LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global plastic pallets market predicts a CAGR of around 8% during the period 2018-2022.
The report segments the global plastic pallets market by materials (HDPE and PP) and by geography (the Americas, APAC, and EMEA). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global plastic pallets market, according to Technavio transportation and logistics researchers:
- Growth of logistics and warehouse industry: a major market driver
- In 2017, the HDPE segment dominated the market by occupying over 63% share
- APAC dominated the global plastic pallets market with 34% share in 2017
- Brambles, LOSCAM, ORBIS, Rehrig Pacific, and Schoeller Allibert are the leading players in the market
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Growth of logistics and warehouse industry: a major market driver
The growth of the logistics and warehouse industry is one of the major factors driving the global plastic pallets market. The logistics sector is expected to grow at a CAGR of around 7% during the forecast period being driven by increased economic activity and growth of the e-commerce sector. Also, the logistics industry is increasing its focus on specific industries such as grocery, pharmaceutical, and automotive, which are the key users of plastic pallets.
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APAC: largest plastic pallets market
Technavio researchers anticipate high growth for the global plastic pallets market in APAC. The market is expected to witness the fastest growth rate as compared to the other regions. The high growth rate of the plastic pallets market can be attributed to the low-penetration rate of these pallets across various end-user industries in countries such as China, India, Vietnam, Singapore, and Malaysia, during the base year.
According to a senior analyst at Technavio for research on warehouse and storage, “The rapidly growing logistics and warehousing industry is the key factor driving the growth of the plastic pallets market. Massive industrialization and growth of modern logistics infrastructure in developing countries will further boost market growth.”
Competitive vendor landscape
The global plastic pallets market is fragmented due to the presence of manufacturers, pallet management companies, pallet recycling specialists, and pallet pooling firms. The plastic pallet manufacturers compete among themselves by developing new technologies and by offering customized products to the customers. To sustain the competition, it is critical for plastic pallet manufacturers to engage in mergers and acquisitions. Major vendors operating in the plastic pallets market are Brambles, LOSCAM, ORBIS, Rehrig Pacific, and Schoeller Allibert.
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