India Pallets Market
India Market Study on Pallets: Robust Growth in Manufacturing and Warehouse Activities to Drive Market Expansion
India Pallets Market Segmented By Wood, Composite Wood, Plastics, Metal, and Paper Material in Block Pallets, Stringer Pallets, and Customized Pallets Structural Design
Revenue from pallets in India is estimated to be US$ 1.2 Bn in 2021 and anticipated to surge 2.4X by the end of the decade. This updated research report on the India pallets market by Persistence Market Research suggests the market surge at an impressive CAGR of 9.2% over the next ten years. As per this industry survey, the top five players hold 12% of the total market share.
Find Out More about the Report Coverage
- Saraswati Engineering Limited
- Schoeller Arca TIME Material Handling Solution
- Mekins Group
- Swift Technoplast Private limited
- Doll Plast Pallets
- JIT Wood Packaging
- LEAP India Pvt. Ltd.
- Spanco Enterprises
- Bharadwaj Packaging Private Limited
- Aristoplast Products Pvt. Ltd.
- B.D. Industries (India) Pvt. Ltd.
- Total Pack
- DNA Packaging Systems
Key Points Covered in India Pallets Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on pallet sales and how to navigate
- Recommendation on key winning strategies
Customize this Report
Explore Intelligence Tailored to Your Business Goals.
Storage Industry to See Major Reforms
The sustainability trend has become widespread and is becoming a new standard for every industry to follow. The packaging and goods industry is seeing a major paradigm shift as it adopts new solutions to keep the materials it uses sustainable. Pallets are important in transportation and warehouse storage applications, as the demand for products along with imports and exports has risen.
Pallets are usually made out of wood and this has been the trend for quite a while now, but due to demand for sustainable products and making transportation and storage more eco-friendly, use of plastic has risen. Plastic pallets are durable and lighter than conventional wooden ones, and new compounds of plastic that are nature friendly make them a perfect choice for maintaining sustainability.
- Costco, a major name in the wholesale market, is pushing the use of plastic pallets, and this is expected to be replicated across major stores in the Indian industry as well.
- Logistics startup LEAP (Leading Enterprise in Advanced Pooling) has raised US$ 34 Mn in its second round of funding led by Schroder Adveq and IIFL fund. The company offers asset pooling for a suite of products and services for transportation and storage management. LEAP handles the repair and maintenance of the pallets that are used by its customers, thereby reducing their warehousing overheads.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
As the Indian economy expands, the pallets market in India is poised to grow substantially. Pallets are load bearing structures that serve as a rigid base for the transportation and storage of various materials and products that make up as the unit load. These pallets are usually handled by forklifts or pallet jacks.
In most of the cases, pallets are rectangular in shape and occupy an area of one square meter or more. The India pallets market is projected to register a CAGR of 9.2% in terms of value over the forecast period of 2021-2031. At present, the market is valued at US$ 1.2 Bn.
Explore Persistence Market Research’s expertise in promulgation of the business !
Key Market Dynamics
A robust growth of the manufacturing sector in India is an important market driver increasing the use of pallets in the Indian market. The manufacturing sector in India is poised to take off and exhibit a sustained growth due to the government initiatives like ‘Make In India’ and the rollout of the GST tax structure in the coming years. Such kind of reforms are likely to have a positive impact on the manufacturing sector in India.
Due to the fillip received in the manufacturing sector, the development of the warehousing industry is likely to receive a major boost, and as a direct consequence of this, the pallets industry in India is likely to grow significantly.
In addition, the growth in demand for safe transportation of goods and various materials is likely to further boost the use of pallets in the Indian market. All these factors are likely to boost the growth of the India pallets market over the forecast period.
However, decline in international trade and India being a labor intensive industry is likely to hamper the growth of the India pallets market. In addition, a lack of proper warehousing infrastructure is likely to restrict the growth of the India pallets market. Environmental concerns over the use of wooden pallets may also restrict the growth of the India pallets market as majority of pallets are made of wood in the Indian market.
One of the major trend in the India pallets market is the usage of pallets in large chain retail stores. Most of the key players operating in the India pallets market adopt pallets for the transportation of their products.
On the basis of materials, the India pallets market can be segmented into wood, composite wood, plastics, metal, and paper. The metal segment is further sub-segmented into steel and others (aluminum). The wood segment accounted for a major share in terms of value in 2020. However, the plastics segment is likely to register a relatively high CAGR during the forecast period.
On the basis of structural design, the India pallets market can be segmented into block pallets, stringer pallets, and customized pallets. The block pallets market in India is estimated to grow at a significant CAGR during the forecast period.
On the basis of end use, the India pallets market can be segmented into pharmaceuticals products, chemical & petrochemical products, engineering products, textile & handicrafts, agriculture & allied products, leather products, marine products, and others (food and beverage).
The engineering products segment is expected to dominate the market in terms of value and volume during the forecast period.
Companies Dominating the Market
The India pallets market is highly fragmented with the unorganized sector accounting for a majority of the market. Some key players identified in the India pallets market are 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., and Aristoplast Products Pvt. Ltd.