Plastic pallet Market
Global Plastic pallet Market to surpass USD 11.2 billion by 2030 from USD 7.6 billion in 2020 at a CAGR of 6.1% in the coming years, i.e., 2021-30.
A plastic pallet is a horizontal, stable platform that allows things to be moved from one location to another. It’s simple to keep clean and resistant to chemicals like alkalis and acids. A plastic pallet, in comparison to its wooden equivalents, has a lifespan of more than ten years and is made utilizing a one-step molding process. As a result, its use is growing in a variety of industry verticals all over the world. The advantages of plastic pallets are due to the material from which they are made. Plastic is lightweight, sturdy, and long-lasting, as well as non-absorbent and resistant to moisture and bacteria. Plastic pallets’ composition and construction make them a suitable shipping platform for businesses that value hygiene, safety, and robustness.
Global Plastic Pallet market is expected to project a notable CAGR of 6.1% in 2030.
Over the projected period, the worldwide market’s participants are expected to benefit because of their durability and light weight. They are increasingly used in a range of industries, including food, automotive, and chemical, for the logistics of various items and equipment. Due to the development of technology such as radio-frequency identification (RFID) in plastic pallets, which allows users to detect and track things across the supply chain, plastic pallets are becoming increasingly popular. In addition, increased R&D activities in the logistics sector, as well as technological advancements, are likely to create future opportunities over the projection period.
Global Plastic pallet Market: Segments
High-Density Polyethylene segment to grow with the highest CAGR during 2020-30
Global Plastic pallet market is segmented by type into High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), and others. High-Density Polyethylene segment held the largest market share in the year 2020. The dominance was due to its widespread availability and toughness. HDPE is most commonly seen in milk containers. In comparison to other polymers, especially recycled resin, it is also quite affordable.
Food and Beverages segment to grow with the highest CAGR during 2020-30
Global Plastic Pallet market is divided by application into Food and Beverages, Chemicals, Pharmaceutical, Petroleum and Lubricants, and Others. Over the forecast period, the Food and Beverages segment is projected to expand at the fastest pace. Farmers, as well as bakery, dairy, beverage, meat, and other food processing companies, use plastic skids in the food and beverage business to manage fresh produce. As the packaged food sector grows, the use of plastic skids in the food and beverage industry is expected to increase.
Increased usage in various industries and rising demand for sanitary, contamination-free pallets
Stretch-wrapping and strapping of items is commonly done with plastic pallets. In industries such as food and beverage (F&B), textile, chemical, and pharmaceutical, their demand is also expanding in warehouses for keeping completed products and raw materials simply and effectively. One of the important reasons supporting market expansion is the significant growth in these industries, which is paired with the rising demand for sanitary, robust, and contamination-free pallets. Plastic pallets are also used in processing and manufacturing units, distribution centers, conveying systems, and static storage, among other places.
Emergence of tracking devices and growth in e-commerce
Furthermore, plastic pallets decrease packaging waste, making them extremely sustainable, which has a favorable impact on market growth. Furthermore, the emergence of active tracking devices that are integrated with cutting-edge technologies like as radio-frequency identification (RFID) tags, Bluetooth, and the Internet of Things (IoT) has made it possible to track pallets easily. This, combined with the growing e-commerce sector and, as a result, increased demand for logistics services, is expected to propel the market forward.
Plastic bans in various regions of the world Plastic ban in some regions of the world due to increased pollution can result in the negative growth of the plastic pallet market.
Global Plastic pallet Market: Key Players
Allied Plastics Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Perfect Pallets Inc.
Polymer Solutions International Inc.
Other Prominent Players
Global Plastic pallet Market: Regions
Global Plastic Pallet market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The market in APAC is being driven by two key factors; growing industrialization in the region and the rapid rise of e-commerce. Plastic pallets were also a big seller in North America. Furthermore, firms in the area are increasingly choosing for sustainable business practices in order to strengthen their brand image.
Global Plastic pallet is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Plastic pallet Market report also contains analysis on:
Plastic pallet Segments:
High-Density Polyethylene (HDPE)
Low Density Polyethylene (LDPE)
Food and Beverages
Petroleum and Lubricants
Plastic pallet Dynamics
Plastic pallet Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Plastic pallet Market
Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 7.6 billion
Revenue forecast in 2030 USD 11.2 billion
Growth Rate CAGR of 6.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Allied Plastics Inc., CABKA Group, Greystone Logistics, Monoflo International, Orbis Corporation, Paxxal Inc., Perfect Pallets Inc., Polymer Solutions International Inc., TMF Corporation, and Other Prominent Players.