Global Plastic Pallets Market Report and Forecast 2024-2032

Global Plastic Pallets Market Outlook

The global plastic pallets market attained USD 7.78 billion in 2023. The market is expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032 to attain USD 12.93 billion by 2032.             

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Rapid Growth of E-Commerce in Asia Pacific Region to Aid the Market Growth of Plastic Pallets

Asia Pacific dominated the market in 2020, accounting for a significant share of global sales, and is expected to grow at the highest CAGR in the forecast period. Rapid industrialisation in the region, as well as the rapid growth of e-commerce, are two main factors driving the market growth. North America was also a significant market for plastic pallets. Owing to the increased emphasis of the government on expanding their manufacturing sector through trade deals and the "Make in America" initiative, the US market is expected to expand significantly. Furthermore, in order to improve their brand image, businesses operating in the area are increasingly opting for sustainable business practises.

Plastic Pallets: Market Segmentation

A pallet is a base or structure that allows items to be mechanically handled by a front loader, forklift, or jack, among other things. They're either made of wood or plastic. Pallets made of plastic are thus referred to as plastic pallets. These are extensively used in warehouses and for the storage of products from various industries.

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On the basis of type, the market is segregated into:

• Nestable
• Rackable
• Stackable
• Others

The market is divided in terms of material into:

• High-density Polypropylene (HDPE)
• Polypropylene (PP)
• Low-density Polypropylene (LDPE)
• Others

The market is segmented in terms of end use into:

• Food and Beverages
• Construction
• Pharmaceuticals
• Petroleum and Lubricants
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Various End Use Industries to Aid the Market Growth of Plastic Pallets Globally

The growing use of plastic pallets in a variety of industries, such as food, automotive, and chemical, for the logistics of diverse goods and equipment is fuelling market development, thanks to their longevity and light weight. Plastic pallets are now growing in popularity due to the introduction of technologies such as radio-frequency identification (RFID) in plastic pallets, which helps users to detect and locate items across the supply chain. Furthermore, rising R&D activities in the logistics sector, along with technical advances, are expected to generate future opportunities over the forecast period. Furthermore, the growth of the e-commerce sector and the growth of the medical industry is expected to drive market growth in the forecast period as well.

Key Industry Players in the Global Plastic Pallets Market

The report gives a detailed analysis of the following key players in the global plastic pallets market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Orbis Corporation
• Monoflo International Inc.
• CABKA Group 
• Greystone Logistics, Inc
• Nefab Group
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report