Go through some of the most important and interesting statistics related to pallets, storage, and delivery to have a better understanding of how pallet storage works and its’ benefits
Pallet storage is an essential component of the storage and warehousing sector. Storage facilities use pallets to make sure they can make the most out of the storage space available for them. If you want to start using a pallet racking system for your own business, it is important to have an idea of how the pallet market works and what the latest developments in the sector are.
We have compiled a comprehensive list of how the pallet storage market looks currently, what types of pallets companies are using, and where and how these pallets are being shipped and delivered. With these statistics and trends, you can make better decisions regarding your pallet storage.
Here at Meteor Space, we want to make sure you can understand which types of pallets are being used the most and why, helping you make the best possible decision for your own storage needs. Even if you are looking for a pallet storage partner, it is important to be aware of the common practices in the sector so you know you are choosing the best partner that can meet your needs and offer the leading services.
Before we get into these statistics and trends, it is crucial to understand what pallet storage is and how the pallet racking system works. So, let’s find out a little more about what pallet storage actually is.
The most economical option to store your goods in Northern Ireland, Ireland, the UK, and anyplace else in the world is through pallet storage. Pallets are the industry standard for transferring and storing goods, and they are frequently used for international shipping. Businesses searching for a low-cost solution for storing goods in the UK can consider pallet storage with leading warehouses, like Meteor Space. Pallets are an affordable and practical method of storing products.
You may simply store and transfer products throughout the UK and Europe once you get your pallet to Meteor Space, the top warehouse in Northern Ireland. For a variety of reasons, pallet storage is more affordable than regular storage, and we offer you the lowest storage cost per pallet.
Pallet storage has some advantages over other storage techniques that make it more effective:
It can be beneficial to work with Meteor Space, one of the best pallet storage options Northern Ireland has to offer, if you’re searching for a long-term solution and a cost-effective option to keep your items. For all of your pallet storage requirements, we offer complete solutions, and we also take care of shipping and delivery for you!
Now that we know what pallet storage is and how it works, let’s take a closer look at the pallet market and the latest statistics and trends in the industry.
Like every other market or industry, the pallet racking sector also has some major players. These are the companies that hold a large share in the market and are an important part of the sector. Some of the major players of the pallet sector include names like Mecalux SA, Estral Innovation and Applied Logistics, Montel Inc, Hannibal Industries Inc, SSI Schaefer, International Paper Company Corporation, and more. These companies manufacture, distribute, sell the pallets that are used for storage, warehousing, logistics, etc.
The global pallet racking market is expected to grow at a CAGR of 10% from 2021 to 2022, which is a significant increase. It is important to note that all the sectors that are involved with storage or warehousing have been growing rapidly. Pallet racking system has become more common in warehouses, as it is an effective storage method to save space, allowing warehouses and storage facilities to make the most out of their storage space. It is a sector that is estimated to grow even more in the coming years, as businesses keep increasing in number and more companies need storage for their inventory.
According to market analysis and reports, the pallet racking market will be growing and reaching over 13 billion USD by 2026, which is a massive amount. The compound annual growth rate is set to be 7.5%, which is a lot. It is a sector that has seen steady growth over the past years, and it will continue to do so in the future as well. As the ecommerce industry is growing at such a rapid pace, businesses also need pallet racking systems to make their storage more effective and get more storage space, and pallets help them achieve that. Pallets are also useful for shipping larger orders and shipments, which is another reason why the pallet market is continuing to grow.
The pallet racking market is a vast market and there are many different shareholders. In the pallet market, there are services that you can get from storage companies, organizations, solo merchants, and partners. These pallets that you can get are mostly used for the storage of items in warehouses or distribution facilities.
You might be wondering which industries are using the pallet storage method and why has it suddenly become so popular. The pallet racking systems are used in various industries, including construction, packaging, building, healthcare, food and beverage, electronics, and many other industries. The pallets allow companies to store bulk items easily and without taking up too much space. Pallets enable storage facilities to utilize the space and make the most out of the space available, which has led to a massive growth of the pallet racking market and sector.
Asia Pacific has become a huge shareholder in the pallet racking sector and their shares are only expected to grow in the coming years. It is forecasted that the Asian Pacific businesses will increase their investment in pallets in the coming future, set to maintain their spot on the top of the market.
