A pallet is a type of platform for transportation and storage of goods. It can be used as a material for storing, sorting and assembling goods in warehouses, as well as in manufacturing units, which are then lifted by jacking devices such as cranes or pallet jacks, forklifts, and front loaders. Pallets are used in various manufacturing industries for material handling activities and are considered to be an inexpensive way of handling goods.
Key Players:-
Major players operating in the global plastic pallet market include, Inc., CTC Plastics, Greiner Assistec, Cabka North America, Purus Plastics GmbH, Plastic Products, Inc., Brambles Limited, Rehrig Pacific, Enlightening Pallet Industry Co., Ltd., Schoeller Alliber, SDI Packaging, Agrico Plastics Ltd., Bulk-Flow Company, Goplastic Pallet, and others.
Market Dynamics:-
The growing housing and construction sector coupled with increasing manufacturing unit is expected to fuel growth of the plastic pallet market. Among product type, lumber plastic is a type of plastic which is manufactured from either recycled or non-recycled plastic. Unlike wood composites, lumber plastic is 100% plastic. The product has certain advantages over wood and wood composites which include high impact resistance, durability, moisture resistance, resistance to fungal contamination, and others. They can be used for applications such as food & beverages, pharmaceuticals, and chemicals among others.
Market Outlook:-
Rising the import and export of food & beverage along with pharmaceuticals has further boosted the need for durable and reliable product storing materials, thus, fueling demand for plastic pallets. Factors such as light weight, durability, less labor requirement, and low-cost in terms of floor space, is projected to become the fastest growing material segment among other materials, globally.
Asia Pacific holds dominant position in plastic pallet market owing to increasing population and rise in disposal income of the consumers. According to the China-Britain Business Council, China is the world’s largest consumer market for food and beverage products. The import of food & beverages products from Spain to China increased by 48%, and 11% from France in 2015, as a result of rising disposable income in the region. Therefore, significant increase in demand of food and beverage products is expected to drive the plastic pallet market in Asia Pacific region during the forecast period.
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