The
global lumber pallet market is expected to post a CAGR
of almost 5% during the period 2020-2024, according to the latest market
research report by Technavio.
Growth in international trade and the rise in port traffic have
increased the demand for containerization across the world. Besides, the rapid
rise in the demand for intermodal freight transport has further increased the
need for containerization. This has increased the use of lumber pallets as they
facilitate easy movement of heavy stacks in containers without damaging the
smooth, level surfaces of shipping containers. Therefore, the rise in
containerization is expected to drive the growth of the global lumber pallets
market during the forecast period.
As per Technavio, the rising popularity of pallet tracking
technologies will have a positive impact on the market and contribute to its
growth significantly over the forecast period. This research report also
analyzes other important trends and market drivers that will affect market
growth over 2020-2024.
Global Lumber Pallet Market: Rising Popularity of Pallet
Tracking Technologies
Logistics companies are increasingly integrating tracking
technologies such as RFID, sensors, and tags in lumber pallets for effective
monitoring of supply chains. This is encouraging many RFID manufacturers to
introduce products with robust designs that can withstand the harsh environment
and material handling conditions. Some vendors are introducing intelligent
lumber pallets integrated with IoT technologies for multi-site manufacturing
applications. The increasing adoption of such advanced technologies is expected
to have a positive impact on the growth of the global lumbar pallet market.
Global
Lumber Pallet Market: Segmentation Analysis
This market report segments the global lumber pallet market by geography
(APAC, Europe, MEA, North America, and South America) and end-user (food and
beverages, chemicals and pharmaceuticals, retail, construction, and others).
The APAC region led the market in 2019, followed by North
America, Europe, MEA, and South America respectively. During the forecast
period, the APAC region is expected to maintain its dominance over the market.
This is due to the strong growth of the e-commerce industry in the region.
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