NEW YORK, July 29, 2024 /PRNewswire/ — The global spill pallets market size is estimated to grow by USD 67.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.37% during the forecast period. Growth of global chemical industry increasing demand for chemical warehousing and storage is driving market growth, with a trend towards growth in sku proliferation driving demand for spill containment decks. However, volatility in raw material prices poses a challenge. Key market players include Acklands Grainger Inc., Brady Corp., Complete Environmental Products Inc., Darcy Products Ltd., DENIOS Ltd., ENPAC, Fosse Ltd., Jonesco Preston Ltd, Justrite Mfg. Co. LLC, LSH Industrial Solutions Pte Ltd, Meltblown Technologies Inc., New Pig Corp., Nilkamal Ltd., Protective Industrial Products Inc., Qingdao Huading Industry. Co. Ltd., Robinson Industries Inc., Safety Storage Systems Ltd., Spill Station Asia Pte Ltd, T.M. Fitzgerald and Associates, and UltraTech International Inc..
Technavio has announced its latest market research report titled Global spill pallets market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
|
Spill Pallets Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2023 |
|
Historic period |
2018 – 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.37% |
|
Market growth 2024-2028 |
USD 67.1 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
5.6 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 44% |
|
Key countries |
US, Canada, China, Japan, and Germany |
|
Key companies profiled |
Acklands Grainger Inc., Brady Corp., Complete Environmental Products Inc., Darcy Products Ltd., DENIOS Ltd., ENPAC, Fosse Ltd., Jonesco Preston Ltd, Justrite Mfg. Co. LLC, LSH Industrial Solutions Pte Ltd, Meltblown Technologies Inc., New Pig Corp., Nilkamal Ltd., Protective Industrial Products Inc., Qingdao Huading Industry. Co. Ltd., Robinson Industries Inc., Safety Storage Systems Ltd., Spill Station Asia Pte Ltd, T.M. Fitzgerald and Associates, and UltraTech International Inc. |
Market Driver
The demand for various chemicals in various industries leads to an increase in the number of stock-keeping units (SKUs). Each industry requires specific spill pallets based on the shape, size, and features needed for their warehouses. Customized spill pallets are essential due to the unique physical and chemical properties of the chemical products. This proliferation of SKUs necessitates the need for various types of spill pallets in a single warehouse, driving up the demand and boosting the growth of the global spill pallets market during the forecast period.
The Spill Pallets market is experiencing significant growth due to increasing trends in insect and pest infestations, leading to the need for robust pallets. Welds and joints in pallets are critical for preventing breakage during transportation and maintenance. Logistics costs and warehouse safety concerns drive the demand for lightweight, yet durable pallets. Plastic pallet manufacturing, using computerized pallet design and injection molding processes, is a popular choice due to its cost-effectiveness and BRC accreditation standards. However, expensive tooling and plastic resins increase manufacturing costs. The construction sector, urbanisation, and infrastructure development projects contribute to the market’s growth. Spill containment pallets are essential for handling hazardous substances in industries like highways, airports, and ports. The spill containment market is forecasted to grow during the period due to regulations and safety concerns. Absorbents, berms, and spill containment pallets are crucial for preventing spills and ensuring public safety. Governments and funds invest in projects, including underwater pilings for wind turbines, requiring spill containment solutions. Spills can occur in various environments, including interior waterways, seashore waters, and ocean water. The use of absorbents and advanced materials in spill containment pallets is essential to prevent environmental damage. The spill containment market is expected to grow due to economic restructuring and the increasing focus on hygiene standards. Piling machines and underwater pilings are essential for constructing infrastructure projects, and spill containment pallets play a vital role in ensuring safety during their transportation and installation. The market for spill containment pallets is expected to grow steadily during the forecast period. The use of plastic pallets in various industries, including construction, transportation, and logistics, is increasing due to their durability and cost-effectiveness. However, the market faces challenges such as the high cost of plastic resins and expensive tooling for manufacturing.
Discover 360° analysis of this market. For complete information, schedule your consultation – Book Here!
Market Challenges
The global spill pallets market faces challenges due to fluctuations in the cost of raw materials, specifically plastic polymers and steel. The cost of these materials is influenced by various factors such as volatility in crude oil prices, instability in iron ore production, and tariff duties on steel imports. For instance, the decrease in crude oil prices in the STEO January 2022 forecast is expected to reduce the cost of polymers. However, the increase in crude oil prices since 2020 has already increased production costs for polymer-based spill pallets. Similarly, the properties of steel, including high tensile strength, toughness, and durability, make it an ideal material for spill pallets. However, the cost of steel is affected by the price of iron ore and tariff duties. The instability of China’s economy, as a major iron ore producer, and US tariff duties on steel imports contribute to the volatility in steel prices. These fluctuations in raw material prices directly impact the growth of the global spill pallets market, making it essential for vendors to closely monitor and manage their costs.
