The global plastic pallets market is projected to grow at a CAGR of 6%. Plastic pallets are significantly growing as the platform of choice for many companies owing to the benefits like durability, light-weight, and strength. Plastic pallets derive their advantages from the material out of which they are produced. Plastic is light, strong, durable,non-absorbent &does not react to moisture or microorganisms. High-quality plastic pallets have a sturdy unitized construction that does not use nails or boards, which in wood pallets often pull loose, leave behind debris in production& transport areas. The material & construction of plastic pallets makes them an ideal shipping platform for industries where hygiene, safety, strength are priorities.
High-Density Polyethylene (HDPE) material dominates the market
Plastic Pallets are made from a variety of different materials. Each has its own benefits and challenges. The most common material used to mold plastic pallets is HDPE. HDPE dominated the market for the year 2020 with a share of over 68%. The dominance was attributed to extensive availability and sturdy nature. Milk jugs are the single largest use of HDPE. It is also very inexpensive as compared to other plastics, especially recycled resin. Nestable pallets with a market dominance of over 43% were the second largest in the year 2020.
End-to-end application expansion by Industrial Users
Pallets are used in almost every supply chain, including industries such as chemicals, food, and beverage, retail, pharmaceuticals, agriculture, and others. In 2020, the food and beverage end-use category led the market, accounting for more than 23% of worldwide sales. Plastic skids are used in the food and beverage industry by farmers to handle fresh produce as well as bakery, dairy, beverage, meat, and other food processing firms. The food and beverage industry's use of plastic skids is predicted to increase as the packaged food sector expands.
Covid-19 Pandemic Led To A Detrimental Impact
The Covid-19 pandemic has had a detrimental impact on the worldwide pallets market, owing to a halt in international trade, protracted lockdowns, and supply and logistical activities around the world whereas, on the other hand, it has helped increase the population's preference for e-commerce platforms, particularly in nations such as India and others where e-commerce was less prevalent. With the rise of e-commerce, supply chains have been forced to improve transportation and logistics to control the flow and cost of departing and incoming commodities thereby generating demand for pallets. Covid-19 impacted the plastic pallets market in both aspects: positive and negative.
Asia Pacific led the global market
Based on regional segmentation, the plastic pallets market is divided into North America, Latin America, Asia Pacific, Europe, and Africa. The Asia Pacific dominated the regional market, accounting for more than 30% of total revenue in 2020. The increasing manufacturing sector in emerging nations such as China and India due to cheap production costs, along with expanding e-commerce penetration, is majorly driving the region's market growth.
Key players
Key players include Orbis Corporation, Rehrig Pacific Company, Falkenhahn AG, Greystone Logistics, Monoflo International, CABKA Group, Buckhorn Inc, TMF Corporation, Rehrig Pacific Company, Inc, Allied Plastics, Inc, Perfect Pallets, Inc, SchoellerAllibert Services B.V, The Craemer Group, Euro Pool System International B.V. The strategy used is reuse of plastic containers, pallets, dunnage & bulk systems improve the flow product all along the supply chain, to reduce costs, enhance profitability & add sustainability.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Plastic Pallets market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