Pallets have become an integral part of the warehousing sector. All industrial warehouses and storage facilities are using pallets to store their products, which is why the pallet companies are also making sure their pallets can take the load of industrial warehouses.
As ecommerce continues to grow in the coming years, the storage facilities that store inventory for these ecommerce businesses will require more storage space. This is why pallets have become more common for these warehouses, as they help store products and inventory more efficiently and helps in utilizing the storage space. There is a growing need for warehouse space all over the world, and pallets are helping warehouses meet this need.
Companies and businesses in the logistics sector are developing new methods of transport that cater to pallets. These new storage and transport methods are designed keeping pallets in mind, helping storage facilities become more efficient with their shipment of pallets and products.
The Rack Group is a UK-based company that provides inspection, repair, maintenance, and safety services for pallets. This company was acquired by an industrial workspace company, IWS, in April of 2021. Industrial companies are increasing their use of pallets, and they need to have specialists that can help ensure the safety of their pallets.
There are many types of racking systems in the pallet racking market. Some of the most common types include mobile racking, shuttle racking, conventional racking, and hybrid racking system. It is important to be aware of the main types of pallet racking systems so you can choose the system that fits your business needs the best.
When you have to choose the pallets for storage for your business, one of the most crucial things to know is how much weight the pallet can hold. There are pallets that can hold 5 tons, 5 to 10 tons, and more than 15 tons. You can choose the pallet that will help you handle your load in the best way.
There are many different types of racking when it comes to pallets. Different warehouses can be using different types of racking for their facility. For example, some warehouses use drive-in racking, push back racking, selective racking, pallet flow racking, or carton flow racking.
According to a survey carried out, the companies that use pallets are mostly in the manufacturing business. There are different types of manufacturing businesses using pallets for their storage, like whole trade businesses, durable manufacturers, wholesale businesses, and more.
The companies that mostly use pallets for their storage needs are businesses that have annual revenue less than 10 million USD. There are also some businesses that make between 10 to 50 million USD in revenue. These high profit businesses are also using pallets for their storage. Amongst the businesses that use pallets the most, 17% are companies that make between 50 to 99.9 million USD in revenue as well.
Wood pallets are the most commonly used types of pallets for businesses. 94% of companies that use pallets say they use wooden pallets for their storage needs. This figure has been steady over the last two years, with the highest percentage of businesses using wooden pallets.
More than 35% of the businesses that use pallets for their storage needs say they use plastic pallets. This percentage has not increased or decreased over the past two years, showing that the use of plastic pallets has been stable. 12% use wood composite pallets, also the same as the previous survey in the year prior
Wood composite pallets are another type of pallets that are common for businesses. According to a survey, 12% of businesses are using wood composite pallets for their storage needs and this number also hasn’t fluctuated significantly over the last two years.
Metal pallets, cardboard pallets, and corrugated pallets are also other types of pallets that are used by businesses to store their products in their storage facilities. These materials are not as common as wood or plastic, but they are still being used to store products and materials.
Knowing about which pallet sizes are used most frequently is also important. 80% of businesses that responded to a survey stated that they use the standard pallet size, which is 48 x 40 inches. The number of businesses using the standard size of pallets has increased 12% over the last two years.
There are 24% of businesses that use pallets that are larger than the standard size. There are also businesses that use pallets that are a little smaller than the standard size. Different businesses have different storage needs, and the size of the pallets they use mostly depend on their needs.
When it comes to pallet sizes, there is a wide variety of size options available. Over the last two years, there has been a decrease in the percentage of people using the smaller, 36 x 48 inch pallets. However, there has been a 2 percent increase in the number of businesses using the “half pallet” size.
According to a survey, 60% of businesses using pallets have purchased new wood pallets. This number has increased 7% over the last two years.
There are used wooden pallets that can be refurbished. These used wooden pallets are called “core” pallets. 73% of businesses reported that they are using core pallets. This is an increase from the previous year, when 61% of businesses reported that they are using core pallets.
According to a survey, the use of pallet pools have decreased compared to last year. Last year, the businesses using pallet pools was at 24% and it decreased to 18% this year.