The spill pallets market faces several challenges in today’s business environment. Travel restrictions and closures impact the supply chain, disrupting delivery schedules and increasing costs. The obesity pandemic and global health concerns raise awareness for healthier lifestyles, leading to a demand for medical treatment facilities and improved skin conditions. The spill containment industry addresses pigmented lesions and skin regeneration through advanced technology, focusing on treatment outcomes and patient satisfaction. The spill containment technology market serves various industries, including food and beverage, pharmaceuticals, and industrial. Challenges include product manufacture, product quality, and machinery industry applications. Lasers have numerous applications, from skin toning to hair removal. However, challenges like fungi growth and shipping and logistics for bulk containers, drums, IBCs, tanks, plastic drums (steel and plastic), and pallets (plastic and wooden) must be addressed. To remain competitive, companies must adapt to these challenges, ensuring efficient production, reliable delivery, and high-quality products. By focusing on innovation and customer needs, the spill pallets market can overcome these hurdles and continue to grow.
For more insights on driver and challenges – Request a sample report!
Segment Overview
This spill pallets market report extensively covers market segmentation by
Product
1.1 Plastic spill pallets
1.2 Steel spill pallets
Geography
2.1 North America
2.2 APAC
2.3 Europe
2.4 South America
2.5 Middle East and Africa
1.1 Plastic spill pallets- The Spill Pallets market is experiencing steady growth due to increasing regulations on spill prevention in various industries. These pallets are essential for containing and managing liquid spills, preventing environmental harm and workplace accidents. Companies are investing in high-quality, durable spill pallets to ensure compliance and maintain a safe working environment. The market is expected to continue expanding as more industries adopt stricter spill containment policies.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report
Learn and explore more about Technavio’s in-depth research reports
The Pallet Market in Europe is experiencing robust growth driven by increasing logistics and e-commerce activities. The global Plastic Pallets Market is expanding due to its durability, lightweight nature, and recyclability, catering to diverse industries. In India, the Ready to Cook Market is booming as busy lifestyles and rising disposable incomes drive demand for convenient meal solutions. The market size is projected to grow significantly, supported by urbanization and a shift towards easy-to-prepare food products. These trends indicate strong growth potential across these markets.
Research Analysis
The Spill Pallets market encompasses a range of products designed for containing and managing spills in various industries. These include Shipping and Logistics, where Spill Pallets are used to prevent leaks from Bulk Containers, Drums, IBCs, and Tanks during transportation. In the Food and Beverage and Pharmaceuticals sectors, Plastic Spill Pallets are commonly used due to their ease of cleaning and resistance to fungi growth, insects, and pests. Wooden Pallets, while traditionally used, can be prone to welds and are less effective in spill containment. Spill Pallets are also essential in the construction sector and urbanisation, particularly near interior waterways, seashore waters, and ocean water. Absorbents, Berms, and Spill Containment Pallets are key components of these solutions, ensuring public safety and effective spill management.
Market Research Overview
The Spill Pallets market encompasses a range of bulk packaging products used for containment and transportation of various substances, including liquids in drums, IBCs, tanks, and bulk containers. Spill pallets are a crucial component in shipping and logistics, particularly in industries like food and beverage and pharmaceuticals, to prevent spills and ensure safety. These pallets come in plastic and wooden varieties, with plastic pallets being more popular due to their resistance to fungi growth, insects, and pests. However, they require significant investment in manufacturing through computerized pallet design, injection molding processes, and expensive tooling. The market is influenced by factors such as weight, logistics costs, safety concerns, and regulations like BRC accreditation standards and hygiene standards. The spill containment market is forecasted to grow during the forecast period due to increasing infrastructure development in the construction sector, urbanisation, and economic restructuring, as well as the need for spill containment in various industries and sectors like highways, airports, ports, and governments’ projects. Spill containment technology includes absorbents, berms, and spill containment pallets, which are essential for preventing spills and ensuring public safety. The market is also impacted by external factors such as travel restrictions, business closures, and product manufacture and delivery schedules. The obesity pandemic and global health concerns have led to a focus on medical treatment facilities and skin conditions, further driving demand for spill containment technology. The spill containment industry also offers multi-application platforms for hair removal and skin regeneration, skin toning, and treatment outcomes, contributing to patient satisfaction. Spill containment technology is also used in industries like wind turbines and underwater pilings, and in the treatment of hazardous substances in interior waterways, seashore waters, and ocean water. The market is also influenced by factors like welds and joints, breakage, and maintenance costs, which impact the overall cost-effectiveness of spill pallets.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Plastic Spill Pallets
Steel Spill Pallets
Geography
North America
APAC
Europe
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio