Key Findings of the Global Plastic Pallets Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–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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