Global Plastic Pallets Market Expected To Reach US$ 17.5 bn by 2024
12 Aug 2017
A report from Credence Research Global Plastic Pallets Market, called Growth, Future Prospects & Competitive Analysis, 2016-2024, the plastic pallets market is expected to be worth US $17.5Bn by 2024. The report uses quantitative and qualitative data sets to create an overall picture of the market dynamics for the global plastic pallets industry.
Growth will be driven by greater use of plastic pallets in the chemical industry, manufacturing and food distribution due to their lightness and durability and the use of technologies like Radio-frequency Identification to keep track of the condition of goods throughout the supply chain. There are also rapid growth markets for plastic pallets in Asia Pacific which are expected to create skilled job opportunities in the Middle East, Africa, Latin and North America and Europe.
Market Insights
The plastic pallets market looks to be in rude health with robust growth expected across all the major industries that make use of this type of packaging as the international market in food, medical and chemical transportation expands.
Plastic pallets have begun to supersede the traditional wooden pallet, as they’re durable and resistant to damage and 30-40% lighter and more hard-wearing than wood. These lightweight plastic pallets have been shown to reduce shipping costs by nearly 45% and significantly reduce wear and tear on equipment used for transportation.
Other proven benefits of plastic pallets highlighted in the report include minimisation of costs across the board, including storage, labour, repackaging and sanitisation. The use of plastic pallets has also reduced product loss due to pallet damage, and problem-free pallet disposal is driving the adoption of plastic pallets in the automotive, grocery and pharmaceuticals sectors. These are all factors driving the expected high-growth forecast for 2017-2025.
Competitive Insights
The food industry segment was the most dominant in terms of plastic pallet use in 2016, and that trend is expected to continue throughout the forecast period. This growth is expected to be driven by the increase in international trade in food products, particularly packaged food, as embedded technologies give tightened control over the condition of products during shipping.
Plastic is becoming increasingly important in the food and beverage industries, as it has superior resistance to biological infestation, pests and fungi. Because of their high load capacity and long service life, plastic pallets for food transportation will continue to replace wood pallets and drive the segment forward.
In 2016, Asia Pacific is projected to hold the largest share in this market and to maintain its dominance throughout 2017-25. Rapid industrial development in China is currently driving this market dominance, alongside increasing trade which fuels the need for plastic pallets.
Major players in the global market are currently investing in research and development and acquisition and mergers with a focus on increasing their market penetration over the projected period.