Plastic Pallets Market - 7.12% CAGR Growth to 2020
Loading and unloading pallets manually results in time loss, high expenses, and errors, whereas automated processes are efficient and economical. Pallet manufacturers are constantly innovating new concepts to incorporate technology into the logistics and warehouse system to increase the operational efficiency. Companies such as CHEP and Ongweoweh have developed tracking software to provide customers, retailers, and distributor information about the shipment. This has also lead to an increase in the use of plastic pallets as tracking technologies can be implemented on them easily compared with other pallets.
HDPE segment dominated the plastic pallets market and accounted for around 73% of the total market share. The demand for HDPE comes primarily from the automotive and shipping industry, due its ability to handle heavy loads. Nestable plastic pallets, commonly used in the automotive industry are incorporated with HDPE impact properties that protect the load as well as the pallets from damage and repair. HDPE plastic pallets also have extensive usage in the food and beverage industry as they are resistant to organic and inorganic chemicals at room temperature. The high strength to density ratio makes HDPE plastic pallets ideal to support loads, augmenting their application across several industries.
APAC is the largest and fastest-growing region in the plastic pallets market and accounted for around 34% of the total market share in 2015. Much of the region's growth is due to the rapid growth in logistic and warehouse industry in countries like Philippines, Japan, China, and India. Factors such as industrialization, the development of modern logistic infrastructure, and surge in packaging industries in several APAC nations will significantly contribute to the growth of the plastic pallets market in the region in the coming years.
Global Plastic Pallets Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. To calculate the market size, the report considers the new pallets produced in the industry.
Another related report is Global Pallet Market 2016-2020, a key growth driver is the increase in manufacturing output. The revival of the manufacturing sector and projected economic expansion worldwide will boost demand in the materials transport segment. The MAPI (Manufacturers Alliance for Productivity and Innovation) Foundation anticipates manufacturing production to outpace GDP during 2015-2016. The output in the manufacturing sector has increased over the last three years after a fall in 2008-2009.
