LONDON--(BUSINESS WIRE)--Aug 28, 2018-- market research analysts forecast the global spill pallets market to grow at a CAGR of over 5% during the forecast period.

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Technavio has published a new market research report on the global spill pallets market from 2018-2022. (Graphic: Business Wire)

One of the major trends being witnessed in the is the proliferation of SKUs. The rising demand for various chemicals from different end-user industries increases the need for new stock keeping units. Different end-user industries need spill pallets in different shapes and sizes and with various features for their warehouses.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio analysts, one of the key factors contributing to the growth of the global spill pallets market is the growth of the global chemical industry which increases the demand for chemical warehousing and storage:

Global spill pallets market: Growth of the global chemical industry increasing demand for chemical warehousing and storage

In 2016, the global chemical industry generated sales worth USD 3.71 trillion. Chemicals are stored in drums. The growing need for the storage and transportation of large volumes of chemicals in warehouses because of the increasing chemical sales will promote the growth of the global spill pallets market.

According to a senior analyst at Technavio for research on logistics, “Spill pallets are used to handle and transport products such as oils, fertilizers, inks, alkalis, and acids that are manufactured using chemicals. Thus, the increasing demand for chemical warehousing and storage will increase the need for spill pallets. In 2016, countries such as the US, China, South Korea, Japan, India, and Saudi Arabia accounted for more than 45% of the global chemical warehouse and storage market.”

Global spill pallets market: Segmentation analysis

The global spill pallets market research report provides market segmentation by product (PSP and SSP) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the two major products, the PSP segment held the largest market share in 2017, contributing to over 69% of the market. This product segment will dominate the global market throughout the forecast period.

The Americas held the largest share of the market in 2017, accounting for more than 48% share. It was followed by APAC and EMEA respectively. The APAC region is anticipated to project the fastest growth during the forecast period.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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SOURCE: Technavio

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PUB: 08/28/2018 09:33 AM/DISC: 08/28/2018 09:33 AM