Increasing demand for plastic pallet from the food & beverage, construction, and electronics sectors is expected to fuel sales at a 4.8% CAGR over the assessment period.
Luton, Bedfordshire, United Kingdom, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Plastic Pallet Market.
The plastic pallet market is expected to grow at 6.9 % CAGR from 2023 to 2029. It is expected to reach above USD 11.76 billion by 2029 from USD 6.45 billion in 2022.
Plastic Pallets are stable and flat plastic platforms which are used to package and transport goods and materials. Plastic Pallets are used in processing and manufacturing units, conveying systems, distribution centers, static storage, and for transportation of heavy items to production units. Plastic Pallets are expensive as compared to wooden pallets, which leads to the risk of theft. This in turn increases the overall cost of material handling. Plastic Pallets are utilized for multiple trips without being disposed of, which eliminates the amount of packaging waste going into landfills.
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In January 2022, Greystone Logistics, Inc. commenced shipping pallets for a recently USD 13.5 million purchase order to provide 100% recycled 48x40 plastic shipping pallets for a nationwide retailer at one of their U.S. warehouse distribution centers.
In March 2022, Cabka Group GmbH (together with its subsidiaries, "Cabka"), a leading integrated circular production company, and Dutch Star Companies TWO B.V. ("DSCT"), a particular purpose acquisition company listed on Euronext Amsterdam, reached an agreement on forming a business combination to list as Cabka N.V.
Plastic Pallets Market Report Highlights
High-density polypropylene (HDPE) accounted for the largest share of 68.2% in terms of revenue in 2022, owing to its sturdiness, wide availability, and low cost as compared to PP skids
The nestable pallets segment led the type segment with a share of 43.6% by revenue in 2022 and is expected to witness significant growth from 2023 to 2029. Nestable skids can be nested into each other, due to which they occupy lesser space during return freight and proves to be cost-efficient as compared to other pallet types. Besides, the low cost of nestable pallets as compared to other type also attributed to their higher adoption by end-use companies
The food and beverage end-use segment led the market in 2022 and accounted for more than 23.3% of the global revenue share. In the food and beverages industry plastic skids are utilized by farmers to handle fresh produce and by the bakery, dairy, beverage, meat, and other food processing companies. The steady expansion of packaged food sector is expected to increase the penetration of plastic skids within the food and beverage industry
Asia Pacific emerged as the leading regional market and accounted for over 44% of the total revenue in 2022 and is expected to witness the highest CAGR from 2023 to 2029. Increasing manufacturing sector in developing countries such as China and India owing to the low cost of production coupled with growing penetration of e-commerce is primarily attributing to the growth of the market in the region
The 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
There is a rising global need for plastic pallets across all industry sectors which will help the market grow:
Due to their durability and simple manufacturing procedures, wooden pallets have been used for the past three decades. On the other hand, it has a lot of drawbacks, including a lack of durability, a propensity to absorb moisture, issues with hygiene, and a propensity to splinter and shatter easily. To stop the spread of insects and diseases, the wooden pallets must go by rules such International Standards for Phytosanitary Measures No. 15 (ISPM 15). Due to its benefits, such as being lighter and more environmentally friendly than timber pallets, logistics and shipping organisations are now gravitating more toward plastic pallets. Additionally, as people become more aware of the need to lessen their carbon footprint, there is an uptick in the demand for plastic pallets, which will support the growth of the worldwide pallets market.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Type, Product, End-User, and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
The global market for plastic pellets will increase as a result of the high demand for plastic from various end-use industries.
The market is anticipated to be driven by rising demand from the food and beverage, pharmaceutical, and chemical sectors for hygienic.
Key Plastic Pallets Market Driver
The benefits associated with the use of plastic pallets is one of the key drivers fueling the market growth.
Compared to other kinds of pallets, such as material (or load) handling tools, plastic pallets offer greater longevity, dependability, and space economy. These advantages are encouraging the use of plastic pallets, which is growing the market's revenue production.
The three most popular kinds of pallets used as cargo or material processing tools are made of wood, plastic, and metal. Additionally, plastic crates typically cost less than metal or hardwood pallets.
When they are piled, plastic pallets are more efficient in terms of conserving room. They are also more durable than other materials because they do not fracture or shatter.
Compared to wooden or metal pallets, plastic pallets can hold a wider variety of products with various forms and sizes because they are more flexible in their construction. Additionally, because they don't have sharp edges or set structure, they are safer to handle. These elements significantly contribute to the industry under consideration's expansion.
