India Market Study on Pallets: Robust Growth in Manufacturing and Warehouse Activities to Drive Market Expansion
ID: PMRREP12010
Format: PPT*, PDF, EXCEL
Last Updated: 28 December 2022
Industry: Consumer Goods
Number of Pages: 300
According to Persistence Market Research, the India pallets market generated a revenue of US$ 1,329.1 Mn in 2022. The demand for India pallets will accelerate, with the top market players holding a prominent share in the market in 2022. The Indian market for pallets is expected to reach US$ 3,385.8 Mn by 2033, growing at a ~8.9% CAGR from 2023 to 2033.
|
India Pallets Market Size (2022A) |
US$ 1,329.1 Mn |
|
India Pallets Market Size (2023E) |
US$ 1,443.4 Mn |
|
Projected India Pallets Market Value (2033F) |
US$ 3,385.8 Mn |
|
Value CAGR (2023-2033) |
~8.9% |
|
Collective Value Share: Top 3 Countries (2022) |
~35.5% |
The sustainability movement has gained traction and is quickly evolving into a new industry standard. As it adopts new strategies to maintain the sustainable resources. The packaging and goods sector is experiencing a significant paradigm shift. Pallets play a crucial role in warehouse storage and transportation as a result of increased product demand and import and export activity.
The traditional material for pallets is wood, and this has been the case for a long. However, as consumers demand more environmentally friendly products and storage and transit methods, the usage of plastic pallets has increased. When it comes to sustainability, plastic pallets are a great option because they are more environmentally friendly and durable than traditional wooden ones. In-depth analysis of numerous other distinct growth variables and a thorough evaluation of some of the major difficulties facing India pallets are also included in the study by Persistence Market Research.
The Indian pallet market is anticipated to increase significantly as the country's economy grows. Pallets are load-bearing constructions that provide a strong foundation for the transportation and storage of a unit load, which consists of varied materials and goods. Forklifts or pallet jacks are typically used to handle these pallets.
The Indian pallet market is anticipated to increase significantly as the country's economy grows. Pallets are load-bearing constructions that provide a strong foundation for the transportation and storage of a unit load, which consists of varied materials and goods. Forklifts or pallet jacks are typically used to handle these pallets.
Due to the simplicity of surface and height optimization, there is a significant need for pallets to create a chilly environment, which is fueling the market's expansion. The expanding local food industry drives the demand for storage networking. The innovations in the industry, smart pallets with RFID microchips embedded in the plank, are accelerating expansion.
Pallets often have a rectangular shape and take up one square meter or more of space. Over the forecast period of 2023–2033, the India pallets market is anticipated to grow at a CAGR of ~8.9% in terms of value. The market grew at a growth rate of around 7.2% during the historic period from 2017 to 2022.
A key market factor boosting pallet usage in the Indian market is the country's substantial manufacturing sector growth. Due to government programs like "Make in India" and the implementation of the GST tax structure in the upcoming years, the manufacturing sector in India is ready to take off and demonstrate a sustainable rise. Such reforms are probably going to have a good effect on India's manufacturing industry.
The expansion of the warehouse business is probably going to get a significant boost due to the enhancement in the manufacturing sector and as a direct result, the pallets industry in India is probably going to grow exponentially.
Pallets are expected to be used more frequently in the pharmaceutical sector for both storage and delivery of pharmaceutical products, which will open up new business prospects. There is an increasing need for healthcare products including pharmaceuticals and gadgets due to the ageing population and the incidence of chronic diseases. The booming pharmaceutical business is another factor contributing to the growth of the pallets market.
The load-bearing capability of pallets have been increased by several means. In addition, a strategy for packing more items into each pallet has been adopted. There have been technological experiments aimed at giving each pallet its own automated identifier. Perishable commodities and food storage have both sparked concerns. The method used to sanitize pallets has also come under scrutiny on numerous occasions. Therefore, efforts have been made to find a solution to this problem.
Numerous possibilities for pallet optimization now exist because to information and technical innovation. By developing automated systems, this has been accomplished. These, however, are pricey because they need high-quality pallets. The environment has also raised reusability and recyclability concerns. Numerous pallet businesses have also thought about uniting their resources, including Brambles-CHEP and IFCO; Euro Pool System and LPR. This way, there is a scope for increasing complementary offers and free services.
Pallets are frequently made from plastic, which includes the polymers polyethylene (PE) and polypropylene (PP). The market has experienced a significant price increase over the years because of supply-chain disruption. Any variation in the price of these raw materials causes concern among end users, such as pallet manufacturers, and has an impact on the margins of all significant participants in the India pallet market value chain, including vendors.
It is anticipated that these increases in raw material prices will have a detrimental effect on suppliers' profitability and ability to effectively meet end-user demands. Over the course of the projection period, it is expected that these factors will negatively affect the India pallet market.
Why is Plastic Category the Most Prominent Category in the Material Type?
One of the pallet kinds that has seen the most rapid market growth is plastic. Businesses aiming to reduce waste often choose this category because manufacturers can recycle them or melt and reform them into other production supplies. Because they can keep goods without running the risk of pests or termites, plastic pallets have also grown in popularity and demand.
Plastic category is expected to register a market value share of ~30%. Plastic pallets are becoming more popular among logistics and shipping organizations due to its benefits, such as being lightweight and recyclable.
How Block Pallets are Increasing Demand in the Category of Structural Design?
Block pallets are crucial storage and transit solutions for any manufacturing or shipping company's domestic and international cargo. Block pallets, sometimes known as "four-way" pallets, are built out of 12 cylinder blocks that hold the top deck board. They can be made of wood, plastic, or plywood.
Despite being stronger than other types of pallets like stringer pallets, block pallets allow forklifts and other pallet jacks to access the pallet from all four sides. Block pallets are becoming more and more common since they offer the bulk that is stacked on them during transit safety.
As a result, the retailers are focusing on providing innovative pallets. Block pallets segment contributed a market share of around 27.3% in the year 2022.
On a global level, the market for India pallets is moderately competitive, with many producers competing for market supremacy. India pallets have experienced a number of expansion strategies used by market rivals during the past few years, including acquisitions, mergers, and partnerships.
Manufacturers are also using sustainability as a strategy to expand their market share. As more consumers choose businesses with a green label and charitable undertakings, marketing strategies and brand habits are anticipated to change in favor of eco-friendly goods, boosting product sales.
The India pallets market is valued at US$ 1,329.1 Mn as of 2022.
India pallets market is projected to increase at 8.9% CAGR and is expected to be valued at around US$ 3,385.8 Mn by 2033 end.
Mekins Group, Saraswati Engineering Limited, LEAP India Pvt. Ltd., DNA Packaging Systems, Spanco Enterprises, Doll Plast Pallets, Schoeller Arca TIME Material Handling Solutions, B.D. Industries (India) Pvt. Ltd., Aristoplast Products Pvt. Ltd., Falkenhahn AG, PalletOne, Inc., and Palettes Gestation Services among others.
In recent years, manufacturers are investing in R&D to expand their growth prospects since product innovation has taken the lead in creating a demand for consumer goods. Online shopping is increasing the demand for new product variations, which is driving businesses to invest in technology advancements for the category.
|
Attribute |
Details |
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2017-2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
Material Type
Structural Design
End Use
Region
For more information on this report and its delivery timelines please get in touch with our sales team.