More people want to get used wooden pallets. However 47% of people complained that the used wooden pallets are not available and they are having issues getting them. This is a significant increase from the previous year, when the percentage was 27%.
According to a survey, obtaining used wood pallets has not only become difficult but it has also become more expensive. 33% of respondents of a survey have stated that used wood pallets have become more expensive. This is a significant increase from the 9% that complained about it in the previous year.
Businesses have a lot of trouble getting used wood pallets. Last year, 40% of people stated that they had no trouble procuring used wood pallets. However, this number came down to 24% this year, which shows that more people have had trouble getting used wood pallets.
Used wood pallets are becoming more common for businesses. Everyone wants to get used wood pallets for their storage needs, the number reaching 51% this year which is almost double from the previous year.
According to a survey, 11% of people using pallets have said they are using fewer used wooden pallets. This percentage has decreased significantly from the previous year.
Pallet users are now increasing their use of plastic pallets as well. 18% of pallet users are using plastic pallets this year, which has increased 3% from last year.
According to a survey, people have stated that they have been using the same amount of plastic pallets over the years and their use hasn’t changed significantly compared to the previous year.
In the coming years as well, the use of plastic pallets is mostly going to stay the same for most people using pallets for their business. Only 22% of people in a survey have stated that their use of plastic pallets will increase in the next few years.
There are many reasons why the use of plastic pallets might increase for some companies over the years. From durability to sustainability, companies in the survey have cited many reasons why they will be increasing their use of plastic pallets.
The use of pallet rental companies has also started to increase. We can see that 12% of people that use pallets have stated that they plan on using pallet rental companies, which is an increase of 3% from the previous year.
There are different types of pallet retrieval or recovery systems available. However, less people are now inclined to use different types of pallet recovery or retrieval systems compared to the previous years.
Most companies are still not on board with using pallet rental services or other recovery or retrieval services. 74% of companies have stated that they have no plans to use any pallet rental services any time soon.
It is important to note that the percentage of companies that are willing to give pallet rentals a chance has slightly increased over the years. 9% of companies say that they are more than likely to use these services in the coming year.
21% of companies from a survey have stated that it is not very likely that they will be using any pallet retrieval, recovery, or third party pallet rental systems any time soon. This is a decrease however, from last year when 30% of companies in the survey said they were not planning on using these services.
It is important to note that there is a high percentage of companies that are unaware of the pallet recovery, retrieval, or third party pallet rental services. This is also another reason why these services are not as popular in the pallet industry and sector. With an increase in the awareness for these services, there can be an increase in their use as they are beneficial at some level for businesses.
When you work with pallets, it is also crucial to understand how to stabilize the load. Most common method of load stabilization for companies has been the use of stretch film and shrink film.
Other methods of stabilizing load on pallets include strapping or banding, using tie sheets, using lock’n pop adhesive, using a stretch hood, and using a shrink hood. All of these methods are also used commonly to stabilize the pallet load.
The interlocking system has also become popular for load stabilization for pallets. 17% of companies said they are using the interlocking system for stabilization, which is a significant increase from 4% last year.
Wrapping is also an essential component of pallet storage, especially if you have to transport pallets. The different types of wrapping include automated stretch wrapping and manual wrapping. Automated stretch wrapping is used more commonly compared to manually wrapping the pallets.
There are many third party companies and services that can help you get the best transport and packaging combination for your pallets. Many companies have been using these services to get a better understanding and transport their pallets more securely.
When you look at the pallet providers, most of the pallet providers are offering vendor managed pallet inventory or the just in time approach for pallet inventory management. This number has increased 3% over the last year.
When you work with pallet providers, it is important to know whether they offer on-site recycling and reclamation management or not. 24% of companies that are working with pallet providers say they get these services on-site. 10% also stated that their providers can offer information and data related to their supply chain network as well.
By the end of this year, more than 20% of the companies are interested in getting data and information related to their supply chain network. This number has increased significantly compared to the last few years. As the awareness of how data can help improve your business has increased, people are also more interested in getting this information and data.
