As the Indian economy expands, the pallets market in India is poised to grow substantially. Pallets are load bearing structures that serve as a rigid base for the transportation and storage of various materials and products that make up as the unit load. These pallets are usually handled by forklifts or pallet jacks. In most of the cases, pallets are rectangular in shape and occupy an area of one square meter or more. The India pallets market is projected to register a CAGR of 13.9% in terms of value over the forecast period of 2016-2024. In 2016, the India pallets market was valued at INR 6,223.1 Cr. (US$ 971.9 Mn).
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Key market dynamics
A robust growth of the manufacturing sector in India is an important market driver increasing the use of pallets in the Indian market. The manufacturing sector in India is poised to take off and exhibit a sustained growth due to the government initiatives like ‘Make In India’ and the rollout of the GST tax structure in the coming years. Such kind of reforms are likely to have a positive impact on the manufacturing sector in India. Due to the fillip received in the manufacturing sector, the development of the warehousing industry is likely to receive a major boost, and as a direct consequence of this, the pallets industry in India is likely to grow significantly. In addition, the growth in demand for safe transportation of goods and various materials is likely to further boost the use of pallets in the Indian market. All these factors are likely to boost the growth of the India pallets market over the forecast period.
However, decline in international trade and India being a labor intensive industry is likely to hamper the growth of the India pallets market. In addition, a lack of proper warehousing infrastructure is likely to restrict the growth of the India pallets market. Environmental concerns over the use of wooden pallets may also restrict the growth of the India pallets market as majority of pallets are made of wood in the Indian market.
One of the major trend in the India pallets market is the usage of pallets in large chain retail stores. Most of the key players operating in the India pallets market adopt pallets for the transportation of their products.
On the basis of materials, the India pallets market can be segmented into wood, composite wood, plastics, metal, and paper. The metal segment is further sub-segmented into steel and others (aluminum). The Wood segment accounted for a major share in terms of value in 2015. However, the Plastics segment is likely to register a relatively high CAGR during the forecast period.
On the basis of structural design, the India pallets market can be segmented into block pallets, stringer pallets, and customized pallets. The block pallets market in India is estimated to grow at a significant CAGR during the forecast period.
On the basis of end use, the India pallets market can be segmented into pharmaceuticals products, chemical & petrochemical products, engineering products, textile & handicrafts, agriculture & allied products, leather products, marine products, and others (food and beverage). The engineering products segment is expected to dominate the market in terms of value and volume during the forecast period.
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Companies dominating the India pallets market
The India pallets market is highly fragmented with the unorganized sector accounting for a majority of the market. Some key players identified in the India pallets market are Mekins Group, Saraswati Engineering Limited, LEAP India Pvt. Ltd., DNA Packaging Systems, Spanco Enterprises, Doll Plast Pallets, Schoeller Arca TIME Material Handling Solutions, B.D. Industries (India) Pvt. Ltd., and Aristoplast Products Pvt. Ltd.