USD 7.3 Billion
Plastic Pallets Market Size, Share, Growth Analysis, By Material(High-Density Polyethylene, Low-Density Polyethylene, Polypropylene (PP), Others), By Type(Nestable, Rackable, Stackable, and Others), By Application(Food & Beverages, Chemicals, Pharmaceuticals, Petroleum & Lubricants), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2254 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
76
Plastic Pallets Market Insights
Global Plastic Pallets Market size was valued at USD 7.3 Billion in 2022 and is poised to grow from USD 7.71 Billion in 2023 to USD 11.92 Billion, at a 5.6% during the forecast period (2024-2031).
The market is anticipated to be driven by the increasing demand for sanitary, durable, and contamination-free pallets in the food and beverage, pharmaceutical, & chemical industries. Reusable packaging is in demand, which in turn is boosting demand for plastic pallets composed of recycled plastic. These trends are being driven by the growing emphasis on sustainable material handling solutions. Due to the significant trade value that the U.S. produced, it was the dominant nation in the North American plastic pallet market in 2022. In 2020, its trade was worth USD 3.7 trillion, with USD 1.4 trillion coming from exports & USD 2.3 trillion coming from imports. With China, Germany, Japan, Canada, & Mexico as well as other significant importers, it ranks as one of the top importers worldwide.
The U.S. transportation and logistics sector has been expanding year over year as a result of rising import and export demand as well as increased foreign direct investment in the nation. Due to the country's highly integrated supply chain network, which is driving up demand for logistics, the total amount of FDI increased to over 9.4 billion. XPO Logistics, Inc., UPS Distribution Chain Solutions, DHL Supply Chain, C.H. Robinson Around the world, & Expeditors International of Washington are a few of the leading businesses in the logistics industry.
A growth in demand from industries including beverages and food, chemical, and pharmaceutical has led to an increase in logistics spending of between 8% and 11.4%. The demand for plastic pallets is expected to rise as a direct result of this expenditure trend in the logistics and transportation sector during the course of the forecast period. The growing market for processed goods in the food and beverage industry, which needs cold chain logistics in the U.S., is another significant driver that is projected to drive demand for plastic pallets at a bigger scale.
US Plastic Pallets Market is poised to grow at a sustainable CAGR for the next forecast year
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Nestable
Fastest Growth
Nestable
Growth Rate
USD 7.3 Billion CAGR
Global Plastic Pallets Market ($ Bn)
Country Share for North AmericaRegion (%)
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Plastic Pallets Market Segmental Analysis
The global plastic pallets market is segmented into material, type, application and region. Based on material, the market is segmented into High-Density Polyethylene, Low-Density Polyethylene, Polypropylene (PP), and others. Based on type, the market is segmented into Nestable, Rackable, Stackable, and others. Based on Application the market is segmented into Food & Beverages, Chemicals, Pharmaceuticals, Petroleum & Lubricants, Others. Based on region the global Plastic Pallets Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Material
High-density polypropylene (HDPE), which held the biggest market share of 68.2% in 2022, dominated the industry. Due to their great impact resistance, ease of cleaning, resistance to corrosion and solvents, and corrosion-resistance, HDPE Pallets are frequently chosen by end-use industries. However, the polypropylene (PP) material sector is anticipated to experience the fastest increase from 2023 to 2030 because PP Pallets are suited for heavy-duty applications in narrow supply chains because of their exceptional durability.
Due to the material's resistance to solvents and corrosion, HDPE pallets are simple to clean. As HDPE is so strong and resilient to impact, it can withstand rough handling by forklifts and other material handling tools with little to no damage. The food and pharmaceutical sectors can use HDPE Pallets because of their excellent chemical and weather resistance.
Furthermore, the demand for recycled HDPE Pallets is projected to increase in the next few years due to end-use companies' increased desire for environmentally friendly handling solutions as a result of increasingly strict laws on the use of plastic packaging due to ecological concerns.
Analysis by Type
In 2022, the nestable pallet dominated the marketplace and had the highest revenue share (43.7%). When opposed to other pallet kinds, nested pallets are more cost-effective since they take up less room during shipping and are easier to stack. Nestable pallets are also cheaper than rackable & stacked pallets, making them perfect for open-loop supply chains or export.
Nestable pallets are a great solution for export applications because of their affordability. Over the projection period, demand for nestable plastic pallets is anticipated to increase as plastic pallets replace wooden pallets for export applications due to their non-contamination qualities. Nestable pallets are not thought of as the preferable pallet for the management of high loads in closed-loop supply chains since their design restricts its use in heavy load handling.
Global Plastic Pallets Market By Type
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Plastic Pallets Market Regional Insights
The North American pallet market is predicted to grow rapidly, with a CAGR of 5.2%, over the forecast period (2023-2030). This is due end-user businesses, particularly those in the domestic supply chain, are demanding more plastic pallets. Trade between the U.S., Mexico, and Canada has grown steadily over the years thanks to agreements including the United States-Mexico-Canada Agreement, or USMCA or the North American Free Trade Agreement (NAFTA).
