The growth of the pallet market is going to be massive. A Research and Market report revealed that it gained a value of more than $2 billion in 2017. From 2018 to 2023, it will generate a compound annual growth rate (CAGR) of almost 5%. By the end of the forecast period, it can be worth $4 billion.
The demand and popularity of pallets, though, are not surprising. These benefit from the growth of various industries, such as manufacturing, transport, and warehousing. There are also many different kinds of pallets, so users these days can find one that suits their needs.
Types of Pallets
A pallet racking system is one of the effective ways to manage space. It’s also versatile and adjustable depending on the inventory. But what types of pallets should you use? Here are some options:
Most people are familiar with wood pallets, and it will stay dominant in the market. In 2017, its market share was over 80%. There are two types of wood: soft and hardwood. Between the two, the first one is cheaper. For long-term storage, a better choice is hardwood.
There’s also a growing demand for plastic pallets. They’re available in various colours, which can encourage a more comprehensive organisation. They’re also strong and resistant to moisture, unlike wood. They’re ideal in places with some wet environments, such as food and beverage warehouses.
Pallets may differ when it comes to design, and its main categories are the stringer and the block.
A stringer pallet features three long strips of boards called stringers. These connect both the bottom and top boards. Block pallets, meanwhile, feature blocks of material in every corner of the boards. If you deal with a heavier load, you may have to invest in block pallets. They’re accessible in different angles.
Regardless of which you choose, there are important considerations when shopping for a pallet. One, it should be able to sustain or carry the load, especially for a longer period. Second, it must be easy to transport. Third, it should be safe to use.