The global plastic pallets market size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Increasing demand for robust, long-term, contamination-free, and eco-friendly packaging, which accounts for a low cost per trip in the longer term as compared to expendable packaging coupled with a steady expansion of end-use industries is expected to fuel the growth to the market.
Plastic pallets are typically made from robust materials, including polypropylene (PP) and high-density polyethylene (HDPE), and are primarily intended for multiple trips rather than a single trip. Plastic pallets are made from virgin and recycled plastic resins. Virgin resin-based skids offer superior performances. However, recycled resin-based pallets are less expensive and more sustainable, due to which they are generating considerable traction within the market.
Plastic pallets can be easily cleaned with high-pressure jet spray and demand minimal maintenance, unlike wooden pallets. Besides, wood pallets are highly susceptible to moisture and pose a risk of sheltering bacteria, pests, or fungi, which can damage stacked food and pharmaceutical goods. Moreover, splinters or protruding nails of wooden pallets have the potential to break or tamper the pharmaceutical packaging, due to which, end-use companies are increasingly opting for plastic skids, which poses no such risks and weights much lower than wooden skids.
End-use companies are increasingly opting for returnable pallets such as plastic pallets primarily to reduce plastic waste and address sustainability concerns caused by expendable or one-way pallets, which is expected to fuel the demand for plastic pallets. Moreover, the steady expansion of automotive and other manufacturing activities across the world, wherein heavy-duty pallets are widely used, is likely to favor the growth of the PP and HDPE pallets in the coming years.
Plastic pallets are expensive compared to wooden skids; thus, their theft or misplacing increases the overall cost of material handling or product transportation. However, the advancement in technologies such as the incorporation of active RFID tags, Bluetooth, and the Internet of Things (IoT) interface has allowed easy and efficient tracking of skids throughout the supply chain, which in turn, is expected to attract end-use industries towards them in the coming years.
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Plastic Pallets Market Report Highlights
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Plastic Pallets Market Segmentation
Grand View Research has segmented the global plastic pallets market on the basis of material, type, end-use, and region:
Plastic Pallets Material Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2028)
Plastic Pallets Type Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2028)
Plastic Pallets End-use Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2028)
Plastic Pallets Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2028)
List of Key Players in Plastic Pallets Market
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