Europe Plastic Pallets Market |
Posted: October 17, 2021 |
Market Outlook:The Europe Plastic Pallets Market was valued at USD 8,311.1 Million in 2019 and is projected to reach USD 13,793.8 Million by 2027 expanding at a CAGR of 7.2% during the forecast period, 2020-2027. Pallets are flat and stable panels that are used for the storage and transportation of raw materials and finished goods. These pallets are manufactured in different sizes and are available in a range of colors. Pallets are short in height, light in weight, and compatible for lifting weights; therefore, they are used as a base for assembling, loading, storing, handling, stacking, transporting, or displaying goods and loads. Market Dynamics The market is driven by factors such as rising adoption of plastic pallets, emergence of RFID technology in plastic pallets, increasing number of end-user industries, growing application in warehouse logistics management, and plastic pallets are sustainable alternatives for wooden pallets. Conversely, increasing carbon footprint, high cost of plastic pallets are key restraints of this market. Growing R&D investments and increasing demand of pallets for effective supply chain are boosting the market. Segmental OutlookBased on plastic type, the Europe plastic pallets market is bifurcated into lumber plastic and molded plastic. The molded plastic segment held a significant share of the market around in 2019. Whereas, the lumber plastic segment is projected to expand at a highest CAGR during the forecast period. The large share of the molded plastic segment is attributed to rising applications of plastic pallets in various end-use industries for safe storage and transportation of goods. The lumber plastic segment is expected to grow in the near future, owing to the increasing adoption of plastic carbonate from lumbar plastic as it is weather resistant, waterproof, and require less maintenance. Molded plastics pallets are strong and durable and are used for various applications in the consumer goods industry, automotive industry, and medical industry. These industries use plastic pallets for the storage of raw materials and finished goods. Plastic lumber is resistant to weathering, waterproof, mold, and borers, and do not require regular painting or maintenance. Conversely, it can lose its shape in extremely hot weather. On the basis of pallets type, the Europe plastic pallets market is segmented into nestable, rackable, stackable, drum, and others. The nestable segment is expected to account for a substantial share of the market in 2019, and is anticipated to expand at significant CAGR during the forecast period. Growing demand for strong and durable pallets by various companies for storing goods and raw materials in warehouses is fueling the adoption of nestable pallets, as these pallets are suitable for applications. The rackable segment is anticipated to expand at high CAGR during the forecast period. Forklifts can easily pick up and stack the rackable pallets, thus making the operating procedure smooth. Rackable plastic pallets are widely used for handling heavy duty loads and long distant shipping of goods. It is an ideal product for the storage of heavy-duty goods in warehouses, processing centers, and distribution centers. Stackable plastic pallets fit for food & beverage, pharmaceutical, and consumer goods industries. Other types of pallets are used by industries for storage and transportation include double-sided pallets, nine legs pallets, picture frame pallets, and three runner pallets. In terms of materials, the Europe plastic pallets market is segregated into HDPE, PP, PVC, and others. The HDPE segment accounted for 70.9% share of the market in 2019, and is anticipated to expand at significant CAGR during the forecast period. High density poly ethylene (HDPE) is the widely used for various industrial applications. The material has high strength which makes it suitable for pallets used for industrial export or in a closed-loop system. Growing demand for materials such as HDPE, PP, and recycled plastic by pallets manufacturers for producing strong and durable plastic pallets is expected to boost the market growth during the forecast period. The mixture of HDPE and PP materials is widely used for producing plastic pallets. HDPE and PP provides high strength and rigidity, and enhances the quality of the pallet. In terms of functions, the Europe plastic pallets market is classified as heavy & medium duty plastic pallets, special purpose plastic pallets. The heavy & medium duty plastic pallets segment accounted for 83.5% share of the market in 2019; however, the special purpose plastic pallets segment is anticipated to expand at significant CAGR during the forecast period. The demand for heavy duty and medium duty plastic pallets is increasing rapidly, due to high adoption by the food and beverages industry, pharmaceutical and chemical industry, electronics industry, and consumer goods industry. Based on end-use industries, the Europe plastic pallets market is segmented into metal & machinery, agriculture, chemical & pharma, food & beverage, construction, wholesalers, exports, and others. The food & beverage segment accounted for 21.9% share of the market in 2019 and is anticipated to expand at significant CAGR during the forecast period. The food & beverage segment is growing rapidly, followed by chemical & pharma. The industry is focusing on exporting and importing goods, thus fueling the demand for plastic pallets used for the storage of goods and products in distribution centers and warehouses. The plastic pallets are weather-resistant, chemical-resistant, and temperature-resistant; therefore, their demand is high from various end-use industries. In terms of distribution channels, the Europe plastic pallets market is categorized as online and offline channel. The offline segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period. Online and offline distribution channels offer a range of plastic pallets in different materials, sizes, strengths, and colors. The online channel allows consumers to purchase products through a company and/or e-commerce website. The offline channels can purchase products from retailers, wholesalers, and directly from manufacturers. Plastic pallets can be purchased in bulk from the offline sellers; however, bulk quantity cannot be purchased from online platforms. The offline segment is expected to hold a highest share in the Europe plastic pallets market, owing to the increasing number of purchases from offline channels. The online segment is expected to gain traction in the future, due to rising adoption of digitization among manufacturing companies. Growing online presence helps players to market their products overseas. Country OutlookBased on country & sub-region, the Europe plastic pallets market is segmented into Germany, France, Italy, UK, Spain, Russia, Rest of Europe. In Europe Germany is expected to accounts for market share of the market, followed by Italy. The market in Germany is projected to expand at a substantial CAGR during the forecast period. The market in Europe is expected to grow at a substantial pace during the forecast due to increasing use of plastic pallets by various industries such as the electronics, pharmaceutical, auto-ancillary, and F&B. The demand for heavy & medium duty plastic pallets is high and the heavy & medium duty plastic pallets segment is expected to dominate the market in the region. Most value chain companies involved in the manufacturing of plastic pallets are adapting their organizations to change, as technology and material industries develop. Several existing market opportunities are emerging for the advancement of plastic pallets for the use in several industrial applications. The plastic pallets used by industries need to comply with International Standards for Phytosanitary Measures No. 15 (ISPM 15) standard. This implies that the pallet material has been sufficiently treated and poses no threat to the ecosystem in the country.
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