Plastic Pallets Market - 7.12% CAGR Growth to 2020

PUNE, India, October 25, 2016 /PRNewswire/ --

2016 global plastic pallets market research says focusing on automation process will be a key trend for market growth. Pallet manufacturers heavily rely on automation to boost productive and raise capacity of their functioning in manufacturing plants and distribution outlets. Loading and unloading pallets manually results in time loss, high expenses, and errors, whereas automated processes are efficient and economical. Pallet manufacturers are constantly innovating new concepts to incorporate technology into the logistics and warehouse system to increase the operational efficiency. Companies such as CHEP and Ongweoweh have developed tracking software to provide customers, retailers, and distributor information about the shipment. This has also lead to an increase in the use of plastic pallets as tracking technologies can be implemented on them easily compared with other pallets.

Complete report on plastic pallets market spread across 50 pages, analyzing 6 major companies and providing 17 data exhibits now available at http://www.sandlerresearch.org/global-plastic-pallets-market-2016-2020.html.

This analyst forecast the global plastic pallets market to grow at a CAGR of 7.12% during the period 2016-2020. According to the plastic pallets market report, demand from warehouse and logistics industry will be a key driver for market growth. The logistic sector was valued at $775 billion in 2015, and is expected to grow at CAGR of 5% through the forecast period. The market growth is mainly driven by increasing economic activity and demands from the e-commerce sector. The logistic industry is increasing their focus on specific industries such as automotive, pharmaceutical and grocery, which are the key end users of plastic pallets.

HDPE segment dominated the plastic pallets market and accounted for around 73% of the total market share. The demand for HDPE comes primarily from the automotive and shipping industry, due its ability to handle heavy loads. Nestable plastic pallets, commonly used in the automotive industry are incorporated with HDPE impact properties that protect the load as well as the pallets from damage and repair. HDPE plastic pallets also have extensive usage in the food and beverage industry as they are resistant to organic and inorganic chemicals at room temperature. The high strength to density ratio makes HDPE plastic pallets ideal to support loads, augmenting their application across several industries.