DUBLIN, September 22, 2021--(BUSINESS WIRE)--The "Global Plastic Pallets Market Size, Share & Trends Analysis 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global plastic pallets market size is expected to reach USD 10.4 billion by 2028. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028.
Increasing demand for robust, long-term, contamination-free, and eco-friendly packaging, which accounts for a low cost per trip in the longer term as compared to expendable packaging coupled with a steady expansion of end-use industries is expected to fuel the growth to the market.
Plastic pallets are typically made from robust materials, including polypropylene (PP) and high-density polyethylene (HDPE), and are primarily intended for multiple trips rather than a single trip. Plastic pallets are made from virgin and recycled plastic resins. Virgin resin-based skids offer superior performances.
However, recycled resin-based pallets are less expensive and more sustainable, due to which they are generating considerable traction within the market.
Plastic pallets can be easily cleaned with high-pressure jet spray and demand minimal maintenance, unlike wooden pallets. Besides, wood pallets are highly susceptible to moisture and pose a risk of sheltering bacteria, pests, or fungi, which can damage stacked food and pharmaceutical goods.
Moreover, splinters or protruding nails of wooden pallets have the potential to break or tamper the pharmaceutical packaging, due to which, end-use companies are increasingly opting for plastic skids, which poses no such risks and weights much lower than wooden skids.
End-use companies are increasingly opting for returnable pallets such as plastic pallets primarily to reduce plastic waste and address sustainability concerns caused by expendable or one-way pallets, which is expected to fuel the demand for plastic pallets.
The steady expansion of automotive and other manufacturing activities across the world, wherein heavy-duty pallets are widely used, is likely to favor the growth of the PP and HDPE pallets in the coming years.
Plastic pallets are expensive compared to wooden skids; thus, their theft or misplacing increases the overall cost of material handling or product transportation.
However, the advancement in technologies such as the incorporation of active RFID tags, Bluetooth, and the Internet of Things (IoT) interface has allowed easy and efficient tracking of skids throughout the supply chain, which in turn, is expected to attract end-use industries towards them in the coming years.
Plastic Pallets Market Report Highlights
High-density polypropylene (HDPE) accounted for the largest share of 68.2% in terms of revenue in 2020, owing to its sturdiness, wide availability, and low cost as compared to PP skids
The nestable pallets segment led the type segment with a share of 43.6% by revenue in 2020 and is expected to witness significant growth from 2021 to 2028. Nestable skids can be nested into each other, due to which they occupy lesser space during return freight and proves to be cost-efficient as compared to other pallet types. Besides, the low cost of nestable pallets as compared to other type also attributed to their higher adoption by end-use companies
The food and beverage end-use segment led the market in 2020 and accounted for more than 23.3% of the global revenue share. In the food and beverages industry plastic skids are utilized by farmers to handle fresh produce and by the bakery, dairy, beverage, meat, and other food processing companies. The steady expansion of packaged food sector is expected to increase the penetration of plastic skids within the food and beverage industry
Asia Pacific emerged as the leading regional market and accounted for over 32.3% of the total revenue in 2020 and is expected to witness the highest CAGR from 2021 to 2028. Increasing manufacturing sector in developing countries such as China and India owing to the low cost of production coupled with growing penetration of e-commerce is primarily attributing to the growth of the market in the region
The market is moderately fragmented with the presence of several small and medium-sized companies. Key players are focusing on acquisitions and also incorporating novel tracking devices to efficiently track product movement throughout the supply chain
For more information about this report visit https://www.researchandmarkets.com/r/xomoi2
View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005794/en/
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