Plastic Pallets Market Size Worth $9.79 Billion By 2027 | CAGR: 5.3%: Grand View Research, Inc.
SAN FRANCISCO, Dec. 7, 2020 /PRNewswire/ -- The global plastic pallets market size is expected to reach USD 9.79 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2020 to 2027. Increasing demand for robust, long-term, contamination-free, and eco-friendly packaging, which accounts for a low cost per trip in the longer term as compared to expendable packaging, coupled with a steady expansion of the end-use industries, is expected to fuel the growth of the market.
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Key suggestions from the report:
-- Based on material, high-density polypropylene (HDPE) accounted for the
largest share of 68.3% in terms of revenue in 2019 owing to its
sturdiness, wide availability, and low cost as compared to PP pallets
-- By type, nestable pallets held the largest revenue share of 43.2% in
2019 and are expected to witness significant growth from 2020 to 2027.
Nestable pallets can be nested into each other, due to which they occupy
lesser space during return freight and prove to be cost-efficient as
compared to other pallet types. Besides, the low cost of nestable
pallets as compared to other types is responsible for their higher
adoption by end-use companies
-- The food and beverages end-use segment accounted for the largest revenue
share of 23.3% in 2019. In the food and beverages industry, plastic
pallets are utilized by farmers to handle fresh produce and by the
bakery, dairy, beverage, meat, and other food processing companies. The
steady expansion of the packaged food sector is expected to increase the
penetration of plastic pallets within the food and beverage industry
-- Asia Pacific emerged as the leading regional market and accounted for
over 32.0% share of the total revenue in 2019. It is also expected to
exhibit the highest CAGR from 2020 to 2027. The growing manufacturing
sector in developing countries, such as China and India, owing to the
low cost of production, coupled with the growing penetration of
e-commerce, is primarily contributing to the growth of the regional
market
-- The global market is moderately fragmented with the presence of several
small and medium-sized companies. Key players are focusing on
acquisitions and also incorporating novel tracking devices to
efficiently track product movement throughout the supply chain
Read 145 page research report with ToC on "Plastic Pallets Market Size, Share & Trends Analysis Report By Material (HDPE, PP), By Type (Nestable, Stackable), By End-use (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/plastic-pallets-market
Plastic pallets are typically made from robust materials, including polypropylene (PP) and high-density polyethylene (HDPE), and are primarily intended for multiple trips rather than a single trip. Plastic pallets are made from virgin and recycled plastic resins. Virgin resin-based pallets offer superior performances. However, recycled resin-based pallets are less expensive and more sustainable, due to which they are generating considerable traction within the market.
Plastic pallets can be easily cleaned with high-pressure jet spray and they demand minimal maintenance, unlike wooden pallets. Besides, wood pallets are highly susceptible to moisture and pose a risk of sheltering bacteria, pests, or fungi, which can damage stacked food and pharmaceutical goods. Moreover, splinters or protruding nails of wooden pallets have the potential to break or tamper the pharmaceutical packaging, due to which the end-use companies are increasingly opting for plastic pallets, which pose no such risks and weight is much lower than wooden pallets.
Globally, the demand for environment-friendly packaging is rapidly growing due to the rising sustainable awareness among consumers and growing stringent regulations on plastic packaging. Growing favorable government regulations, including the adoption of the Circular Economy Action Plan by the European Union, which aims to promote circular economy processes and foster sustainable consumption, are expected to favor the growth of reusable packaging products, such as plastic pallets, in the coming years.
Plastic pallets are expensive as compared to wooden pallets; thus, their theft or misplacing increases the overall cost of material handling or product transportation. However, the advancement in technologies, such as the incorporation of active RFID tags, Bluetooth, and IoT interface, allows easy and efficient tracking of pallets throughout the supply chain, which, in turn, is expected to attract end-use industries towards them in the coming years.
Grand View Research has segmented the global plastic pallets market on the basis of material, type, end-use, and region:
-- Plastic Pallets Material Outlook (Revenue, USD Million, 2016 - 2027)
-- High-density Polyethylene
-- Low-density Polyethylene
-- Polypropylene
-- Others
-- Plastic Pallets Type Outlook Revenue, USD Million, 2016 - 2027)
-- Nestable
-- Rackable
-- Stackable
-- Others
-- Plastic Pallets End-use Outlook (Revenue, USD Million, 2016 - 2027)
-- Food & Beverages
-- Chemicals
-- Pharmaceuticals
-- Petroleum & Lubricants
-- Others
-- Plastic Pallets Regional Outlook (Revenue, USD Million, 2016 - 2027)
-- North America
-- U.S
-- Canada
-- Mexico
-- Europe
-- Germany
-- U.K.
-- France
-- Italy
-- Spain
-- Asia Pacific
-- China
-- India
-- Japan
-- Australia
-- Central & South America
-- Brazil
-- Argentina
-- Middle East & Africa
-- South Africa
List of Key Players of Plastic Pallets Market
-- 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.
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
· Retort Pouch Market - Growing demand among consumers for semi-cooked food and ready-to-eat meals, owing to their busy lifestyles, is expected to increase the demand for retort pouches over the forecast period.
· Cross-Linked Polyethylene Market - Increasing demand from wires and cable insulation sector and plumbing products manufacturing is likely to boost the market growth.
· Edible Packaging Market - Growing innovation in food packaging coupled with rising concerns over the excessive use of plastics is among the key factors driving the growth of the global market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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