The market is expected to generate an incremental $ opportunity of US$ 4.6 Bn between 2022 and 2030; as the emphasis on lean supply chain management is growing the demand for pallet pooling services
Category: Chemicals & Materials Published Date : July 2022 ID: CVC-00163-CH Format: PDF Pages: 318
Pallet Pooling Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Pallet Pooling Market was worth US$ 7.3 Bn and is expected to grow at a CAGR of 6.3% over the forecast period. The market is expected to hit US$ 11.9 Bn by 2030 end.
The process of renting or leasing pallets from a shared pool is known as pallet pooling. It minimizes transportation and supply chain management expenses. Owning and maintaining a pallet inventory may be costly for businesses.
Pallet pooling is a potential cost-cutting option. Pooling pallets relieve the financial strain by removing large expenditures for pallet purchase, making it a cost-effective method of acquiring pallets.
What are the causes driving the rise in demand for Pallet Pooling?
Pallet pooling has gained popularity in recent years due to the widespread usage of pallets in numerous businesses. Pallets are widely utilized in various sectors, including food and beverage, FMCG, electronics, chemicals, and pharmaceuticals. As a result, rising demand from these industries bodes well for expanding the worldwide pallet pooling market.
One of the primary reasons fueling the growth of the pallet pooling market is the increased usage of radio frequency identification (RFID) tags among end-users. The need for automated loading/unloading of pallets to improve the efficiency of pallet pooling, as well as the installation of Tracking chips (RFID) in pallets since most end customers demand their items to be tracked, drive market growth.
Demand for pallet pooling services is rising as the emphasis on lean supply chain management grows. Manufacturers are beginning to provide leasing services to help end users streamline their supply chain processes. Pallet service companies make certain that pallets are accessible at the operational site.
What are the opportunities in the Pallet PoolingMarket?
Several pallet pooling market suppliers focus on delivering technologically improved items to end-users. Many businesses, for example, are adding radio frequency identification (RFID) tags to plastic pallets. This notion is gaining popularity due to the numerous benefits it provides. It aids in the efficient monitoring of the supply chain. At the same time, the REFD identifier is critical for precise transportation and supply management. Because of these advantages, the worldwide pallet pooling industry will see unprecedented demand growth.
Pallet pooling is becoming more popular in various sectors because it cuts costs, is simple to recycle or replace, configure and manage inventory, and is environmentally beneficial. Several advantages of pallet pooling include lower rental prices, higher efficiency via standardized inventory, and improved safety when overloading the vehicle with big loads, which will boost the market growth.
Why is wood Pallet Pooling expected to grow at the fastest CAGR?
The wood category is expected to account for 57.0% of the total market share throughout the projected period. Wood pallets continue to be the most common material in contrast to other materials such as metal and composites.
Why is the block segment likely to grow rapidly throughout the forecast period?
Total demand in the block segment is expected to account for more than 63.0% of the worldwide pallet pooling market by the end of 2030. The block section is expected to grow rapidly over the evaluation period because of its durability and design, which improves its mobility.
Which application segment is cementing its global dominance in the Pallet PoolingMarket?
Over the projection period, the FMCG sector is expected to account for one-third of the overall market share.
Which region has promising opportunities in the Pallet Pooling market?
North America is a significant region in the pallet pooling business. Because of a strong industrial sector, the industry is likely to have tremendous development opportunities in this area. Aside from that, the region’s developing digital commerce environment is critical to the growth of the pallet pooling business in North America.
The worldwide pallet pooling market is moderately fragmented. The competitive environment of the pallet pooling industry is particularly aggressive due to numerous small and well-established providers. This market’s vendors are increasing their efforts in research and development. This move allows them to provide higher-quality items while broadening their client base.
Market participants are integrating radio frequency identification (RFID) tags with plastic pallets for effective supply chain monitoring and precise pallet transportation and supply management. RFID tags, which store information on a microchip and transmit it through a transponder, guarantee traceability across the supply chain, from distribution or rental service centers to end-users.
For example, intelligent Global Pooling Systems (iGPS) Logistics LLC was the first manufacturer to embed RFID tags in its pallets to facilitate supply chain management.
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Structural Design:
By End-Use Industry:
By Region and Country:
Global Pallet PoolingMarket 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Structural Design, Material, End-Use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|