The Philippines plastic pallets market is anticipated to grow at a CAGR of 7.1 % during the forecast period (2022-2028). A plastic pallet is a rigid structure made of plastic that is used to maintain stability for items vulnerable to spillage or contamination during transportation or shipping. The major factor attributing to the growth of the Phillippines plastic pallets market is the increasing use of plastic pallets in the pharmaceutical industry due to the growing Phillippines pharmaceutical industry. According to an article published by the BioSpectrum Asia Edition in March 2022, the pharmaceutical industry Philippines is one of the fastest-growing industries and has been growing consistently for the past decades. The Philippines is the 11th major pharmaceutical market in the Asia Pacific region with an estimated business of around $8 billion in 2020. Thus, increasing the use of plastic pallets in the Phillippines market during the forecast period.
(Get 15% Discount on Buying this Report)
Get Sample Copy of Philippines plastic pallets market at: https://orionmarketreports.com/request-sample/?id=112911&submit=Request+Sample%0D%0A
The use of plastic pallets is also increasing in the food & beverages industry due to the growing food & beverage industry in Phillippines. According to the UK-ASEAN Business Council, Phillippines is one of the major food producers of the Asia Pacific region. The food & beverage industry of the Phillippines is a rapidly growing industry that contributes around 23% to 24% of the Phillippines’ GDP exceeding the value of around $25.2 billion. Furthermore, the use of plastic pallets is also increasing in the petroleum industry for shipping petroleum due to the increasing oil consumption of the Phillippines. According to the data published by the CIEC Data in 2020, the oil consumption in the Philippines has grown rapidly from 306.88 Barrels/Day in 2010 to 377.53 Barrels/Day in 2020. Thus, contributing to the growth of the Phillippines plastic pallets market.
Some major players in the market include Orbis Corp., Monoflo International Inc., CABKA Group, Greystone Logistics Inc., and Nefab AB, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances
- In March 2019, RePall, a packaging solution provider for transportation participated in SIAG (Salon de I’industrie Agroalimentaire) and Pack Expo held in Algeria. The expo was focused on the restoration, packaging, and wrapping of the products. RePall showcased its products to expand its business in North America.
- In May 2022, Greystone Logistics Inc., a Tusla-based shipping company published reports for its operations. The company earned a gross profit margin of around 9.7% on sales of $53 million for nine months of operation that ended in February 2022.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Material
- By Application
- Competitive Landscape- Orbis Corp., Monoflo International Inc., CABKA Group, Greystone Logistics Inc., Nefab AB, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Philippines Plastic Pallets Market Report by Segment
By Type
- Nestable Plastic Pallets
- Rackable Plastic Pallets
- Stackable Plastic Pallets
- Others
By Material
- High-Density Polypropylene (HDPE)
- Polypropylene (PP)
- Low-Density Polypropylene (LDPE)
- Others
By Application
- Food & Beverages
- Constructions
- Pharmaceuticals
- Petroleum
- Others
About Us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
Media Contact:
Company Name: Orion Market Reports
Contact Person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
