SEATTLE--(BUSINESS WIRE)--The global plastic pallets market was valued at 430 Million Units in 2018, and is expected to exhibit a CAGR of 3.5% over the forecast period (2019 – 2027).
Key Trends and Analysis of the plastic pallets market:
Technological advancements in case of development of plastic pallets are expected to boost demand for plastic pallets in Europe. For instance, CABKA Group offers plastic pallets with RFID tag (radio frequency identification) to track plastic pallets. The small RFID transponders are integrated into pallets which are capable of recording large amount of data such as item numbers, quantity, weight, or shelf life information of the product loaded on the pallet. This helps the company to locate, track, and monitor the goods loaded on the pallet even from a distance of few meters.
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Moreover, food grade plastic pallets are used in the food and beverage industry owing to their resistance to bacterial, chemical, and other forms of contamination. High quality plastic pallets are essential in the food and beverage industry as even a minor contamination issue can lead to product recalls and can hamper sales and revenue of food and beverage companies. The food and beverage industry uses hygienic plastic pallets with smooth surface instead of a vetted surface in order to prevent contamination. Furthermore, plastic pallets have high demand in the food and beverage industry as they are easy to clean and sterilize, lightweight, and durable compared to wooden pallets.
In case of pharmaceuticals segment, plastic pallets have application in transportation and storage of pharmaceutical products. Moreover, plastic pallets meet ISPM 15 standards as they allow easy synthesizing, are chemically inactive, and do not contaminate products stored on them.
Various key players are focused on strategies such as mergers and acquisitions, in order to gain a strong foothold in the global market. For instance, in January 2015, CABKA Group acquired Belgium-based ERYPLAST, a plastic pallet manufacturer. Following the acquisition, ERYPLAST’s products are sold under the brand 'CABKA-IPS'. This acquisition is expected to increase CABKA’s product portfolio and strengthen its position in the Europe market.
Key Market Takeaways:
- The global plastic pallets market is expected to exhibit a CAGR of 3.5% during the forecast period (2019–2027)
- Among pallet type, stackable segment accounted for a significant market share in 2018, as stackable pallets are the most commonly used pallets in warehouses and shipping in various end-use industries such as food and pharmaceutical among others. Stackable pallets have more space-saving design compared to nestable and rackable pallets. The pallets are simply stacked on top of one another for storage purposes as stackable pallets have both top and bottom deckboards.
- Among product type, in 2018, lumber plastic accounted for a significant market share in the global plastic pallets market, owing to appearance and feel of wooden pallets. Lumber plastic pallets are manufactured using recycled plastic. Plastic lumber is appropriate for logistics and transportation packages. Further, plastic lumber is a substitute for wood pallets as they have got greater energy compared to wood pallets. Therefore, recycled lumber plastic is a sustainable, and durable alternative to standard wood pallets.
Major players operating in the global 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. among others.
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Global Plastic Pallets Market, By Product Type:
- Lumber Plastic
- Molded Plastic
Global Plastic Pallets Market, By Pallet Type:
Global Plastic Pallets Market, By End-use Industry:
- Food & Beverages
- Others (Electronics and Others)
Global Plastic Pallets market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Saudi Arabia
- Rest of Middle East
- North Africa
- Central Africa
- South Africa
- North America
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