London, 25 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the pallet market in the US 2015-2019, which is expected to witness a CAGR of 2.31% during 2014-2019.
Rise in manufacturing activities, rebound in the housing and construction sectors, and an increase in industrial output and exports are contributing to market growth in the US. The rise in manufacturing activities has necessitated producers to stock sufficient pallets to carry, transport, and store raw materials, processed goods, and finished products.
“Pallet manufacturers rely on automation to boost productivity and raise capacity of their manufacturing plants,” says Faisal Ghaus, Vice President of Technavio.
“Pallet manufacturers are incorporating sophisticated logistic systems to improve their services. Ongweoweh is one of the first independent pallet companies to develop tracking software to provide customers with information regarding pallet movement.”
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 Emphasis on Automation Processes and Usage of New Technologies
- Rise in Power of Pallet Pooling Companies
Key Market Vendors
- CHEP Inc.
- Millwood Inc.
- PalletOne Inc.
- PECO Pallet Inc.
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%…
