Plastic Pallets Industry Overview
The global plastic pallets market size was valued at USD 6.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028. Growing demand for hygienic, contamination-free, and durable pallets by the food and beverage, pharmaceutical, and chemical industries is expected to drive the market. Plastic pallets are made of durable materials, such as high-density polyethylene (HDPE) and polypropylene (PP), and are designed to facilitate mechanical handling of goods by the front loader, forklift, jack, and other material handling equipment. The initial investment for plastic pallets is considerably high compared to single-use wood pallets; however, with increasing trips, lower cost per trip can be achieved, which ensures a rapid return on investment.
Gather more insights about the market drivers, restraints, and growth of the Global Plastic Pallets market
The U.S. market is expected to exhibit significant growth on account of increasing government focus on strengthening their manufacturing sector through trade agreements and ‘Make in America’ campaign. Besides, the companies operating in the region are increasingly opting for sustainable business practices to strengthen their brand image.
Plastic pallets are expensive compared to wood pallets; thus, the risk of pallet theft or misplacing increases the overall cost of material handling. However, the introduction of active tracking devices, including RFID tags and Bluetooth, and the Internet of Things (IoT) has enabled efficient tracking of pallets and significantly reduced pallet loss. Therefore, the increased attractiveness of plastic pallets due to technological advancement is likely to fuel the market for plastic pallets in the coming years.
Plastic pallets are utilized for multiple trips without being disposed of after single-use, eliminating packaging waste going into landfills and making them highly sustainable, even though they are made from non-biodegradable material. Growing government focus on reusing and recycling packaging products coupled with increasing sustainability awareness among the consumers is expected to favor market growth.
The key parameter to select a pallet material, especially in the food and beverage and pharmaceutical industries, is that the material should be free from any contamination. Wood pallets have a high risk of sheltering bacteria, pests, or fungi, and the splinters or protruding nails of wooden pallets have the potential to break or tamper with the packaging. Thus, on account of the aforementioned shortcomings associated with wood pallets, plastic pallets are majorly preferred by the key end-use industries.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports
Medical Fluoropolymers Market - The global medical fluoropolymers market size was estimated at USD 435.5 million in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2030.
Flame Retardants for Aerospace Plastics Market - The global flame retardants for aerospace plastics market size to be valued at USD 29.1 million by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% during the forecast period.
Plastic Pallets Market Segmentation
Grand View Research has segmented the global plastic pallets market on the basis of material, type, end-use, and region:
Plastic Pallets Material Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
- High Density Polyethylene
- Low Density Polyethylene
- Polypropylene
- Others
Plastic Pallets Type Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
- Nestable
- Rackable
- Stackable
- Others
Plastic Pallets End-use Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
- Food & Beverages
- Chemicals
- Pharmaceuticals
- Petroleum & Lubricants
- Others
Plastic Pallets Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Plastic Pallets market include
- Orbis Corporation
- Rehrig Pacific Company
- Monoflo International
- CABKA Group
- Greystone Logistics
- TMF Corporation
- Allied Plastics, Inc.
- Perfect Pallets, Inc.
- Polymer Solutions International, Inc.
- TranPak, Inc.
Order a free sample PDF of the Plastic Pallets Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment