August 09, 2022 09:30 ET | Source: Straits Research Straits Research
New York, United States, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Plastic pallets are rigid structures that hold goods in place during transportation or storage. They play an essential role in the supply chain and logistics industries. Plastic pallets have numerous advantages over other types of pallets. Today around 90% of pallets are manufactured with recycled plastic. The most used recycled plastic is high-density polyethylene. On the other hand, some manufacturers used post-industrial scrap, including rubber, silicates, and polypropylene.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/plastic-pallet-market/request-sample
Growing Need to Reduce the Overall Weight of Bulk Packaging Drives the Market for Plastic Pallets
The need to reduce the weight of overall bulk packaging is growing day by day. The importance of the consignment or shipment during transportation is an essential factor in determining the cost of the finished product. It is common for the transportation cost of a product to exceed its production cost, reducing the overall profit margin. Plastic pallets are significantly lighter than wooden or metal pallets, which is expected to entice end-user companies to use them.
The deadweight of a company is the weight of a container or packaging used to transport materials or products. More packaging weight means higher transportation costs, which limits manufacturers' options. This is expected to increase demand for low-weight packaging materials capable of reducing deadweight while improving material handling and transportation efficiency.
Expanding End-Use Industries to Create New Market Opportunities for Plastic Pallets
The primary end-use industries for plastic pallets are food and pharmaceutical. Plastic pallets are increasingly replacing wooden pallets because sanitation and safety are top priorities in both sectors. Large volumes of raw materials are handled, stored, and transported daily in the processed food industry. Plastic pallets are widely used for material handling throughout manufacturing and transportation.
As a result of an increasingly hectic lifestyle and an expanding middle-class population, the global processed food industry has grown significantly. Furthermore, the rapid introduction of new food and beverage products, combined with rising e-commerce and organized retail penetration, has resulted in the growth of the processed food industry. Key food manufacturers are rapidly expanding their manufacturing capacity and distribution networks.
Buy Now Full Report @ https://straitsresearch.com/buy-now/plastic-pallet-market
Asia-Pacific dominates the global plastic pallet market and is expected to grow at a CAGR of 6.7%. Asia-Pacific has become a manufacturing hub (TPP) because of the countries participating in the Trans-Pacific Partnership Agreement. TPP is a free trade agreement that has strengthened the region's trade and manufacturing sectors, driving demand for plastic pallets over the years
North America holds the second-largest share in the global plastic pallet market. It is expected to reach USD 3,333 million by 2030, growing at a CAGR of 5.5%. This is due to increased demand for plastic pallets from end-user industries, particularly domestic supply chains. The robust manufacturing industry, particularly in the United States, contributed to the region's significant share.
Europe is expected to witness substantial growth during the forecast period. Through E.U. treaties, the European Union has supported sustainable development by recognizing the environmental, economic, and social dimensions. The European Commission published a new roadmap for sustainability in the E.U.'s economy in December 2019, significantly impacting end-use industries because the objectives pushed them to adopt green packaging, including reusable plastic pallets.
Key players in the global plastic pallet market are
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/plastic-pallet-market/request-sample
Global Plastic Pallet Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/plastic-pallet-market/toc
Rising Demand for TiO2 from Plastic and Rubber Industry Drives the Titanium Dioxide Market
Polyvinyl Chloride Cliques for an Ambitious Target in Construction Plastic Market
Have a Look at the Related Research Report
Plastic Market: Information by Product Outlook (Polyethylene (PE), Polypropylene (PP)), Application Outlook (Injection Molding, Blow Molding), and Region — Forecast till 2030
Recycled Plastic Market: Information by Product (Polyethylene, Polyethylene Terephthalate), Source (Plastic Bottles, Plastic Films), Application (Building & Construction, Packaging, Electrical), and Region — Forecast till 2030
Polyamide Market: Information by Product (Polyamide 6, Polyamide 66, Bio-Based Polyamide, Specialty Polyamide), Application (Engineering Plastics, Fibers), and Region — Forecast till 2030
About Straits Research Pvt. Ltd.
StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Follow Us: LinkedIn | Facebook | Instagram | Twitter