Global Plastic Pallets Market By Material (High-Density Polyethylene, and Other Materials), By Type (Rackable, Nestable, and Other Types), By End-Use Industry, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032
- Published date: Sep 2023
- Report ID: 38082
- Number of Pages: 358
- Format:
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Quick Navigation
- Report Overview
- Driving Factor
- Restraining Factor
- Growth Opportunities
- Latest Trends
- By Material Analysis
- By Type Analysis
- By End-Use Industry Analysis:
- Plastic Pallets Key Market Segments
- COVID-19 Impact Analysis:
- Regional Analysis
- Key Regions and Countries Covered in this Report
- Market Share & Key Player Analysis:
- Report Scope:
Report Overview
The Global Plastic Pallets Market size is expected to be worth around USD 12.6 Billion by 2032 from USD 7.5 Billion in 2022, growing at a CAGR of 5.50% during the forecast period from 2023 to 2032.
Plastic pallets are rigid and solid structure made from plastic that provides protection and stability to the goods in storage and transportation. Due to these abilities, plastic pallets are used across various industries. Plastic pallets are an important part of the logistics business due to their advantages in the transportation and storage of goods.
Plastic pallets are preferred by many individuals in the market over other material pallets like wood pallets. This high preference for plastic pallets is owing to their smooth surface that allows businesses to clean the pallets in hygiene-needed industries. Also, they don’t accumulate dirt or other bacterial contamination on the pallet which helps to maintain the quality of the goods during storage and transportation.
Plastic pallets are used across various industries like chemicals, petroleum & lubricants, pharmaceuticals, food & beverages, and many such industries. This wide usage of plastic pallets across industries is due to the benefits of plastic pallets like flexible molding and recyclability which attracts many businesses across the world to adopt plastic pallets in their logistics and storage operations. They also provide extra protection to delicate goods in various industries. Therefore, they are preferred over the other pallets in the market.
Driving Factor
Increasing Demand for Hygienic and Light Weight Pallets is Driving the Growth of the Global Plastic Pallets Market.
The increasing demand for contamination-free, rigid, and hygienic pallets from the food & beverage, pharmaceutical, and chemical industries is driving the growth of the global plastic pallets market. The plastic pallets provide protection and stability to delicate goods across various industries during transportation and storage operations. This is attracting many businesses to adopt plastic pallets in their logistics over other pallets.
Also, businesses are adopting plastic pallets due to their benefits over the other pallets in the market like plastic pallets weighing less than other pallets like wooden pallets. This helps the business reduce the weight of the overall consignment and the cost of transportation. Plastic pallets provide extra protection to goods with less weight. This is attracting businesses to adopt plastic pallets in their logistics operations. These all factors are driving the growth of the global plastic pallets market.
Restraining Factor
The high Cost of Plastic Pallets is Restricting Many Businesses from Adopting Plastic Pallets in their Logistics Operations.
The demand for plastic pallets has increased significantly in the last few years. However, the high cost of these pallets is hindering the growth of the global plastic pallet market. Plastic pallets cost more than the other pallets in the market. This may be a factor limiting the adoption of plastic adoption in the market. The wood pallets cost much less than the plastic pallets which may be a factor for businesses to adopt the wooden pallets in the logistics operations within the business.
The wooden pallets are easily available in the market and don’t require any complex manufacturing and they are simply manufactured from softwood lumber; whereas the plastic pallets involve complex manufacturing processes like injection molding and use of high-cost tools. This increases the overall price of the plastic pallets. These factors are restricting the growth of the global plastic pallets market.
Growth Opportunities
Rising Transportation and Logistics Sector is Expected to Create Many Opportunities in the Global Plastic Pallets Market.
The continuously growing transportation and logistics industry across the world is anticipated to create many opportunities in the global plastic pallet market. With increasing trade activities between the countries, the demand for plastic pallets is also rising significantly. To fulfill this market demand, the companies are heavily investing in the manufacturing of plastic pallets. This is expected to create many lucrative opportunities in the global plastic pallets market over the forecast period.
