Plastic pallets are horizontal and rigid platforms that ease the storage and transportation of goods in various end-use industries. They are important tools in logistics industries. Reused polyethylene terephthalate (PET) or high-thickness polyethylene comprises plastic pallets. They have more benefits than pallets made of other materials. A plastic pallet has a more than ten-year lifespan compared to its wooden alternatives. Further, it is manufactured through a one-step molding process. As a result, its wide applications in various expanding end-use industries worldwide fuel the market's growth in the predicted timeframe.
GROWTH DRIVERS AND CHALLENGES
The plastic pallets market is forecasted to grow significantly in the foreseen timeframe. Compared to other kinds of pallets, including material (or load) handling equipment, plastic pallets offer more durability, dependability, and space efficiency. These advantages encourage the use of plastic pallets, which will surge the revenue generated by the market under consideration. Pallets made of plastic typically cost less than those made of wood or metal. Plastic pallets are more space efficient. They are also more durable because they do not break or develop cracks. Further, when compared to wooden or metal pallets, plastic pallets are more adaptable in terms of design, allowing them to hold a wider variety of goods with various shapes and sizes. In addition, they are safer to handle because they don’t have sharp edges or rigid construction. All these factors cumulatively augment the growth of the plastic pallets market. However, one of the things hampering the market’s expansion is the regulatory requirements and rules regarding the usage of plastic pallets. In addition, factors such as the negative environmental effects of plastic due to inefficient disposal, high costs of plastic pallets, the availability of substitute products, and increased market competition hamper the growth of the plastic pallets market.
REPORT SEGMENTATION AND SCOPE
The "Global Plastic Pallets Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by material, type, end-use, and geography. The global plastic pallets market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of plastic pallets worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the plastic pallets market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the plastic pallets market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global plastic pallets market, which helps understand the entire supply chain and various factors affecting the market growth.
The global plastic pallets market is segmented on the basis of material, type, and end use. Based on material, the plastic pallets market is segmented into high density polyethylene, low density polyethylene, polypropylene, and others. On the basis of type, the market is classified as nestable, rackable, stackable, and others. The plastic pallets market is categorized on the basis of end use into, food and beverages, chemicals, pharmaceuticals, petroleum and lubricants, automotives, and others.
Based on the material, the high-density polyethylene sub-segment dominated the market in the forecasted time frame. End-use industries frequently use high density polyethylene pallets because they are simple to maintain, provide good impact resistance, and resistant to solvents and corrosion. Due to resistance to solvents and corrosion, HDPE pallets are easy to clean. It can withstand rough handling by forkits and other material handling tools because high density polyethylene is highly durable and offers excellent impact resistance. In addition, high density polyethylene has strong weather and chemical resistance, which makes them appropriate for use in food and pharmaceutical industries. Further, the demand for recycled high density polyethylene is anticipated to surge in the next years due to end-use companies’ increased preference for sustainable material handling solutions as a result of rising strict laws on the use of plastic packaging due to environmental concerns.
The report provides a detailed overview of the global plastic pallets market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific is anticipated to dominate the plastic pallets market in the predicted timeframe. The presence of nations that are a part of the Trans-Pacific Partnership Agreement (TPP) has made Asia Pacific a hub for the manufacturing industry. Over time, demand for plastic pallets has surged because of the TPP, a free trade agreement that has improved the trade and manufacturing sector among the economies in the region. Countries including China and India are anticipated to have a substantial opportunity to expand over the foreseen period. The second largest share in the plastic pallets market belongs to North America due to the surging demand for plastic pallets from end-user industries, particularly in the domestic supply. With the help of agreements, including the North American Free Trade Agreements (NAFTA) and the United States-Mexico-Canada Agreement (USMCA), trade between the US, Mexico, and Canada has been rising year-on-year.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global plastic pallets market.
- November 2022: Avery Dennison Label and Packaging Materials partners with Tosca’s plastic pallets to distribute its materials, aiming to reduce CO2 emissions across its European supply chain by over 800 tons every year.
- January 2022: Greystone Logistics, Inc. (OTCQB: GLGI) has commenced shipping pallets for a recently received $13.5 million purchase order to provide 100% recycled 48x40 plastic shipping pallets for a nationwide retailer at one of their U.S. warehouse distribution centers.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The various export and import restrictions imposed in many countries during COVID-19 have impacted the supply chain of the plastic pallets market worldwide. In addition, the government restrictions on trade have decreased the use of plastic pallets. Due to transportation restrictions and the closure of distribution channels, the market for plastic pallets has seen a decline in revenue and sales. The production of plastic pallets declined as a result of the lockdown because manufacturing units were shut down, and there was a manpower shortage. Further, due to restrictions on transportation and concerns regarding the virus spreading through surface contact, the return policy for plastic pallets has been significantly impacted. The decline in the growth of the plastic pallets market would have a domino effect and increase unemployment, which would then result in less growth and a decline in consumer expenditure. The market would consecutively be impacted by this since there would be less turnover. The sales and revenues of the market drop during a recession, which will force the market to stop expanding. As a result, there wouldn’t be enough demand, and the market would start to experience losses. These factors cumulatively hamper the growth of the global plastic pallets market.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the plastic pallets market include Polymer Solutions International Inc., Monoflo International, Paxxal Inc., TMF Corporation, Tranpak Inc., CABKA Group, Allied Plastics Inc., Rehrig Pacific Company, Perfect Pallet, Inc., Orbis Corporation, Agrico Plastiques Ltee, Kamps Pallets Inc., Myers Industries Inc, PURUS PLASTICS GmbH, CTC Plastics, and Greystone Logistics Inc., among others.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
This text is related
to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
This text is related
to country scope.
The List of Companies
1. OMNIPAK S.R.O
3. ORBIS Corporation
4. Bekuplast GmbH
5. Meridian Group D.O.O
6. Rehrig Pacific
7. Schoeller Allibert
8. Craemer Holding GmbH
9. Falkenhahn AG
10. Kamps Pallets
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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