Demand for Pallets Market in India to Grow at a CAGR of 13.9% by 2024

Serving as a rigid base for the storage and transportation of various products and materials pallets are load bearing structures that make up as the unit load. Usually, they are rectangular in shape, occupying one square meter of area and are handled by forklifts. In India, as the economy is expanding, the market of pallets is growing considerably. In India, massive usage of pallets in the retail stores is one of the key trend in the market of pallets. Even large chain retail stores are adapting pallets for various products transportation too.

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The India pallets market is expected to exhibit a healthy CAGR of 13.9% in the forecast period from 2016 to 2024, according to a recent report from Persistence Market Research.

In India, the manufacturing sector is growing vigorously due to which there is an increase in the usage of pallets. And this sector is also showing constant growth due to the GST tax structure rollout in the future as well as the initiatives taken by government like ‘Make In India’ which are providing positive impact. In the manufacturing sector, as a direct significance of this fillip, development in warehousing industry will be boosted which in turn will help the market of pallets in India to grow considerably. Additionally, the growing demand for safe transportation of several materials and good will also escalate the usage of pallets in the Indian market during the forecast period.

However, India being a labor intensive industry, lack of proper warehousing infrastructure and decline in international trade is hampering the market growth of pallets. Various concerns related to environment over the usage of wooden pallets is further restricting the market growth of pallets in India.

In India the market of pallets is classified as material type, end use type and structural design. In terms of materials, the segmentation of pallets market is done into plastics, paper, wood, metal and composite wood. Among these, the segment of metal is further classified into aluminum and steel. Also, the segment of plastics is expected to register a healthy CAGR in the forecast period from 2016 to 2024.
Based on the structural design, the market of India pallets is classified into stringer pallets, block pallets and customized pallets. Among these, the segment of block pallets is anticipated to expand at a relatively high CAGR in the forecast period from 2016 to 2024.

In terms of end use, the market of India pallets can be classified into agriculture & allied products, pharmaceuticals products, engineering products, marine products, textile & handicrafts, chemical & petrochemical products, food &beverage and leather products. Among these, in terms of value and volume, the segment of engineering products will dominate the market of India pallets during the forecast period from 2016 to 2024.

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Some of the key leaders operating in the Indian market of pallets include DNA Packaging Systems, Schoeller Arca TIME Material Handling Solution, LEAP India Pvt. Ltd., Doll Plast Pallets, Saraswati Engineering Limited, B.D. Industries (India) Pvt. Ltd.,Bharadwaj Packaging Private Limited, Mekins Group, Swift Technoplast Private limited, Aristoplast Products Pvt. Ltd., JIT Wood Packaging and Spanco Enterprises.

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