Key Plastic Pallets Market Trend
Manufacturing plastic pallets using 100% recyclable plastics is one of the key market trends propelling market growth.
Vendors have been trying to produce more plastic containers that are made entirely of recyclable plastic. This is due to the ongoing emphasis on cutting back on environmental waste and carbon impact. It has a significant potential for energy savings, which is made possible by its inherent recyclable nature.
The majority of well-known suppliers in the international market are striving to produce plastic pallets that are completely ecologically friendly.
Prominent sellers distinguish their plastic container products and reduce their carbon impact by using 100% recyclable business plastic and domestic refuse plastics. During the production of plastic containers, the goal is to use less energy and emit as little carbon dioxide as possible. Thus, manufacturing plastic containers from 100% recyclable plastic contributes to environmental stewardship while also ensuring cost effectiveness.
Key Plastic Pallets Market Challenge
Regulatory norms and standards on the use of plastic pallets is one of the factors limiting the market growth.
Regulations are in place to control the use of plastic pallets in certain sectors to guarantee adherence to the necessary safety standards and environmental sustainability. These legal requirements are clearly visible in the food manufacturing and packing sectors.
The Food and Drug Administration (FDA) in the US developed a number of guidelines for the management, processing, and shipping of food. A collection of rules called the Food Safety Modernization Act (FSMA) aims to stop germs, chemicals, and other dangerous outside agents from contaminating food. This implies that those involved in the US food manufacturing business should use hygienic food transportation gear.
To fully comprehend market sellers' impact on carbon footprint, it is crucial that they participate in corporate social responsibility (CSR) activities. Vendors should also make sure that the making of plastic pallets uses the least amount possible of dangerous chemicals like lead, mercury, cadmium, and polybrominated biphenyls. Such regulation requirements impose design and production limitations on market sellers, which serves as a market restraint.
The Plastic Pallet market key players include Agrico Plastiques Ltee, Allied Plastics Inc., Brambles Ltd., CABKA Group GmbH, CTC Plastics, DIC Corp, Enlightening Pallet Industry Co. Ltd., Greif Inc., Greystone Logistics Inc., Kamps Pallets Inc., Litco International Inc., Loscam International Holdings Co. Ltd., Monoflo International Inc., Myers Industries Inc., Nefab AB, Perfect Pallets Inc., PGS Group, Polymer Solutions International Inc., PURUS PLASTICS GmbH, Rehrig Pacific Co., Schoeller Allibert BV, SDI Packaging Inc., T.M. Fitzgerald and Associates, TranPak Inc., and Vierhouten Groep BV among others.
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Key Market Segments: Plastic Pallet Market
Plastic Pallet Market by Type, 2023-2029, (USD Billion) Kilotons
Plastic Pallet Market by Raw Materials, 2023-2029, (USD Billion) Kilotons
Plastic Pallet Market by End User Industry, 2023-2029, (USD Billion) Kilotons
What is the current size of the Plastic Pallet market?
What are the key factors influencing the growth of Plastic Pallet?
What are the major applications for Plastic Pallet?
Who are the major key players in the Plastic Pallet market?
Which region will provide more business opportunities for Plastic Pallet in future?
Which segment holds the maximum share of the Plastic Pallet market?
Have a Look at Exactitude Consultancy Reports:
The global recycled Plastic market size is expected to grow from USD 25.52 billion in 2022 to USD 56.81 billion by 2029, at a CAGR of 9.3% during the forecast period.
https://exactitudeconsultancy.com/reports/5864/recycled-plastic-market/
Micro Injection Molded Plastic Market
The global micro injection molded plastics market is expected to grow at 11.06% CAGR from 2023 to 2029. It is expected to reach above 2258.12 USD million by 2029 from 890.00 USD million in 2022.
https://exactitudeconsultancy.com/reports/10454/micro-injection-molded-plastic-market/
The global 3D printing plastic market is expected to grow at more than 25% CAGR from 2023 to 2029. It is expected to reach above USD 17.81 billion by 2029 from USD 2.39 billion in 2022.
https://exactitudeconsultancy.com/reports/5451/3d-printing-plastic-market/
The global construction plastics market is expected to grow at 7% CAGR from 2023 to 2029. It is expected to reach above 153.49 USD billion by 2029 from 86.09 USD billion in 2022.
https://exactitudeconsultancy.com/reports/7593/construction-plastics-market/
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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