USD 6 billion
GCC Pallets Market Size, Share, Growth Analysis, By Materials(Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper), By Type(Rackable, Nestable, Stackable, and Display.SegmentApplicationSub-SegmentsRental and Non-rental.Segment Structural DesignSub-SegmentBlock), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR20I2263 |
Region:
Regional |
Published Date: March, 2024
Pages:
202
|Tables:
77
|Figures:
61
GCC Pallets Market Insights
GCC Pallets Market was valued at USD 6 billion in 2021, and is expected to rise from USD 6.34 billion in 2022 to reach a value of USD 9.8 billion by 2030, registering at a CAGR of more than 5.60% during the forecast period (2023–2030).
Pallets are horizontal support platforms used to transport goods from one place to another with a forklift or front loader. They are one of the most frequently used substrates for stacking products and generally remain stable with stretch wrap, pallet collars, glue, or other methods. Depending on their intended use, they can be constructed from a variety of materials including wood, plastics, metal, and so on. Workers can stack larger items on a single pallet without fear of damage because they are far more durable than other containers such as plastic wrap and cardboard boxes. Because of these qualities, many manufacturers and shippers of business items use them extensively all over the world.
The growing demand for logistics services is being fueled by rising smartphone sales, increased internet usage, and an expanding e-commerce sector, which is fueling global pallet market growth. Furthermore, rising consumer spending on housing and infrastructure due to rising income levels, combined with rapid industrialization and urbanisation, is increasing global demand for pallets. Additionally, the rapid industrialization and urbanisation that go hand in hand with rising consumer spending on housing and infrastructure due to rising income levels are driving up the need for pallets globally. In order to incorporate technical developments into the pallet manufacturing process, businesses are also funding R&D projects. For instance, they have started using multiple-trip pallets, which save travel expenses, get rid of solid waste, and boost operational efficiency. Plastic pallets have grown in popularity across a wide range of industries due to their ability to be recycled and reused.
GCC Pallets Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023–2030
Global Market Size
Largest Segment
Nestable Pallets
Fastest Growth
Rackable Pallets
Growth Rate
more than 5.60% CAGR
GCC Pallets Market, 2022-2030($ Bn)
Country Share for Gulf Region- 2022 (%)
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GCC Pallets Market Segmental Analysis
The GCC Pallets Market is segmented on the basis of materials, type, application, structural design, and end use. Based on materials, the GCC Pallets Market is segmented into wood, plastic via injection molding, plastic via other methods, corrugated paper, and metal. In terms of segmentation by type, the GCC Pallets Market is grouped into rackable, nestable, stackable, and display. By application, the GCC Pallets Market is categorized into rental and non-rental. With respect to structural design, the GCC Pallets Market is segmented into Block, Stringer, and Others. On the basis of classification by end use, the GCC Pallets Market is segmented into food & beverage, pharmaceuticals, cosmetics & personal care, consumer electronics, engineering products, chemicals, textile and handicraft, agriculture and allied industry, building & construction, and automotive.
GCC Pallets Market Analysis by Type
Nestable pallets generated a significant revenue of 44.6% market share in the type segment in 2022. They take up less space during return freight and are more cost effective than other types of pallets because they can nest inside of one another. Furthermore, they are less expensive than their rackable and stackable counterparts, making them ideal for use in open-loop supply chains or export.
Rackable pallets are designed to be stored on racks; because they can be arranged evenly apart in vertical order on the racks, end-use businesses can make better use of their floor space. Racking pallets typically have a picture frame or runner frame at the bottom to handle heavy loads.
A stackable pallet, as opposed to a nestable pallet, has a sturdy platform as its foundation. These pallets are frequently piled on top of one another when returned to the source. Stackable pallets provide the most stability to the loaded products due to their construction, making them a popular pallet option for shipping goods over long distances. Stackable pallets are commonly used in heavy-duty applications due to their more durable architecture than rackable pallets.
GCC Pallets Market Analysis by End Use
The food and beverage segment held the market's leading end-use category in 2021, accounting for more than 23.9% of regional sales. Farmers and agricultural businesses dealing with fresh produce, as well as businesses dealing with meat, dairy, baked goods, and other processed foods, were the primary drivers of demand.
Plastic pallets are commonly used in the chemical industry to transport powder, granule, and liquid goods. Pallets are used to load, unload, and transport chemicals, minerals, metals, and plastic polymers such as PET, PP, and ABS. Wooden pallets are commonly used in the chemical industry for export applications due to their low cost and widespread availability. However, due to their durability, sustainability, and hygienic qualities, chemical companies have increasingly chosen plastic pallets in recent years.
Product hygiene for material handling and packaging is critical in the pharmaceutical industry. Wooden pallets pose a contamination risk due to their difficulty in cleaning and ability to harbour germs and fungi. Plastic pallets, on the other hand, are an excellent choice for material handling in the pharmaceutical industry due to their excellent chemical resistance and lack of contamination.
GCC Pallets Market By Type, 2022 (%)
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GCC Pallets Market Regional Insights
On account of rapid industrialization and urbanisation, which is one of the primary factors driving market growth, the GCC regional governments are undertaking beneficial initiatives to boost domestic production and international trade.
