Global Plastic Pallet Market 2024–2033

Reports Description

Global Plastic Pallet Market size was valued at USD 7,976 Million in 2024 and is expected to reach at USD 13,591 Million by 2033 at a CAGR of 5.40% during the forecast period 2024 – 2033.

Plastic Pallet are rigid plastic structures used for mechanical stability during the transportation and handling of a bulk quantity of goods during handling to preserve their quality. Handling includes all activities related to lifting, moving from one point to another, stacking, product storage, and long-distance transportation by land or sea.

There are various types of plastic pallet are available in the market and are used to pile up, store, assemble, or transport goods. Plastic pallet improve the warehouse operational efficiency and allows easy movement of stacked goods using machines or tools, such as forklifts and pallet jacks.

Plastic Pallet Market Growth Factors

Growing Usage of Plastic Pallet in Food & Beverage Industry

Growing demand for hygienic, contamination-free, and durable material in the handling of various food and beverages products is mainly driving the demand for the plastic pallet in the food and beverages applications. Furthermore, plastic pallet offer various advantages as compared to their counterparts.

The advantageous includes improved hygienic ness, easy to clean, excellent strength and durability, less cost & lighter weight, streaming automation and customization as per need. Key players operating in the market are heavily investing in the hygiene requirements through use of virgin or food-grade recycled plastic.

Plastic pallet are impermeable in the nature, and they do not allow the entry to the liquids, dirt, odour and other substances, due to such excellent properties many food and beverages companies are using the plastic pallet solution for the transportation and storage of food and drinks to eliminate the potential risks of cross contamination.

Furthermore, rapidly expanding food and beverages industry across the globe coupled with growing stringent regulations pertaining to transportation of the food and beverages products is expected to drive the demand for the plastic pallet during the forecast period.

For instance, India food and beverages industry is expected to grow at growth rate of 12% during the 2024-2030, reaching approximately USD 700 Bn by 2030. Thus, such rapidly expanding food and beverage industry is expected to drive the demand for the efficient and cost-effective plastic pallet, thereby driving overall market growth.

Increasing Demand for Hygienic Plastic Pallet in the Pharmaceutical Applications

The pharmaceutical companies and stakeholders are increasingly using plastic pallet in the pharmaceutical applications for efficient storage and transportation of pharmaceutical products. Plastic pallet provide a secure environment that protects the pharmaceutical goods and products and prevents them from the damage and contamination.

Various advantageous such as easy cleaning and sterilization of plastic pallet, durability and resistance to most chemicals, smooth interior surfaces prevent product damage during transportation, thus such properties are making them ideal for use in various pharmaceuticals applications.  Hygienic pharmaceutical plastic pallet are impervious to parasitic infestation, so they don’t need to be treated before use.

Growing stringent regulations pertaining to storage and transport of the pharmaceutical products are mainly boosting the demand for the plastic pallet in this Industry. Plastic pallet help pharmaceutical manufacturers and distributors comply with various regulatory requirements.  Thus, aforementioned factors are expected to drive the demand for the plastic pallet during the forecast period.

Plastic Pallet Market Restraint

High Cost of the Raw Materials

The Plastic pallet are manufactured by using various raw materials such as high-density polyethylene (HDPE), polypropylene, recycled plastic pallet and boxes, as well as household waste like plastic bottles, electrostatic discharge plastic materials, various chemicals and additives.

The prices of these raw materials fluctuate periodically due to supply chain disturbances, growing inflation and raw material shortages. Furthermore, the plastic pallet are manufactured by using the high injection moulding process, in this process the heavy machineries and engineering process are used.

Thus, high prices of these raw materials coupled with the high initial capital investment in the establishment of manufacturing facilities increasing the overall production cost of the plastic pallet, thereby increasing the selling price of the plastic pallet. Thus, such factors are restraining the entry of the new players and discouraging the investment in the market. Thus, aforementioned factors are restraining the market growth.

Furthermore, growing stringent regulations on the usage of the plastic pallet due to their environmental side effects is also restraining the market growth. The easy availability of the various substitutes such as wood pallet, carton pallet, steel pallet and others are expected to restrain the market growth of the plastic pallet during the forecast period.

Plastic Pallet Market Opportunity

Growing Integration of Smart Technologies in the Plastic Pallet

The leading key players operating in the market are embedding various technologies in the plastic pallet and heavily investing in the research & development activities for products development. Technological innovations such as RFID tags, Internet of Things (IoT), smart sensors, GPS enabled tracking systems and others are enhancing the traceability and management of pallet within the supply chain.

Through, these technologies end users and stakeholders involved in the market ecosystem are easily tracking and monitoring the external environmental conditions and operators of damage or misplacement. Thus, such advanced technologies are reducing the risk of loss, improving the operational efficiencies and minimizing the waste. Thus, increasing integration of the smart technologies in the plastic pallet is expected to create the lucrative opportunities for market during the forecast period/

Growing Usage of the Sustainable and Recyclable Materials in the Plastic Pallet

The plastic pallet manufactures are increasingly focusing on sustainability, the intersection of eco-friendly practices in the manufacturing of the plastic pallet. The key players operating in the material are using the recyclable and eco friendly pallet, which are made up of the 100% recyclable materials, aligning with green initiatives within automated warehousing environments.

