The growth of the pallet industry is driven by the increase in the need for dependable packaging solutions among end users and the rise in demand for logistics services along with surge in smartphone sales and internet penetration. As per the reports published by Allied Market Research, the global pallets market is expected to reach $110.56 billion in 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Major acquisitions and developments in the pallets industry:
Furthermore, manufacturers have invested in research and development (R&D) initiatives to incorporate technical improvements into pallet manufacturing. For example, several companies have introduced multiple-trip pallets, which help to reduce cost per trip, eliminate solid waste, and improve operating efficiency.
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Kamps Inc., a national pallet company acquired Total Pallet Solution (TPS) out of Texas, one of the leading pallet recyclers. The prime purpose behind this acquisition is to provide standardized pallet solutions to the customers on a national scale. Moreover, this strategic deal would enable TPS to grow its business in the region.
Orbis Corporation, an International leader, developed a new lightweight plastic top frame for inbound food and beverage applications that can be used to prevent products during the transportation process. The product is said to be more stable and easier to handle, ship, and store than available alternatives. This lightweight top frame is developed to protect products during their transportation by combining multiple separate packaged products for the convenience of handlers and shippers.
Such strategic investments have opened new doors of opportunities for end users in the pallet industry. Moreover, the awareness regarding sustainable products would define the future of pallets.
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Key Market Players
Brambles Limited, CABKA Group GmbH, Craemer Holding GmbH, Falkenhahn AG, LOSCAM International Holdings Co., Ltd., Millwood, Inc., Menasha Corporation, PalletOne Inc., Rehrig Pacific Holdings, Inc., and Schoeller Allibert Services B.V.
Key Market Segments
- Plastic via injection molding
- Plastic via other methods
- Corrugated paper
By End-user Industry
- Food & beverage
- North America
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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