Plastic Pallet Market To Gain From High Demand For Alternative Pallet Types By Companies
Global Plastic Pallet Market is anticipated to grow at a significant CAGR in the estimated period and also in the near future. A pallet is seen as a fully-fledged aspect of packaging system and the type and size of pallet must be decided according to the transported product and the primary or secondary packaging used for logistic purpose. Hence, a badly chosen pallet with damaged bottom can incur heavy losses for companies even though the companies opt for relevant packing methods. Basically, in case of plastic pallets, closed and open systems. In a closed system, the companies procure and manage its own pallets. In an open system, plastic pallets are shared on a transaction basis by the companies.
Commercially, the significance of non-wood pallets especially plastic pallets is gaining a positive traction. Market driving factors responsible for the growth of plastic pallets include growth in demand for alternative pallet types. Also, the rise in popularity and demand for plastic pallets adds to the Plastic Pallet Market growth in the near future. Moreover, plastic being recyclable results into ease of use and serves a viable option for manufacturing companies with eco-friendly initiatives.
Based on segmentation by type, the plastic pallet market includes high-density polyethylene (HDPE) and polypropylene (PP). HDPE segment is expected to rise at a significant CAGR in the estimated period owing to heavy demand. Based on segmentation by usage, the plastic pallet market includes open and closed.
Geographically, plastic pallet market spans North America, Latin America, Europe, Middle-East, Asia-Pacific and Africa. Middle-East and African market holds a dominant position in the global plastic pallet market scenario owing to advances in transport and logistics activities along with supply chain and storage. North America and Europe market also held a significant share in the market growth owing to rise in transportation and logistics activities. APAC market is also expected to grow at a significant CAGR in the near future owing to extensive use of plastic pallets by various verticals in this region.
The key players in the plastic pallet market include Brambles, ORBIS, LOSCAM, Rehring Pacific, Schoeller Allibert, CHEP, CABKA North America, PECO, Palletone, The Corrugated Pallets Company, Falkenhahn, Greystone Logistics, HTR Paletten-Service, INKA, IPG Intelligent Packaging, Jinyuan Group Wuhu Zhongshan Wood Packing, Litco International, Millwood, PECO Palletm RM2 international, Tianjin CIMC Logistics Equipment.