Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Plastic Pallets Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Material, By Type, By End Use, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Plastic Pallets Market is set to experience substantial growth in the forecast period up to 2028, driven by a rising demand from the pharmaceuticals industry.
The increasing need for efficient storage and handling of finished products and raw materials in warehouses across various sectors, including food and beverage (F&B), textile, chemical, and pharmaceutical, as well as the demand for plastic pallets in commercial and residential construction projects, is expected to fuel the market's expansion in the coming years.
The market is witnessing significant growth as industries move away from traditional wooden pallets due to their drawbacks, such as moisture absorption, hygiene issues, and a tendency to splinter and break easily. Moreover, wooden pallets must comply with International Standards for Phytosanitary Measures No. 15 (ISPM 15) to prevent the spread of insects and diseases.
In contrast, plastic pallets offer several advantages, including lighter weight, environmental friendliness, and increased durability. As a result, the logistics and shipping industries are increasingly embracing plastic pallets, contributing to the market's expansion.
Companies like CHEP are leveraging innovative technology to produce plastic pallets, catering to various industries, including pharmaceuticals, food, and beverage, further fueling the market's growth.
Rising Demand from Pharmaceuticals Sector
In the pharmaceutical sector, product hygiene for material handling and packaging is crucial. Due to their difficulty in cleaning and ability to house germs and fungus, wooden pallets have a danger of contamination. However, plastic pallets are a great option for material handling in the pharmaceutical business because of their excellent chemical resistance and lack of contamination.
Due to rising rates of chronic illnesses, and greater health consciousness, the global pharmaceutical business has been expanding at a rapid rate. This is likely to increase the demand for plastic pallets. In addition, increasing generic drug production is predicted to boost plastic pallets demand in the projected period.
For instance, in 2022, Shongai Packaging Industry Limited installed another production plant for its plastic pallet to meet its local and export demands.
High-Density Polyethylene (HDPE) will be the Key Material
HDPE pallets are popular among end-user firms because they are simple to maintain and offer great impact resistance, as well as solid solvent and corrosion resistance.
Furthermore, when handled roughly by trucks and other material-handling equipment, HDPE pallets experience almost no damage. Additionally, HDPE pallets have strong chemical and weather resistance, which makes them appropriate for use in food and pharmaceutical industries.
For instance, according to Solar Builder Magazine, in 2022, BayWa r.e. has partnered with PVpallet to distribute its reusable solar module shipping solution. Therefore, the growing demand for HDPE plastic pallets will lead to the growth of Global Plastic Pallets Market in the upcoming years.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in The Global Plastic Pallets Market.
- ORBIS Corporation
- STOK Emballage K/S
- Rehrig Pacific Company
- Monoflo International
- Greystone Logistics Inc
- Cabka Group GmbH
- TMF Corporation
- Polymer Solutions International, Inc.
- TranPak Inc.
- Allied Plastics Inc.
Market Dynamics
Drivers
- Increasing demand for Sustainable Packaging
- Rising demand from the pharmaceuticals industry
- Growing consumption of Eggs and Fresh Fruits
Market Trends & Developments
- Product Launches
- Mergers & Acquisitions
- Technological Advancements
Challenges
- Availability of alternative packaging products
- High Product Cost and Sustainability Issues
Report Scope:
Plastic Pallets Market, By Material:
- High-density Polyethylene
- Low-density Polyethylene
- Others
Plastic Pallets Market, By Type:
- Nestable
- Rackable
- Stackable
- Others
Plastic Pallets Market, By End Use:
- Food and Beverages
- Chemicals
- Pharmaceuticals
- Others
Plastic Pallets Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- France
- Germany
- United Kingdom
- Spain
- Italy
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/4h2qfo
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