The Latin America, Middle East and Africa Pallets Market would witness market growth of 5.8% CAGR during the forecast period (2022-2028).
Pallet manufacturers may be encouraged to produce pallets with radio frequency identification (RFID) tags and GPS sensors as a result of the adoption of new technologies in supply chains such as the Internet of Things (IoT), automation, and collaborative robots (cobots), which may open up new opportunities for pallets in the near future.
Plastic pallets are more expensive than wooden pallets. Active tracking devices, such as RFID tags and Bluetooth, as well as the Internet of Things (IoT), have enabled effective pallet tracking and greatly reduced pallet loss. As a result of the increased appeal of plastic pallets as a result of technological improvement, the market for plastic pallets is expected to grow in the coming years.
The UAE Economic Vision 2030 calls for increased industrial activity in order to promote long-term economic diversification. The government is aiming to boost the manufacturing sector's contribution to the overall GDP. The UAE's oil and gas industry has bolstered the country's economic growth and supplied it with significant funds to invest in other industries such as manufacturing. As a result, the UAE has never had to go through the speculative stages of development, such as a lack of cash, that most developed countries have had to go through.
The manufacturing industry is second only to the massive oil and gas market in terms of income owing to government backing. Many new manufacturing units have recently been established, and foreign direct investments have been welcomed. Currently, Abu Dhabi is concentrating on heavy industries due to its low-cost energy supplies, whilst Dubai and Sharjah are concentrating on light industries and service sectors. As the manufacturing sector grows in the region and UAE starts exporting more products to the rest of the world, the demand for pallets in the region is expected to grow.
The Brazil market dominated the LAMEA Pallets Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,974 million by 2028. The Argentina market is experiencing a CAGR of 6.4% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 5.5% during (2022 - 2028).
Based on Material, the market is segmented into Wood, Plastic via Injection Molding, Plastic via Other Methods, Corrugated Paper, and Metal. Based on Type, the market is segmented into Stackable, Nestable, Rackable, and Display. Based on Application, the market is segmented into Non-rental and Rental. Based on End-use, the market is segmented into Food & Beverages, Chemical, Retail, Pharmaceutical, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Pallets Market is Predict to reach $104.4 Billion by 2028, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Brambles Limited, Schoeller Allibert B.V., UFP Industries, Inc., Cabka Group GmbH, Rehrig Pacific Holding, Inc., Craemer Holding GmbH, Menasha Corporation, Loscam International Holdings Co., Ltd., Millwood, Inc., and Falkenhahn AG.
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