Global Plastic Pallets Market to Surpass 586.05 Million Units by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 22, 2019--
The global plastic pallets market was valued at 430 Million Units in 2018, and is expected to exhibit a CAGR of 3.5% over the forecast period (2019 – 2027).
Key Trends and Analysis of the plastic pallets market:
Technological advancements in case of development of plastic pallets are expected to boost demand for plastic pallets in Europe. For instance, CABKA Group offers plastic pallets with RFID tag (radio frequency identification) to track plastic pallets. The small RFID transponders are integrated into pallets which are capable of recording large amount of data such as item numbers, quantity, weight, or shelf life information of the product loaded on the pallet. This helps the company to locate, track, and monitor the goods loaded on the pallet even from a distance of few meters.
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Moreover, food grade plastic pallets are used in the food and beverage industry owing to their resistance to bacterial, chemical, and other forms of contamination. High quality plastic pallets are essential in the food and beverage industry as even a minor contamination issue can lead to product recalls and can hamper sales and revenue of food and beverage companies. The food and beverage industry uses hygienic plastic pallets with smooth surface instead of a vetted surface in order to prevent contamination. Furthermore, plastic pallets have high demand in the food and beverage industry as they are easy to clean and sterilize, lightweight, and durable compared to wooden pallets.
In case of pharmaceuticals segment, plastic pallets have application in transportation and storage of pharmaceutical products. Moreover, plastic pallets meet ISPM 15 standards as they allow easy synthesizing, are chemically inactive, and do not contaminate products stored on them.
Various key players are focused on strategies such as mergers and acquisitions, in order to gain a strong foothold in the global market. For instance, in January 2015, CABKA Group acquired Belgium-based ERYPLAST, a plastic pallet manufacturer. Following the acquisition, ERYPLAST’s products are sold under the brand ‘CABKA-IPS’. This acquisition is expected to increase CABKA’s product portfolio and strengthen its position in the Europe market.
Key Market Takeaways:
Major players operating in the global plastic pallets market include –
OMNIPAK S.R.O., Smart Flow Europe SA, ORBIS Corporation, Bekuplast Gmbh, Meridian Group D.O.O., TBA Plastové Obaly S.R.O., CABKA Group, PURUS PLASTICS GmbH, Plastic Pallets Manufacturers, and Paxxal Inc. among others.
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KEYWORD: WASHINGTON NORTH AMERICA UNITED STATES ASIA PACIFIC EUROPE MIDDLE EAST
INDUSTRY KEYWORD: PACKAGING ONLINE RETAIL RETAIL CHEMICALS/PLASTICS OTHER RETAIL MANUFACTURING OTHER MANUFACTURING
SOURCE: Coherent Market Insights
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PUB: 11/22/2019 11:27 AM/DISC: 11/22/2019 11:27 AM