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..
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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.
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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.
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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
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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
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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
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With over 500 specialized analysts, Technavio's report library
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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: media@technavio.com
Website: www.technavio.com/
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