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.
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.
According to International Trade Association, China is the second largest pharmaceutical market worldwide, and it was valued at US$ 108 billion in 2015, and is expected to reach US$ 167 billion by 2020, witnessing a CAGR of 9.1%. Moreover, China's total healthcare expenditure including public and private is expected to reach US$ 1.1 trillion by 2020 from US$ 640 billion in 2015.
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.
Furthermore, plastic pallet increase risks to the environment, as various toxic plastic components and harmful chemicals are transferred from the pallet to the product. Since, plastic pallet raise numerous environmental concerns, as they are not biodegradable it is expected to adversely affect the market growth. On the other hand the increasing demand of disposal plastic pallet gives numerous opportunities to the manufacturers.
However, the wide availability of substitute products such as wood, metal, and paper pallets is predicted to hinder the growth of the plastic pallet market over the forecast period.
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.
On the basis of product type, the global plastic pallet market is segmented into:
On the basis of pallet type, the global plastic pallet market is segmented into:
On the basis of end-use Industry, the global plastic pallet market is segmented into:
On the basis of region, the global plastic pallet market is segmented into:
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