The Pallet market in the US is expected to record a CAGR of 4.63 percent during the forecast period of 2013-2018.
London, 22 July 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Pallet Market in the US 2014-2018. The report analyzes various growth prospects including a rise in procurement, production, and sales activities eventually increasing the demand for pallets.
A pallet is a flat panel that supports goods during their transportation, designed to be lifted by forklifts and pallet jacks. The majority of pallets are made from wood, while pallets from materials such as plastic, metal, and corrugated paper are also available. The demand for pallets depends on economic drivers, such as population growth and the growth of disposable income.
“The growing preference for block pallets from large retailers is expected to account for a large share of the market by 2018. Recent announcements by large retailers about their preference for block pallets will have a significant impact on the market,” says Faisal Ghaus, Vice President of TechNavio Research.
Inclination towards Block Pallets
Both Costco and Walmart, two leading retailers in the US, recently announced their preference for block pallets, which has had the expected trickle-down effect on the market. This trend is aiding the growth of large pallet manufacturers such as CHEP and PECO, which only deal in block pallets, and puts small, family-owned, or independent producers who only manufacture stringer pallets at a disadvantage.
To define the market conditions 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.
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