A robust growth of the manufacturing sector in India is an important market driver increasing the use of pallets in the Indian market.
The most apt application of pallets rests in warehousing and logistics. Manufacturers of pallets in India are very well aware of it, hence production of pallets is designed to accustom the storage needs of warehousing & logistics businesses. Warehousing – in particular – accounts for a considerable chunk of revenues garnered in India’s pallets market. Pallet vendors are witnessing a higher influx of demand from warehousing end-users, which is justified with the country’s stellar transport businesses, soaring manufacturing potential, and prevalence of wholesalers, exporters, and importers. In India, warehousing impacts the growth of pallets market as its rampant development rakes in more demand, while its shortage restrains the consumption levels. Owing to higher resource availability and affordable workforce and labor, global leaders in manufacturing pallets are likely to instate additional production plants in India.
For warehousing, pallets are most likely to be reused for a long period of time. The durability of pallets is a crucial aspect that drives warehousing companies towards them, instead of opting alternative storage racks. Warehouses are tall edifices and are exposed to occurrences of fire that originate externally or internally through tripping of live wires. Since wooden pallets are predominantly used in warehousing, making them fire-resistant shall guarantee higher demand in the long run. Adopting newer coating technologies enables pallet manufacturers in India to cater to the requirements of warehousing industries, which further promise a surging growth of India’s pallets market.
Some of the key companies & manufacturers participating in India’s pallet market include Schoeller Arca Time Material Handling Solutions, Doll Plast Pallets, Saraswati Engineering Ltd., Swift Technoplast Pvt. Ltd., Total Pack, LEAP India Pvt. Ltd., JIT Wood Packaging, DNA Packaging Systems, and Mekins Group, among others.
The pallets market in India will incur steady growth as real estate developers and building corporations in the country exhibit progressive interests towards the expansion of the warehousing industry.
A report compiled by Persistence Market Research, titled “India Market Study on Pallets: Plastics Material Type Segment to Register a Relatively High CAGR During the Forecast Period,” forecasts that the pallets market in India will be valued at US$ 971.9 million (INR 6,223.1 Cr.) by the end of 2016. Manufacturing and warehousing sector in India will instrument the growth of its pallets market, while environmental concerns due to deforestation shall impact the market’s future. Not just for wooden, pallets made from sturdy polymer materials, metals and alloys are also anticipating restrictions from environmental policies in India.
Being an economically progressive country in the Asia-Pacific region, the growth of pallets market in India shall lower the excessive capital expended on shipments from China and other parts of the world. According to the report, the pallets market in India will procure a staggering 13.9% CAGR and reach an estimated market value of US$ 2,744 million by 2024-end. The report has fragmented this forecasted growth of India’s pallets market into materials, structural design, and end-use. Besides warehousing, pallets are being actively used in engineering production, petrochemical and chemical industries, agroindustry, electronics, textile, and handicrafts, among others. Structural designs such as blocks and stringers, apart from customized designs are also segmented, while the India pallets market is also classified as wood, plastics, metal, and composite wood as types of materials.
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