Latest Trends
Rising Environmental Awareness has Increased the Demand for Recyclable Plastic Pallets in the Market.
The ongoing trend of using recyclable plastic in plastic pallet manufacturing is a key trend propelling the growth of the global plastic pallets market. Many key companies in the market are adopting this trend by choosing recyclable plastic for pallet production. Moreover, the rising awareness of the environment has motivated individuals to use recyclable products that help to reduce their carbon footprint. The key companies are using recyclable plastic for plastic pallet production and also the optimized and efficient techniques for manufacturing that help to minimize the carbon footprints.
By Material Analysis
High-Density Polyethylene Dominates the Global Plastic Pallets Market by Covering a Major Revenue Share.
Based on material, the global plastic pallets market is classified into high-density polyethylene, low-density polyethylene, polypropylene, and other materials. Among these materials, high-density polyethylene leads the segment by accounting for a major revenue share of 66.8%. This massive growth of high-density polyethylene is due to the advantages of high-density polyethylene like corrosion resistance, ease of cleaning, and strong resistance. Due to these qualities, high-density polyethylene is primarily preferred for plastic pallet material. These factors are driving the growth of high-density polyethylene in the material segment of the global plastic pallet market.
However, polypropylene is expected to experience the highest growth in the global plastic pallets market over the forecast period. The use of polypropylene-based plastic pallets in heavy goods and short-distance transportation is driving the growth of polypropylene in the market.
By Type Analysis
Nestable Leads the Type Segment with a Major Revenue Share in Account.
The global plastic pallets market is classified into rackable, stackable, nestable, and other types based on the types. From these types, the nestable dominates the type segment by holding a major revenue share of 42% in the account. This exponential growth of nestable in the type segment is owing to the benefits of nestable pallets at a lower cost than others and they can be nested into each other so they can occupy lesser space over the transportation. These key factors are propelling the growth of nestable in the type segment of the global plastic pallet market.
By End-Use Industry Analysis:
Food and beverages Hold a Major Revenue Share of 22.8% to Dominate the Segment in the Global Plastic Pallets Market.
Based on the end-use industry, the global plastic pallets market is classified into chemicals, pharmaceuticals, petroleum & lubricants, food & beverages, and other end-use industries. Out of these, food & beverages dominate the end-use industry segment by accounting for the major revenue share of 22.8%. The domination of this segment is attributed to the wide usage of plastic pallets in the food & beverages industry for the transportation and storage of various products.
With the increasing food & beverages industry the demand for plastic pallets for transportation and storage has also increased. Many companies use plastic pallets over wooden pallets due to the easy handling of plastic pallets and the fear of bacterial growth in food products due to wooden pallets. These key factors are driving the growth of food & beverages in the end-use industry segment of the global plastic pallets market.
Plastic Pallets Key Market Segments
By Material
- High-Density Polyethylene
- Low-Density Polyethylene
- Polypropylene
- Other Materials
By Type
- Rackable
- Stackable
- Nestable
- Other Types
By End-Use Industry
- Chemicals
- Pharmaceuticals
- Petroleum & Lubricants
- Food & Beverages
- Other End-Use Industries
COVID-19 Impact Analysis:
Halted Transportation Operations During the COVID-19 Pandemic Decreased the Demand for Plastic Pallets in the Market.
During the COVID-19 pandemic, the governments of many countries across the world have imposed heavy rules and regulations to prevent the spread of the virus. This resulted in halted manufacturing and transportation operations in many parts of the world. This led to decreased demand for plastic pallets in the market.
The halted transportation and manufacturing operations also restricted the production and transportation of plastic pallets. Also, the high cost of plastic pallets during the pandemic with decreased spendable income of individuals decreased the demand for plastic pallets in the market. Therefore, the COVID-19 pandemic affected negatively the global plastic pallets market.
Regional Analysis
The Asia Pacific region Leads the Global Plastic Pallets Market by Accounting for a Major Revenue Share of 38.6%.