Most companies that work with pallets have figured out how to manage the pallets effectively. 76% of companies have stated that they do not face any issues when it comes to loading stability anymore. However, this number was higher in 2020 which can be an interesting point. There are third-party companies that can provide even better services and help with load stabilization as well.
Pallets are used for many different reasons. One of the major uses of pallets recently has been to ship or receive corrugated boxes, with other 70% of companies using pallets for this.
18% of companies have stated that they use pallets to ship or receive reusable plastic containers or plastic totes. This percentage has increased from 6% in 2020.
Another type of package shipped or received through pallets is pails. 17% of companies have said that they use pallets to transport pails, an increase from 9% in the previous year.
Bags are another type of item that is shipped using pallets. 15% of the package types that are shipped and received using pallets are bags. This is a decrease from the previous year when this percentage was as high as 21%.
Pallets are also used for the shipping and delivery of drums. 14% of the packages delivered using pallets are drums, an increase of 4% from the previous year.
Flexible intermediate bulk containers are also transported through pallets and they make up 6% of the packages that are shipped or delivered using pallets.
In 2021, 45% of companies were using pallets to make domestic shipments. This will decrease from 2020, when 66% of companies were using pallets for domestic shipments. The high percentage in 2020 could also be because of the lockdowns due to the pandemic and the halt in international shipping.
The percentage of companies that claim their pallet shipments are only international are less with only 2% of companies claiming that. This number has not changed much since 2020.
The major majority of companies believe that they ship pallets both locally and internationally, with 53% of companies claiming this. This number has increased from 33% in the previous year.
When it comes to pallets being shipped, the most amount of pallets are shipped to Canada, Mexico, South America, and the Caribbean.
Asia Pacific has been a major player in the pallet market over the years. Last year, the number of shipments of pallets to China, Japan, Southeast Asia, North Asia, and Australasia went down to as low as 33%. However, the numbers have improved and 55% of the pallets this year were shipped to Asia Pacific.
When it comes to pallets being shipped to Europe, the majority of pallets are shipped to Western Europe and less are shipped to Eastern Europe.
More pallets are also being shipped to the Middle East and Africa, with 34% of companies shipping pallets to these regions. This is a significant increase from 10% in 2020.
As the world is slowly returning back to normalcy, the number of international shipments of pallets is also going to increase. 57% of companies are expecting to increase the number of pallets that they ship internationally in the next two years.
Some of the companies claim that their international shipments will be steady, and a very little percentage of companies state that there might be a decrease in their international shipments of pallets.
When you ship pallets internationally, you have to take care of a lot of things and make sure that all pallets are in the right condition to be shipped internationally. This is why most companies say that their pallets are treated when they have to be shipped internationally.
A very little percentage of companies actually use pallets that are other materials than wood. Most of the companies use their own wood pallets for international shipping.
For some companies, the amount of international shipping has decreased, which is why the number of pallets that they have shipped internationally over the years has also decreased.
According to a survey, 55% of companies have had steady international shipments of their pallets over the last two years. 34% of companies actually stated that their international pallet shipping increased over the last two years.
Source (supplychain247, 2022)
There is no doubt that pallet storage is one of the best ways to utilize storage space at a facility and make sure all products can be stored securely in one place. If you are looking for a storage partner that can keep all your inventory in one place and use it for efficient fulfillment, you have come to the right place!
We will keep your pallets safe and secure once they reach us here at Meteor Space, the UK’s leading warehouse. Our 200,000 square foot warehouse has unlimited storage space, the most up to date pallet storage and racking systems, and the best techniques for making good use of the space. With our assistance, you can store your inventory in our state of the art warehouse and move it as needed.
Meteor Space partners with the top shipping companies and carriers in the world to assist you transport your pallets on time and offer you the best, most economical storage rates per pallet in the entire UK and Europe. Our expert staff regularly inspects the quality of your products and pallets to make sure they are all in the finest possible shape and condition.
When it comes to pallet storage, Meteor Space provides round-the-clock security and monitoring, which enables us to maintain complete transparency with all of our clients and ensures the security of your pallets. You can effortlessly integrate your business with our services by using our cutting-edge software solution!
So, what are you still waiting for? Send your pallet to one of the best pallet storage facilities in Northern Ireland to take advantage of our affordable storage rates per pallet!
Get started today!