Valley Cottage, NY — (PRESS RELEASE JET) — 10/12/2017 — According to a new report by Future Market Insights, the global pallet pooling (rental) market is expected to grow at 6.6% CAGR through 2027. Demand for pallet pooling (rental) is growing steadily, owing to their higher durability. Further, the high cost associated with repair, management, and storage of pallets is influencing companies to opt for rental pallet pooling.
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Renting pallet allows companies to shift their focus on core businesses and day-to-day supply chain operations. Further, simple rental systems allied with price transparency are promoting the use of renting pallet among end-users.
The key trends influencing the global pallet pooling (rental) market are,
An increasing demand is being witnessed for pallets that meet hygiene requirements and offer mechanical performance.
Adoption of radio frequency identification (RFID) tags is increasing among end-users owing to its advantage of tracking the pallets throughout the supply chain.
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By material type, Future Market Insights has segmented the market into HDPE, Polypropylene (PP), and advanced composites. Among these, HDPE is the largest segment by material type, accounting for nearly 75% revenue share. In terms of revenues, this segment was valued at US$ 506 Mn in 2016, and is anticipated to reach US$ 538 Mn in 2017. PP and advanced composites segments are projected to grow at over 7% CAGR through 2027.
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By product type, the global pallet pooling (rental) market has been segmented into nestable, stackable, and rackable. Among these, nestable segment is the most dominant, accounting for nearly 40% revenue share of the market. The nestable segment was valued at US$ 277 Mn in 2016, and is projected to grow at 6.2% CAGR through 2027.
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