The Asia Pacific region dominates the global plastic pallet market by holding a major revenue share of 38.6%. This exponential growth of the Asia Pacific region is attributed to the increased trade activities from major countries like China, India, and South Korea in the last few years. With increasing trade activities, the demand for plastic pallets has also raised significantly for the transportation of goods with safety and at low cost. Many key companies in the Asia Pacific region are offering plastic pallets at a much lower cost than wooden pallets. These key factors are propelling the growth of the plastic pallets market in the Asia Pacific region.
After Asia Pacific, the North American region is the second largest region in the global plastic pallet market. The growth of the plastic pallets market in the North American region is attributed to the availability of robust infrastructure for the production of plastic pallets in the region and also increasing trade activities from the region.
Key Regions and Countries Covered in this Report
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
The global plastic pallets market is fragmented into many small and medium enterprises offering plastic pallets in the market. However, the key players are adopting various strategies like mergers, acquisitions, collaboration, and partnerships to expand the market share over different regions and strengthen their position in the market.
Some of the key players in the global plastic pallets market are Orbis Corporation, Monoflo International, CABKA Group, RehrigPacific Company, Allied Plastics Inc., Perfect Pallet Inc., TMF Corporation, Polymer Solutions International Inc., TranPak Inc., Greystone Logistics, and other key players.
Top Key Players in Plastic Pallets Market
- Orbis Corporation
- Monoflo International
- CABKA Group
- RehrigPacific Company
- Allied Plastics Inc.
- Perfect Pallet Inc.
- TMF Corporation
- Polymer Solutions International Inc.
- TranPak Inc.
- Greystone Logistics
- Other Key Players
Recent Developments:
- In January 2022, Greystone Logistics started the shipping of 100% recycled 48 x 40 plastic pallets to nationwide retailers from one of their US distribution centers.
- In March 2022, Cabka Group and Dutch Star Companies TWO B.V and specific acquisition company listed on Euronext Amsterdam made an agreement to form the business combination to list as Cabka N.V
Report Scope:
Report Features Description Market Value (2022) USD 7.5 Bn Forecast Revenue (2032) USD 12.6 Bn CAGR (2023-2032) 5.5% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Material – High-Density Polyethylene, Low-Density Polyethylene, Polypropylene, and Other Materials; By Type – Rackable, Stackable, Nestable, and Other Types; By End-Use Industry – Chemicals, Pharmaceuticals, Petroleum & Lubricants, Food & Beverages, and Other End-Use Industries. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Orbis Corporation, Monoflo International, CABKA Group, RehrigPacific Company, Allied Plastics Inc., Perfect Pallet Inc., TMF Corporation, Polymer Solutions International Inc., TranPak Inc., Greystone Logistics, and other key players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the value of the global Plastic Pallets Market?In 2022, the global Plastic Pallets Market was valued at USD 7.5 billion.
What will be the market size for Plastic Pallets Market in 2032?In 2032, the Plastic Pallets Market will reach USD 12.6 billion.
What CAGR is projected for the Plastic Pallets Market?The Plastic Pallets Market is expected to grow at 5.5% CAGR (2023-2032).
List the segments encompassed in this report on the Plastic Pallets Market?Market.US has segmented the Plastic Pallets Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Material, market has been segmented into High-Density Polyethylene, Low-Density Polyethylene, Polypropylene and Other Materials. By Type, the market has been further divided into Rackable, Stackable, Nestable and Other Types.
Which segment dominate the Plastic Pallets industry?With respect to the Plastic Pallets industry, vendors can expect to leverage greater prospective business opportunities through the High-Density Polyethylene segment, as this dominate this industry.
Name the major industry players in the Plastic Pallets Market.Orbis Corporation, Monoflo International, CABKA Group, RehrigPacific Company, Allied Plastics Inc. and Other Key Players are the main vendors in this market.
- Orbis Corporation
- Monoflo International
- CABKA Group
- RehrigPacific Company
- Allied Plastics Inc.
- Perfect Pallet Inc.
- TMF Corporation
- Polymer Solutions International Inc.
- TranPak Inc.
- Greystone Logistics
- Other Key Players
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