The recycled and sustainable material reduces weight of the plastic pallet and reduces energy consumption in automated systems, contributing to a lower carbon footprint for logistics operations. Moreover, the concept of reusability is increasing in the plastic pallet industry, which is further supported by smart pallet, as they can be monitored for wear and tear, ensuring longer lifespans.

Companies and other stakeholders are heavily investing and partnering with many plastic recycling companies to implement the closed-loop recycling systems, where used pallet are collected, processed, and remanufactured into new pallet, minimizing waste and conserving resources. Such innovations and sustainability trends are reducing the environmental impact while improving supply chain efficiency. Thus, aforementioned factors are expected to create lucrative opportunities for market during the forecast period.

Plastic Pallet Market Segmentation Analysis

Global Plastic Pallet market is segmented by material, by type, by application and by region. By material, the global plastic pallet market is segmented into high-density polyethylene, low-density polyethylene, polypropylene and others. Among all of these, high density polyethylene segment dominated the market and is expected to keep its dominance during the forecast period.

The high-density polyethylene material has excellent properties such as high corrosion resistance, high tensile strength, high impact resistance, excellent durability, less weight and they are easy to clean. Growing usage high density polyethylene in the manufacturing of the pallet due to less cost and easy availability is expected to drive the market growth of this segment during the forecast period.

Furthermore, growing recycling of the high-density polyethylene and increasing investment by the key players in the sustainable production of the HDPE are expected to drive it demand during the forecast period.

Polypropylene material segment is expected to grow at fastest growth rate during the forecast period. The demand for the polypropylene based pallet is increasing across various end use industries due to its semi crystalline thermoplastic with the high impact resistance and strong mechanical properties.

By end use industry, the market is segmented into the food & beverages, chemicals, pharmaceuticals, petroleum & lubricants and others. Among all of these, food & beverages segment dominated the global plastic pallet market and is expected to keep its dominance during the forecast period owing to growing usage of plastic pallet in the food and beverage transportation and logistics.

Various factors such as rapidly expanding food & beverage industry, increasing stringent regulations pertaining to hygienic ness and contamination of the food products, growing focus on neat and efficient transportation of food & beverages are mainly driving the market growth of this segment during the forecast period.

The pharmaceutical segment is expected to grow at substantial growth rates during the forecast period owing to the growing usage of the plastic pallet by the pharmaceutical manufacturers.

The regulatory authorities across the globe are implementing stringent regulations for the avoidance of contamination pharmaceuticals products and safe and secure transport of the pharmaceutical drugs. Thus, such stringent regulations are increasing the demand for the plastic pallet during the forecast period.

Report Scope

Plastic Pallet Market Regional Analysis

By Region, global plastic pallet market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. Among all of these, North America held the largest Market share in 2023 and is expected to keep its dominance during the forecast period owing to the growing demand for the plastic pallet in the various end use industries.

The key countries such as U.S., Canada and Mexico are mainly driving the market growth of this region.  Various factors such as growing trade activities between U.S. and Other countries, presence of well-established end-use industries, growing stringent regulations on the transportation of the pharmaceutical and food & beverages, increasing investment by the key players on the sustainable products development are mainly driving the market growth of this region.

Asia Pacific region is expected to grow at fastest CAGR during the forecast period. Various factors such as easy of availability of the raw material, increasing investment by the global companies in the region, growing presence of large consumer base, supportive government policies and availability of well-established supply chain networks are mainly driving the market growth of this region. The major countries such as China, India, Japan, ASEAN, South Korea and Australia are mainly driving the market growth of this region.

China held highest market share in the Asia Pacific plastic pallet market and is expected to keep its dominance during the forecast period owing to the presence of well-established end-use industries and availability of the large plastic pallet manufacturers in the region. Furthermore, easy availability of plastic raw materials and growing technological innovations in the plastic pallet manufacturing are some of the factors driving the market growth of this region.

Plastic Pallet Market Recent Developments

• In October 2022, ORBIS Corporation expanded its manufacturing facility of Urbana, Ohio of United States. ORBIS have expanded its existing manufacturing facility and enhanced the production capacity by 30% for various products such as totes, bulk containers, and Pallet. Through, this expansion ORBIS is aiming to enhance its presence in U.S. and adjoining countries.

• Recently, Monoflo International, launched new advanced plastic pallet product named as Rackable 48” x 40” Pallet. This new pallet is designed for the food, beverage, and pharmaceutical industries. This product is manufactured by using the FDA-approved material and a USDA-approved design, the new Rackable 48” x 40” Pallet is available in both PP (polypropylene) and PE (polyethylene).

List of the prominent players in the Plastic Pallet Market:

• Allied Plastics Inc.
• CABKA Group GmbH
• Monoflo International
• ORBIS Corporation Limited
• Perfect Pallet Inc.
• Polymer Solutions International
• RehrigPacific Company
• TMF Corporation
• TranPak Inc.
• Brambles Limited
• Schoeller Allibert
• Loscam
• Craemer Group
• Greystone Logistics
• Rehrig Pacific Company
• Others

The Plastic Pallet Market is segmented as follows:

By Material

• High-Density Polyethylene
• Low-Density Polyethylene
• Polypropylene (PP)
• Others

By Type

• Nestable
• Rackable
• Stackable
• Others

By Application

• Food & Beverages
• Chemicals
• Pharmaceuticals
• Petroleum & Lubricants
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America