During the period, the Saudi Pallets market expanded at a moderate pace as the Saudi Arabian economy improved, supported by growth in both the oil and non-oil sectors. Despite the market slowdown caused by the lockdown, the pallets market started to recover in the latter part of the year as commercial activities resumed, resulting in increased industrial and commercial demand for pallets. The market revenue is expected to grow significantly in the coming years as a result of strong growth in the construction, manufacturing, retail, and industrial sectors in line with the Saudi Vision 2030, which will increase demand for pallets because the pallet helps to reduce clutter while storing intermediate goods.
One key driver for this growth is the increasing shipments of goods moving through GCC countries. This is especially true for exports, as goods are being sent directly to markets in Qatar and the United Arab Emirates (UAE) rather than shipping them through other regions. In addition, stringent regulations in certain countries (such as Bahrain and Oman) are driving businesses to find more efficient means of shipping their goods. This has led to increased demand for pallets as they are an efficient way of transporting goods.
GCC Pallets Market By Geography, 2022-2030
- Largest
- Fastest
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GCC Pallets Market Dynamics
GCC Pallets Market Driver
Increased Awareness of Advantages of Using Plastic Pallet
- The pallets market is expanding due to an increase in demand for plastic pallets as a result of increased consumer awareness of the benefits of plastic pallets. Plastic pallets are easier to handle during shipment. Furthermore, they are highly recommended in industries such as food and beverage, pharmaceuticals, chemicals, and others where there is a higher risk of chemical contamination. Plastic pallets can also be used in clean room applications due to their ease of disinfection and cleaning.
GCC Pallets Market Restraint
Fluctuating Prices of Raw Materials to Challenge Market Growth
- One of the factors that limit the pallet company's expansion is the variance of raw material prices. One of the commonly utilised raw materials in pallet production is plastic, which is mainly composed of polyethylene (PE) and polypropylene (PP). As a result, the cost of producing plastic pallets has increased, raising the cost to end users and reducing the market for these pallets. Any change in the price of these raw materials has an impact on the margins of all stakeholders in the regional pallet market value chain, including vendors, affecting both pallet manufacturers and end users.
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GCC Pallets Market Competitive Landscape
As a result of the rising population, pallet producers are partnering with other market participants to improve production capacity. According to the GCC Pallets Market data, companies are manufacturing, which aids in raising production capacity. Manufacturers are developing cutting-edge technology to boost manufacturing capacity.
GCC Pallets Market Top Player's Company Profiles
- Hadarah Wood Industries Co.
- Takamul Pallet Factory (HT-DB)
- KraftPal Technologies
GCC Pallets Market Recent Developments
- In October 2022, KraftPal Technologies one of the World's First Global Pallet Companies Set for Decisive Roll out in the U.S. KraftPal is a manufacturer of corrugated pallets that are long-lasting, lightweight, and recyclable. The company is thrilled to offer its customers up to an 80% reduction in carbon footprint, undeniable cost savings, and the convenience of a single point of contact for global operations.
- In October 2022, Following Saudi Arabia's recent decision to cut oil production, which will raise prices in the West and is widely perceived as a slight to the US, two Democratic lawmakers have called for a moratorium on all arms sales and military aid to the Kingdom. 1 For years, US politicians and commentators have claimed that American support for Saudi Arabia is necessary to ensure the Kingdom will provide stable energy supplies and side with the US in geopolitical disputes, including providing 70% of its weapons and technical support that its air force relies on to conduct its bombing campaign against Yemen. However, the latest Saudi move has put these claims to rest.
GCC Pallets Key Market Trends
- Rising trade activities are the primary driver of the market in the GCC countries. Aside from that, the increasing demand for logistics services as a result of the significant growth in the e-commerce industry is a major growth-inducing factor. Furthermore, governments in various GCC countries are taking positive steps to boost domestic production and international trade. Aside from that, the growing use of pallets in a variety of industries, including food and beverage, chemicals, and pharmaceuticals, to reduce product contamination or damage and ensure safe transportation of goods has increased product demand. Additionally, leading manufacturers are developing multiple-trip pallets to help reduce cost per trip, eliminate solid waste, and improve operational efficiency. Furthermore, the increasing popularity of high-density polyethylene (HDPE) disposable plastic pallets due to their lightweight, durability, and environmental friendliness has accelerated product adoption. Other factors, such as the introduction of recyclable corrugated pallets, increased food exports, rising consumer expenditure on housing and infrastructure, rapid urbanisation and industrialization, and technological advancements, are also contributing to market growth in the GCC region.
GCC Pallets Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our GCC Pallets Market, Nestable pallets commanded a commanding 44.6% revenue share in the type segment of the plastic pallets market in 2021. A sturdy platform supports a stackable pallet, as opposed to a nestable pallet. Food and beverage were the market's leading end-use category in 2021. The Saudi Pallets market expanded at a slow but steady pace during this period as the Saudi economy improved, aided by growth in both the oil and non-oil sectors. Increased awareness of the benefits of using plastic pallet accounting to drive the market
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 6 billion |
| Market size value in 2030 | USD 9.8 billion |
| Growth Rate | more than 5.60% |
| Base year | 2023 |
| Forecast period | 2023–2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on GCC Pallets Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on GCC Pallets Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the GCC Pallets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the GCC Pallets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the GCC Pallets Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the GCC Pallets Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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