Published Date : May 15, 2017
ALBANY, New York, May 15, 2017 – The global market for plastic pallets is slated to expand at a 7.12% CAGR from 2016 to 2020, according to a report added to the vast repository of MarketResearchReports.biz. Titled “Global Plastic Pallets Market 2016-2020”, the report states that the market is largely driven by the properties of durability of plastic pallets. The preference of distributors and manufacturers for plastic pallets as against wood pallets is owing to the fact that the former is more resistant to damage compared to the latter.
The most significant factors driving the global plastic pallet market have been identified in the report, in addition to the key challenges and the various opportunities that lie ahead. According to industry experts, the market is fueled by their usage in the logistics industry, which is because plastic pallets help minimize shipping costs. With a rising focus on automation, the market is projected to witness strong growth in the years to come. However, challenges pertaining to disposal after use threaten to impede the market.
The market has been bifurcated into polypropylene (PP) and high density polyethylene (HDPE) on the basis of type of material. The latter dominates the overall market for plastic pallets and in 2015, held just under three quarters of the market. High density polyethylene finds application in the shipping and automotive sector and is also extensively used in the food and beverages industry owing to its inherent properties.
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Regionally, Europe, Asia Pacific, North America, and Rest of the World are the markets covered in the report. Asia Pacific is not just the largest but also the most rapidly expanding plastic pallet market in the world, accounting for a little over one third of the overall market in 2015. This can be attributed to the ongoing expansion of the logistics and warehouse sector, especially in countries such as Japan, India, the Philippines, and China. Rapid industrialization has also boosted the packaging sector, further supporting the plastic pallet market.
As per industry experts, the plastic pallets market is immensely fragmented owing to the presence of a large number of small companies. This dynamic market is composed of pallet recycling specialists, pallet-pooling firms, pallet manufacturers, and pallet management companies, most of which offer a wide range of customized pallets to cater to the varied demands of customers. Newer technologies are being adopted in order to give customers a more refined service offering. The use of modern logistics has worked well for players in the plastic pallet market and the expansion of the retail sector is only adding to the demand for logistics and thereby for plastic pallets.
The most prominent vendors in the plastic pallets market include Schoeller Allibert, PECO, Rehrig Pacific, CABKA North America, Brambles, ORBIS, CHEP, PalletOne, and LOSCAM. Apart from these, there are several other players competing for a share in the global market.
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