Global Plastic Pallets Market Size, Share, Report, Trends, Growth, Key Players, Forecast 2023-2028
The new report by Expert Market Research titled, ‘Global Plastic Pallets Market Size, Share, Trends, Growth, Analysis and Forecast 2023-2028’, gives an in-depth analysis of the Global Plastic Pallets market, assessing the market based on its segments like type, material, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 36 billion
- Forecast CAGR (2023-2028): 15%
- Forecast Market Size (2026): USD 8.63 billion
The global plastic pallets market has been growing as a result of significant advancements in the transportation and logistics industries. The use of plastic pallets to place goods or shipping containers to ensure better handling, strapping, and stretch-wrapping of goods is a major reason for the market’s growth.
Industry Definition and Major Segments
A pallet is a base or structure that enables items to be handled mechanically by a front loader, forklift, or jack, among other things. They are made of wood or plastic. Pallets made of plastic are thus referred to as plastic pallets. These are widely used in warehouses and for storing products from a variety of industries. Plastic pallets are manufactured using a variety of techniques such as extrusion, thermoforming, blow moulding, and injection moulding.
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Based on type, the market is segregated into:
The market is divided in terms of material into:
- High-density Polypropylene (HDPE)
- Polypropylene (PP)
- Low-density Polypropylene (LDPE)
The market is segmented in terms of end use into:
- Food and Beverages
- Petroleum and Lubricants
The regional market for Plastic Pallets is:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific dominated the market in 2020, accounting for a significant share of global sales, and will grow at the fastest CAGR during the forecast period. The region’s rapid industrialization, as well as the rapid growth of e-commerce, are the two main factors driving market growth. North America was another important market for plastic pallets. Because of their durability and light weight, plastic pallets are increasingly being used in a variety of industries, including food, automotive, and chemical, for the logistics of various goods and equipment.
Plastic pallets are becoming more popular as a result of the incorporation of technologies such as radio-frequency identification (RFID) in plastic pallets, which allows users to track the location of their goods, which helps users to detect and locate items across the supply chain. Furthermore, rising R&D activities in the logistics sector, as well as technological advancements, are expected to create future opportunities over the forecast period. Furthermore, the expansion of the e-commerce sector and the expansion of the medical industry are expected to drive market growth during the forecast period.
Plastic pallets are more expensive than wooden pallets; therefore, their theft or misplacement raises the overall cost of material handling or product transportation. Furthermore, the ban on plastic products in some economies is expected to stifle growth over the forecast period.
Key Market Players
The major players in the market are Orbis Corporation, Monoflo International Inc., CABKA Group, Greystone Logistics, Inc, Nefab Group and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players. The US market is expected to expand significantly as a result of the government’s increased emphasis on expanding their manufacturing sector through trade deals and the “Make in America” initiative.
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