The global plastic pallets market was valued at around 146 million units in 2015 and is expected to surpass 205 million units by 2020, says Technavio.
Technavio has announced its latest market research report on plastic pallets to its warehouse and storage portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global plastic pallets market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Brambles, CABKA North America, Orbis, Rehrig Pacific, LOSCAM, and Schoeller Allibert.
In terms of geographical analysis, APAC will be the fastest-growing region in the global market, reaching volumes of around 69 million units by 2020. Philippines, Japan, China, and India will emerge as the key revenue-generators.
“The manufacturers in the market are implementing advanced technologies like RFID tags that track and trace the physical conditions of the goods throughout the supply chain. These tags are embedded in the plastic pallets and are used to trace the product from the manufacturing unit through the distribution centers till the retail stores. This technology protects the pallets from being lost or misplaced and increases supply-chain visibility for the manufacturers,” says Sharan Raj, a lead analyst at Technavio for research on warehouse and storage.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Reducing shipping costs
Plastic pallets are cost effective alternatives to wooden pallets as these help manufacturing units, production houses, and distribution centers to reduce shipping charges as these have less utilization of floor space labor charges and sanitization charges. These products are prone to less wear and tear on equipment during transportation as these are lighter and reduces the cost of shipment and transportation by 50%. Vendors are using plastic pallets like rackable and nestable to make the operations more cost-efficient. The proper utilization of plastic pallets reduces costs associated with floor space, load weight, labor and sanitization and thereby cutting shipment costs and saving time.
Growing demand for safety and hygiene
The extensive use of plastic pallets by the pharmaceutical, grocery, and food and beverages industries will lead to the growth of the market during the forecast period. These products are hygienic and are designed to be non-porous and easily sanitized that enables food product manufacturers to move and store their products safely. Vendors prefer these pallets as these increase profitability, enhance the safety of the products, and reduce costs. Pallets for food supply chain are designed with non-porous materials that does not absorb moisture and have no crevices and cavities, eliminating the potential for contaminants to collect. Factors like safety of product, hygienic conditions of pallets, elimination of risk of contaminants, cleaner workplace for floor workers and increasing operational efficiency will boost the demand for these products.
Demand from warehouse and logistics industry
The increasing economic activity and demand from the e-commerce sector will drive the market growth. The automotive, pharmaceutical and grocery industries are the primary end-user for this market. Warehousing and logistics requires heavy duty pallets to export variety of goods to the distribution centers and warehouses. Stackable pallets have the highest requirement in the warehousing and logistics industry as it is built to endure heavy loads and weight up to 10 tons.
Other prominent vendors identified in this report are Buckhorn, Craemer Holding, Euro Pool System International, Falkenhahn, Greystone Logistics, IPG Intelligent Packaging, Kamps Pallets, Litco International, Millwood, Prioridades Ecológicas, and Tianjin CIMC Logistics Equipment.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Plastic Pallets Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Pallet Market 2016-2020
- Global Palletizing Equipment Market 2016-2020
- Pallet Market in the US 2016-2020
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