The "North America Pallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report expects the market to reach a volume of 3.23 million units by 2024, registering at a CAGR of 3.8% during 2019-2024. The North America pallet market reached a volume of 2.58 Billion units in 2018.
Pallets are portable, horizontal platforms that are employed for stacking, storing and transporting goods. They are generally made up of wood, plastic or fiberboard, and can be categorized into block and stringer pallets depending on their size and configuration. They act as a stable base for products during handling, and provide portability, storage space and high strength. Owing to this, pallets are widely utilized in material handling across several sectors such as machinery, food and beverage, construction, chemical and pharmaceutical.
North America presently represents one of the largest markets owing to the rising demand for pallets in the pharmaceutical industry. This can also be attributed to the increasing prevalence of lifestyle diseases such as obesity and diabetes in the region. Pallets are utilized in the pharmaceutical sector on account of the assistance offered in reducing product contamination. Apart from this, the rising demand for pallets in well-developed industries, such as food and beverage, construction and electronics, is also fueling the growth of the market.