Europe Plastic Pallets Market

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.

Pallets protect goods and products from damage and contamination. Plastic pallets are used by various end-use industries such as food & beverage, pharmaceutical, consumer goods, electronics, and textile. These pallets are used in warehouses of industries for convenient storage and transport of goods and material handling. Plastic pallets are often made of new HDPE or recycled materials.

Pallets are manufactured in such way that they are free from corrosion, weather resistance, and moisture and chemical resistant. Plastic pallets are stronger and lighter than wooden pallets. A wide range of plastic pallets such as drum plastic pallets, export plastic pallets, spill control plastic pallets, display plastic pallets, hygienic plastic pallets, anti-static plastic pallets, RFID plastic pallets, transport plastic pallets, shipping plastic pallets are available for various applications in the market.

Europe Plastic Pallets Market Key Takeaways

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.

Increasing adoption of plastic pallets by new end-use industries, and rising adoption of technologically advanced and environment friendly products are the key factors expected to create lucrative opportunities in the market.

Segmental Outlook

Based 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.

Europe Plastic Pallets Market By Type

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.

Europe Plastic Pallets Market By Pallet

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.

Europe Plastic Pallets Market By Material

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.

The special purpose plastic pallets segment is anticipated to expand at higher CAGR during the forecast period. These pallets are designed for specific applications. The Anti-static industrial plastic pallet and RFID industrial plastic pallet comes up with additional feature and applications in various industries. The demand for these pallets is expected to increase in the future. This, in turn, is propelling the market. Antistatic pallets are widely used in the electronic industry, while the RFID pallets are used by multiple industries, as they help companies track the consignments.