Composite Pallet Market Top Key Players, Latest Trends, Supply Chain Challenges, Russia Ukraine War Impact and Global Industry Dynamics
The global composite pallet market is set to gain traction from their possession of multiple beneficial properties, such as cost-effectiveness, recyclability, lowering costs of landfill disposal, and high strength. Fortune Business Insights™ presented this information in an upcoming report, titled, “Composite Pallet Market Size, Share & Industry Analysis, By Application (Pharmaceutical, Food & Beverage, Manufacturing, Warehouse & Transportation, Retail, Others) and Regional Forecast, 2021-2028.” The report further states that composite pallets are capable of holding substantial amounts of weight without deformation and splintering. That’s why they are highly preferred, as compared to the other types of pallets.
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What Does This Report Contain?
- In-depth information about the segments in the market.
- Historical, estimated, and present sizes of the market.
- Profiles of key companies and their vital strategies.
- Details of the growth drivers, obstacles, and dynamics.
Drivers & Restraints-
Rising Demand from Food & Beverages and Pharmaceutical Companies to Bolster Growth
Composite pallets can effectively withstand various harsh weather conditions. They also reduce the maintenance cost. Besides, unlike wooden pallets, composite pallets are environmentally friendly. They also cannot absorb moisture. Owing to these characteristics, they are being extensively adopted by numerous shipment and logistics organizations across the globe. They are also experiencing high demand from pharmaceutical, manufacturing, and food & beverage companies. These factors are expected to boost the composite pallet market growth in the near future. However, these products are expensive. Therefore, companies are inclining more towards pallets made from plastic, wood, and other materials. It may hamper growth.
Rising Adoption of Innovative Technologies to Favor Growth in Europe
Geographically, North America is anticipated to generate considerable composite pallet market share in the coming years. This growth is attributable to the increasing demand for this product from transportation and logistics industries. Europe, on the other hand, is set to grow rapidly because of the higher adoption of innovative technologies for material handling. In the Middle East and Africa, the rising usage of eco-friendly and recyclable products will spur the demand for composite pallets. Lastly, the increasing export and import of goods is likely to accelerate growth in Asia Pacific.
Key Players Aim to Introduce Novel Composite Pallets to Cater to Rising Demand
The market for composite pallets contains a large number of reputed organizations that are mainly focusing on introducing innovative solutions to cater to the needs of a wide range of industries. Some of them are also investing huge sums in developing novel technologies to create unique composite pallets with higher efficiencies. Below are the two industry developments:
- March 2017: Paxxal Inc. unveiled its new North American Pallet in the U.S. It is a part of the company’s latest solutions. It is made from 100% recyclable patented composite material with excellent durability and resistance properties.
- February 2017: AT&T introduced a unique cellular technology for aiding pallets used on trucks and in warehouses to connect to the Internet. The technology is called LTE-M and it is equipped with the same technology that is used by smartphones.
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A list of all the renowned composite pallet manufacturers operating in the global market:
- Praxair Surface Technologies, Inc.
- Oerlikon Metco
- Surface Technology Inc.
- C. Starck GmbH
- Flame Spray Coating Company
- Thermal Spray Technologies Inc. (TST)
- A&A Coatings
- General Magnaplate Corporation
- ASB Industries, Inc.
- Other prominent market players
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