The Plastic Pallets Market was valued at 7,256 Million Units in 2022, according to Plastic Pallets Market Report, By Product Type (Lumber Plastic, and Molded Plastic), By Pallet Type (Nestable, Rackable, and Stackable), By End use Industry (Food & Beverages, Pharmaceuticals, Chemicals, Construction, and Others (Electronics and Others)), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The plastic pallets market is expected to reach 12,149 Million Units by 2030, exhibiting a CAGR of 6.65% over the forecast period (2023-2030).
Rising environmental concerns related to plastic pollution have led companies to focus on using recyclable plastic for pallet production, manufacturing biodegradable plastic pallets, and making pallets from plastic derived from biomass. Market players are focused on developing high-quality plastic pallets, which can be reused without wear and tear. Moreover, they are focused on manufacturing pallets using 100% recyclable plastic which can be recycled further to manufacture new plastic pallets. For instance, Range International, a manufacturer of plastic products, offers plastic pallets derived from waste plastic sources. The company uses its unique production technology, ThermoFusion, for the production of the plastic pallet ‘Re>Pal pallets’, which is made from recycled plastic waste. Re>Pal uses less energy for manufacturing, compared to other pallet types.
However, stringent regulations imposed by government authorities are expected to restrain the growth of the plastic pallets market over the forecast period. For instance, plastic pallets are tested according to ISO 8611 standards set by International Organization for Standardization. ISO 8611:2011(E) is a 3-part set of internationally recognized guidelines used for assessing the overall quality of storage pallets. According to these guidelines, pallets of all materials are put through a series of testing to test properties such as durability, racking capability, and payload slip resistance to ensure their quality & safety.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/plastic-pallet-market-2693
Browse 64 market data tables* and 32 figures* on "Plastic Pallets Market” - Global forecast to 2027
Key Trends and Analysis of the Plastic Pallets Packaging Market:
- Among end use industry, others segment accounted for the largest market share. The others segment includes end use industries such as electronics, among others. The electronics industry requires pallets with anti-static properties, which can prevent the accumulation of static charge. In the electronics industry, pallets are manufactured without using splinters or nails in order to prevent damage such as punctures and scratches to electronic products. Retail stores use hygienic, durable, and reliable plastic pallets to save storage space. In the air freight industry, lightweight plastic pallets have wider applications compared to wooden pallets as plastic pallets can handle the significant weight and are durable.
Key Takeaways of the Market:
- Europe accounted for a significant market share of 15% in 2022 in the global plastic pallets market, due to the increasing focus on manufacturing recyclable pallets by key players of this region. For instance, Gifu Plastic Industry Co., Ltd. offers ‘Bio Risu Pallets’ that are made from traditional petroleum-derived plastics, which is infused with 5-50% plant-derived biomass plastic. Therefore, players operating in the plastic pallets market in Europe have opportunities to produce eco-friendly and sustainable plastic pallets, to reduce the negative impact on the environment.
- Major players operating in the plastic pallets market include OMNIPAK S.R.O., Smart Flow Europe SA, ORBIS Corporation, Bekuplast Gmbh, Meridian Group D.O.O., TBA Plastové Obaly S.R.O., CABKA Group, PURUS PLASTICS GmbH, Plastic Pallets Manufacturers, and Paxxal Inc.
