The global plastic pallets market is entitled to witness significant gains during the forecast period on account of strong advancements in the logistics and transportation industry. Pallets can be referred to as a horizontal platform transport structure made of numerous materials which are used to support goods while it’s being jacked, lifted, or transported with high strength and resilience. Plastic pallets are considered to be a major segment due to its lighter weight and high factor of strength, workers can stack heavier objects on a single pallet without breaking it. These pallets due to its uniform design also offer the convenience to stack while storage, making it the most widely used transport structure.
The global plastic pallets market is estimated to grow transcribing to increased adoption of material handling equipment in various industries. Need for safe and sound transportation being a necessity should drive popularity and demand for plastic pallets. Most companies are concentrating on providing innovative pallets which can be tracked and traced using RFID tags. The use of smart tags technology will accurately measure the temperature, humidity, and impacts, ensuring safety, especially in the food & chemical supply chain. The adoption of such smart technologies and the need for accurate warehouse management will further boost demand for plastic pallets in the coming years.
Plastic pallet manufacturers can easily achieve dimensional accuracy, chemical resistance, and extreme hygiene. These forms of pallets are also weather-resistant and easy to clean along with being able to handle accurate & fixed tare weight. Shippers and transporters usually look for products which are lighter in weight as it reduces the cost of shipment along with reducing the wear and tear for equipment during transportation.
Disposable plastic pallets are an important innovation and are highly adopted by consumers due to their lower imprint on environment and biodegradability. Lightweight for disposable plastic pallets increases the payload capacity of the containers, reduces cleaning expenses, lowering down repackaging costs along with cutting shipping cost and time. These forms of pallets are highly desirable for food & beverage; pharmaceutical; e-commerce and automotive industries. They are also considered to be a safer mode of storage as it does not have splinters, nails, or sharp edges, thus driving product demand.
Based on material, the plastic pallets market can be segmented to HDPE and PP. HDPE based plastic pallets are anticipated to grow at a significant rate pertaining to its ability to handle heavy loads and extensive use in food & beverage due to its non-porosity and resistance to organic & inorganic chemicals. As HDPE can withstand extremely cold temperatures, pallets made out of HDPE find major applications in the cold-storage facilities and logistic systems as well.
Global material handling equipment market sized to be over USD 150 billion in 2018 and should surpass USD 200 billion by 2025 at a CAGR of 6%. Plastic pallets are a very important component in the material handling industry and with the advent of updated smart technologies to track and trace goods under transportation will bolster demand during the forecast period. Compared to wooden pallets, plastic pallets are growing at a faster pace due to its total recyclability and resistance from insects, fungi, and other forms of biological infestation which is significant in the case of wooden pallets.
Stringent regulatory landscape imposed by government authorities and agencies pertaining to plastic pallets might hamper product demand. Plastic pallets are required to be tested through ISO 8611:2011(E) standards, which is a 3 part set of internationally recognized guidelines used to assess the quality of storage pallets. Under this guideline, pallets are required to undergo a series of characteristic testing which includes durability, payload, slip resistance, and racking capability to ensure the safety & quality of the product.
Based on the end-user industry, the electronics and consumer goods segment holds a majority share in the Plastic pallets market as these products require pallets with anti-static properties. Pallets manufactured for these applications also require to be splinter and nail-free to prevent damages such as punctures and scratches to these goods. Rise in trade of electronic products mainly consumer electronics which can be ascribed to increasing sales through online portals & e-Commerce should boost product demand.
The Asia Pacific accounts for a majority share in the plastic pallets market. This can be transcribed to an increase in free trade relations between South East Asian nations. The ASEAN Free Trade Area (AFTA) is a trade block agreement between South East Asian countries to support local trade and manufacturing industries which facilitate economic integration between its allies. Moreover, on account of strong penetration offered by the use of the internet and more consumers preferring to buy online has boosted import/export of goods between nations, mainly in electronics and electrical end-user segments. Thus driving the regional demand for plastic pallets.
Most of the plastic pallets manufacturer strategize to plan a sustainable future. For instance, Range International manufactures plastic pallets derived from a waste plastic sources. The company uses one of a kind production technology. ThermoFusion to produce Re>Pal pallets. The technology consumes lesser energy during production compared to other pallets and hence works for the sustainability of the environment. Some of the key players operating in the production of plastic pallets market include OMNIPAK S.R.O.; ORBIS Corporation; Meridian Group; Smart Flow Europe SA; Purus Plastic Gmbh; CABKA Group; Paxxal Inc.; Bekuplast Gmbh; and Sintex Plastics.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.