London, 25 September 2015: Technavio, the independent tech-focused global research firm, has published a report on the pallet market in the US 2016-2020, which is estimated to grow at a CAGR of 2.2% during the period of 2014-2019.
The market is growing because manufacturing activity has increased and there has been a rebound in the housing and construction sectors. A greater number of industrial output and exports are also contributing to market growth in the US. The increase in manufacturing activities means producers must stock sufficient pallets to carry, transport, and store raw materials, processed goods, and finished products.
“Pallet manufacturers are incorporating sophisticated logistics systems to improve their services. Ongweoweh is one of the first independent pallet companies to develop tracking software to provide customers with pallet movement information,” says Faisal Ghaus, Vice President of Technavio.
Key Market Drivers
- Economic recovery
- Rebound in housing and construction sector
- Increase in industrial output
- Rise in imports and exports
Key Market Trends
- Investment to increase pallet durability
- Vertical integration by companies
- Greater use of automation and new technologies
- Rise in popularity of pallet-pooling companies
- Growing preference for block pallets
- Increase in use of recycled pallets
Key Market Vendors
- Berry Industrial Group
- Buckhorn
- CABKA North America
- CHEP
- Millwood
- PalletOne
- PECO Pallet
- Rehrig Pacific
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
