The global plastic pallets market was valued at 430 Million Units in 2018, according to Plastic Pallets Market Report, by Product Type (Lumber Plastic, and Molded Plastic), by Pallet Type (Nestable, Rackable, and Stackable), by End-use Industry (Food & Beverages, Pharmaceuticals, Chemicals, Construction, and Others (Electronics and Others)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The global plastic pallets market is expected to reach 586.05 Million Units by 2027, exhibiting a CAGR of 3.5% over the forecast period (2019-2027).
Rising environmental concerns related to plastic pollution have led companies to focus on using recyclable plastic for pallet production, manufacturing biodegradable plastic pallets, and making pallets from plastic derived from biomass. Market players are focused on developing high quality plastic pallets, which can be reused without wear and tear. Moreover, they are focused on manufacturing pallets using 100% recyclable plastic which can be recycled further to manufacture new plastic pallets. For instance, Range International, a manufacturer of plastic products offers plastic pallets derived from waste plastic sources. The company uses its unique production technology, ThermoFusion, for production of the plastic pallet ‘Re>Pal pallets’, which is made from recycled plastic waste. Re>Pal uses less energy for manufacturing, compared to other pallet types.
However, stringent regulations imposed by government authorities are expected to restrain growth of the plastic pallets market over the forecast period. For instance, plastic pallets are tested according to ISO 8611 standards set by International Organization for Standardization. ISO 8611:2011(E) is 3-part set of internationally recognized guidelines used for assessing the overall quality of storage pallets. According to these guidelines, pallets of all materials are put through a series of testing to test properties such as durability, racking capability, and payload slip resistance to ensure their quality & safety.
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Key Trends and Analysis of the Plastic Pallets Packaging Market:
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