According to a new market report published by Credence Research Global Plastic Pallets Market By Application (Food Industry, Medical Industry, Chemical Industry, Manufacturing Industry)- Growth, Future Prospects & Competitive Analysis, 2016 - 2024, the Global Plastic Pallets Market is expected to reach US$ 17.5 Bn by 2024, expanding at a CAGR of 7.2% during the forecast period 2016 - 2024.
Market Insights
Plastic pallets market is expected to witness robust growth with increasing international trade of various products from various industries including food, manufacturing, chemical, medical and others. Pallets are used to stack the products to avoid damage to the products during transit. Traditionally, wooden pallets were used for the purpose of transportation.
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However, with emergence of plastic pallets due to their durability and resistant to damage, manufacturers and distributors are preferring plastic pallets for shipments as they are 30% to 40% lighter and durable than wood. This in turn helping in reducing wear and tear on equipment during transportation. Moreover, plastic pallets are lighter in weight, which helps in reducing the cost of shipment cost nearly about 45%. Furthermore, proper utilization of plastic pallets also helps to minimize costs with respect to floor space, load weight, labor and sanitization, and helps in cutting the shipment expenditures and saving time. Also, factors such as decrease in product breakage due to pallet damage, drop in cleaning expenses, decline of repacking costs and problem-free disposable system significantly contributes to the growing applications of plastic pallets in the logistics section of various industries such as, grocery, automotive and pharmaceuticals. Thus, plastic pallets market is projected to witness high growth during the forecast period (2017-2025).
Competitive Insights:
Global plastic pallets market is segmented on the basis of application and geography. By application, food industry segment was the most dominant segment in global plastic pallets market in 2016 and anticipated to continue its dominance over the forecast period. Increasing international trade of food products especially packaged food is projected to drive the growth of the segment over the forecast period. On the basis of geography, Asia Pacific was estimated to be the largest market for plastic pallets in 2016 and projected to maintain its dominance during the forecast period. Rapid industrial development in the region especially in China is anticipated to drive the growth of the segment during the forecast period. Major players in global plastic pallets market are investing in research and development, merger and acquisition with focus on increasing market penetration.
Overall, global plastic pallets market is anticipated to register high growth over the forecast period (2017-2025).
Key Trends:
- Merger & Acquisition
- Investment in R&D
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