by The India pallets market has been witnessing significant growth with rising need for efficient logistics and supply chain management. Pallets are tray-like platforms used for storing and moving materials, products, and loads through material handling operations and supply chain activities. Pallets help improve efficiency of warehousing and transportation by allowing easy handling and stacking of loads. They facilitate safe and damage-free movement of products throughout the supply chain. Growing 3PL industry in India focusing on seamless material flow is driving increased demand for pallets.
India Pallets Market is estimated to be valued at US$ 15.7 Mn in 2024 and is expected to exhibit a CAGR of 35% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the India pallets market are UOP-A Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors.
There is rising demand for pallets from industries such as food & beverage, automotive, chemicals, pharmaceuticals owing to growth of manufacturing sector in India.
Major India Pallets Market Growth manufacturers are focusing on expanding their presence across India to cater to the growing demand from domestic industries as well as export markets.
Market key trends
One of the key trends gaining traction in the India pallets market is growing adoption of rental pallets. Companies are increasingly preferring rental pallets over disposable ones as it helps reduce material wastage and optimize costs in the long run. Leading pallet providers are offering rental services with tracking systems that help monitor pallet movement and location. This is expected to drive market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements to set up the manufacturing unit pose a barrier for new players.
Bargaining power of buyers: Large buyers have more bargaining power over smaller pallet manufacturers due to the price negotiating ability.
Bargaining power of suppliers: Fluctuating raw material prices affects suppliers bargaining power.
Threat of new substitutes: Pallets made of wood and plastic have substitutes like containers and wrappings but they cannot completely replace pallets.
Competitive rivalry: presence of many regional and local pallet manufacturers intensifies competition.
The India pallet market is currently concentrated in the Western and Southern regions of India due to the presence of manufacturing clusters and availability of raw materials. States like Maharashtra, Gujarat, Tamil Nadu and Karnataka account for over 60% of the total India pallet market value currently.
The Northern region promising to be the fastest growing market for pallets in India during the forecast period. States like Uttar Pradesh, Haryana, Punjab are witnessing rapid industrialization and growth of logistics and warehousing sectors. This is propelling the demand for pallets for efficient material handling and storage in this region. Continued infrastructural investments and focus on boosting manufacturing will further drive pallet consumption North India in coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