Asia Pacific was a prominent region in the global market for plastic pallets, holding the biggest market share in 2022. Over the course of the projected period, the market is expected to expand at the quickest CAGR of 6.5% due to increased product demand by manufacturing industries in India, China, & Japan. Asia Pacific has developed into a center for the manufacturing sector as a result of the presence of countries that are a part of the agreement known as the Trans-Pacific Partnership (TPP). Free trade agreements like the TPP have boosted regional commerce and industry, which has gradually raised demand for plastic pallets.
Global Plastic Pallets Market By Geography
- Largest
- Fastest
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Plastic Pallets Market Dynamics
Drivers
Cost-effectiveness
- Plastic pallets are often considered more cost-effective than other pallet materials, such as wood or metal. They offer a longer lifespan, require less maintenance, and are reusable, which can result in cost savings for businesses.
Restraints
Limited Load Capacity
- Plastic pallets generally have lower load capacity compared to wooden or metal pallets. This can be a limitation for industries that transport heavy or bulky goods, as they may require more robust pallets.
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Plastic Pallets Market Competitive Landscape
Major organizations are expanding into new markets and strengthening their market positions by implementing market strategies like expansion. For instance, ORBIS Corporation stated in October 2022 that its manufacturing facility in Urbana, Ohio, was going to be expanding. The addition will add 30% more space for the production of totes, bulk containers, plus pallets at an existing ORBIS plant at 200 Elm St. Additionally, Plastics expanded its distribution center in 2022, doubling its size from 85,000 square feet to a larger building situated on 173,000 square meters in Wilmot, United States. The expansion was carried out to boost output.
Top Player’s Company Profiles
- Brambles Limited
- Schoeller Allibert
- Loscam
- ORBIS Corporation
- Craemer Group
- CABKA Group
- Greystone Logistics
- Rehrig Pacific Company
- Buckhorn Inc.
- Plastic Pallet & Container, Inc.
- TranPak Inc.
- IPL Inc.
- Material Handling Systems, Inc.
- Litco International, Inc.
- Premier Handling Solutions
- Beecraft UK Ltd.
- Cherry's Industrial Equipment Corp.
- TranPak (Australia) Pty Ltd.
- PalletOne, Inc.
- PDQ Plastics, Inc.
Recent Development
- In February 2024, CONE PAL utilized the production equipment from Baumer hhs to help manufacture its pallets made from corrugated cardboard – a move thought to minimize cost, energy consumption, and waste.
- In January 2024, Mah Sing Group Bhd entered into an agreement with PT Gaya Sukses Mandiri Kaseindo to jointly carry out business relating to manufacturing and trading of plastic pallets, containers and related material handling and storing products in Indonesia.
- In January 2024, IFCO launched a reusable plastic pallet that it claims has the potential to revolutionise the fresh grocery supply chain across Europe. “Dora” is a strong, stable and sustainable alternative to wooden pallets, suitable for manual and fully-automated processes.
Plastic Pallets Key Market Trends
- Increasing Adoption of Automation: The plastic pallets market is witnessing a growing trend of automation in material handling processes. Automated systems, such as conveyor systems and robotic palletizers, are being integrated with plastic pallets to enhance efficiency, reduce labor costs, and streamline operations.
- Growing Demand for Sustainable Solutions: Sustainability is a major trend driving the plastic pallets market. There is an increasing demand for environmentally friendly pallets made from recycled materials or bio-based plastics. Manufacturers are focusing on developing pallets with reduced carbon footprints and promoting recycling initiatives to meet the sustainability goals of businesses.
- Advancements in Pallet Design and Technology: There is a continuous emphasis on product innovation and technological advancements in plastic pallet design. Manufacturers are developing pallets with features like RFID tags for tracking and traceability, anti-slip surfaces, ergonomic designs, and improved load-bearing capacities to cater to diverse industry requirements and optimize supply chain operations.
- E-commerce and Retail Sector Growth: The rapid growth of e-commerce and the retail sector is driving the demand for plastic pallets. These industries require efficient and durable pallet solutions to handle the increased volume of shipments and to meet the strict hygiene standards for handling food, beverages, and pharmaceutical products.
- Global Supply Chain and Logistics Optimization: With the increasing globalization of supply chains, there is a growing need for standardized and durable pallet solutions that can withstand international shipping requirements. Plastic pallets provide a consistent and reliable option for international logistics, offering benefits such as reduced weight, resistance to moisture, and compatibility with automated systems.
Plastic Pallets Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global plastic pallets market analysis, the market is anticipated to be driven by the increasing demand for sanitary, durable, and contamination-free pallets in the food and beverage, pharmaceutical, & chemical industries. Reusable packaging is in demand, which in turn is boosting demand for plastic pallets composed of recycled plastic. These trends are being driven by the growing emphasis on sustainable material handling solutions. The rapid growth of e-commerce and the retail sector is driving the demand for plastic pallets. These industries require efficient and durable pallet solutions to handle the increased volume of shipments and to meet the strict hygiene standards for handling food, beverages, and pharmaceutical products. Geographically, the market was dominated by North America with Asia Pacific in close competition.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.3 Billion |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plastic Pallets Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plastic Pallets Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Plastic Pallets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Pallets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Pallets Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Pallets Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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