Pallet Market worth will reach US$ 971 Mn by 2024
The pallet industry in India is soaring at a brisk pace. A pallet is designed to endure heavy load, serving as a rigid base for goods during their transportation and are usually handled by pallet jacks and forklifts. India’s rising economy coupled with higher production volumes of goods is potentially generating business opportunities for pallet manufacturers in the country. In order to manage large scale imports and shipments of consumer goods, industries avail smart logistic services. Hence, the demand for pallets from shipping and logistic industry has significantly increased in the country. Due to the lumpy transport infrastructure in Indian sub-continent, usage of pallet during goods delivery and storage becomes more important.
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Boom in manufacturing sector of the country is fuelling the demand for pallets in the Indian market. Relentless support from the government and a blossoming business environment in the country is unveiling further market opportunities for the manufacturing sector. In addition, implementation of government policies such as “Make in India” is expected to ensure sustainability of the economic growth in the long run.
These economic reforms are expected to bring some good news to the industrial sectors of the country, especially the manufacturing sector. Thus, the thrust to the manufacturing sector has also led to progression of the allied sectors such as hardware, logistics and transport. Off late, the country has witnessed establishment of large warehouses spreading in acres of land, these warehouses need several operational tools, pallets being a primary one. As production volumes in the country rise higher, it will have a direct impact on the demand for pallets. Moreover, stakeholders and manufacturers are strongly emphasizing on safer modules of transportation of materials and consumer goods, which is translating into the growth of the pallets market in India. The aforementioned factors are likely to drive the pallets market in India in the following years to come.
Emergence of Logistics and Warehouse Business in India Responsible for the Bulk of Demand for Pallets
Noticeably, several new startups are going into logistics, transportation and delivery service. Though the competition in the market is moderate, companies look forward to improve service offerings. Companies are focusing on developing advanced warehouse facilities with features such as auto temperature control and robotics. For instance, Gati Ltd a supply chain solution provider recently developed its first temperature controlled warehouse infrastructure in New Delhi. The warehouse facility is designed to meet the industry standards and will cater to various industry sectors such as pharmaceutical and food and beverage including dairy.
The latest warehouse infrastructures have extended capabilities and robust network ensuring enhanced supply chain solutions. This, in turn, is essentially helping businesses to expand significant levels and likewise supporting the growth of logistics industry in India.
Warehouses provide storage services to a wide range of industries, operational tools such as pallet are important in managing goods and create sections and division between them. In additional, use of pallets allows stress-free movement of goods in bulk amount.
Proliferation of large retail or departmental stores in the country has led to a healthy demand for pallet from such outlets. Changing culture of retail business and an evolving market structure is expected to influence the market for pallets in India.
The pallet market in India is anticipated to register a healthy growth rate in the coming years. By 2016 end, the pallet market in the country is expected to surpass INR 6,223 Cr, which is close to (US$ 971. Million) by 2024.