on the back of the flourishing logistics industry.
Block pallets are gaining popularity in the pallets market as they provide more convenience to the end use industries. The reason behind this is it is designed in such a way that it provides complete four-sided access for the forklifts making the job of loading and unloading much easier. The growing popularity of block pallets in the industry owing to the benefits it offers over the stringer pallets might restrain the growth of the stringer pallets market.
Key global players such as
among others, are in the stringer pallets market. In the Asian region, players like LOSCAM Pty. Ltd., Punj Packaging Industries, S. K. Jindal & Co., Nanjing Xinbiaote Warehousing Equipment Co., Ltd., Weifang Jufeng Metal Products Co., Ltd., Linyi Kunpeng Wood Co., Ltd., Geeta Wood Industries, etc. are actively involved in the stringer pallets market.
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Key players in the industry are focused on expanding their geographical reach and product offerings. As a result of many regional players offering stringer pallets in the markets across the globe, the competition is immense.
Global manufacturers in the industry are attempting to form strategic partnerships with regional players and enter into long term agreements with the customers to retain maximum market share and expand their business activities.
The demand for customized stringer pallets according to the packaging requirement of the clients is gaining significant traction. Many manufacturers in the stringer pallets market are shifting towards adopting bespoke manufacturing practices to attract more customers.
The customization is not offered by many players in the stringer pallets market. The elevating demand for customized solutions is creating a huge opportunity for manufacturers to enhance their product offering and capture maximum market share.
China has been and continues to be a hub for manufacturing activities for a large number of products. The ease in accessibility to cheap labor and raw material along with favorable government policies regarding the manufacturing sector are some of the reasons behind attracting global manufacturers to set up their plants in the country.
The constant growth of the country’s manufacturing sector is projected to grow significantly in the foreseeable future. As a result of extensive applications of the stringer pallets in the packaging of many manufactured products the market demand for the stringer pallets is anticipated to bolster on the back of the growing manufacturing industry in China.
The logistics industry is one of the few industries that are severely affected by the COVID-19 pandemic. The lockdowns announced by the national governments globally were responsible for slowing down the industry growth. Further, the impact of restrictions imposed by the government authorities on the logistics of nonessential items considerably dampened the sales of the stringer pallets in the market.
The stringer pallets market growth suffered a blow in terms of sales due to the pandemic. But the target market is improving with the ease of restrictions and lockdowns across the globe and is expected to recover rapidly.