Jun 11,2021 | Materials
During the period 2017-2020, the Saudi Arabia Pallets market grew at a moderate pace as a result of improvement in the Saudi economy supported by the growth in both, oil and non-oil sector. However, the on-going pandemic COVID-19 slowed down the growth of the market during the year 2020 as a result of the decline in demand during the lockdown period across the country. Despite the slowdown in the market during the lockdown period, the pallets market began to recover in the latter part of the year on the back of reopening of commercial activities and thus, rising industrial and commercial demand for pallets.
The market revenues are anticipated to witness substantial growth in the coming years, on account of strong growth in the construction, manufacturing, retail and industrial sectors in line with the Saudi Vision 2030, which would augment the demand for pallets, as the pallet helps to cut down the clutter while storing the intermediate goods or the finished products in a warehouse. Moreover, the continued positive performance of the non-oil sector such as manufacturing and food & beverage industry, along with the continued government efforts to boost domestic production and rising food exports from the country, would further enhance the pallets market revenues in Saudi Arabia during the forecast period.
The Saudi Arabia pallets market size is projected to grow at a CAGR of 5.3% during 2021-27. The pallets market revenues in Saudi Arabia would witness a boost over the coming years, owing to the government policies shifting in favour of economic diversification, open economy and encouraging private investment which would embark a positive influence on the industrial sector in the country which would augment pallet use.
Further, the government investment to increase international trade and the growing e-commerce sector would bolster the pallet market growth during the forecast period. Based on material type, wood pallets accounted for the majority of the revenue share in 2020 and would continue to maintain their dominance during the forecast period on account of their superiority in terms of capacity to hold more weight.
Furthermore, low cost, easy repair and reuse are some of the advantages of wood pallets, thus making them more preferable over the other form of pallets. The Saudi Arabia pallets market report offered on Bharatbook thoroughly covers the market by material type, end-user and regions.
The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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