Global Stretch & Shrink Films Market was valued at USD 12.38 billion in 2019 which is expected to reach USD 22.27 billion by 2027 at a CAGR 5.8 %.
Stretch Film, is highly stretchable packaging film that is used to unitize items on a pallet. There are different types of stretch films commonly made of LLDPE stretch films, PP stretch films and PVC stretch films. Shrink Film is a versatile polymer material used for the packaging of finished goods. Heat is applied to the film – by either a conveyor heat tunnel or an electric or gas heat gun – which catalyzes the film to shrink tightly around the item placed within. This process results in a clear, durable barrier of protection around the product.
The most innovating packaging style for construction materials in construction & material industry is the purpose to enable or promote the sales process of the brand and to make it more efficient. Promotional packaging also exists in this section, which is intended to attract the potential purchaser’s attention to have a positive impact on the purchasing decision for their construction industry or business. According to other packaging, the function is the service function of the packaging, which affords the consumer with details about the contents and use of a particular product. The packaging contains informational details on the packaging like dosage information, weight, manufacturing and expiration date, and more.
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The healthy expansion in the manufacturing sector and growing requirements for product packaging as well as the bundling and protection of goods during warehousing and distribution has intensified the demand for stretch and shrink films globally. Shrink wrap film is available in a variety of types, thicknesses, clarities, strengths and shrink ratios, which can be employed alone or in conjunction with one another to create the precise type of layering and protection for your product. There are four type of materials of Stretch and Shrink film, LDPE, LLDPE, PVC, and PP
Stretch and shrink films are the lightweight packaging materials. These are widely used in various sectors for packaging such as Pharmaceutical, Consumer Goods, Industrial Packaging, and Food & Beverages.
The food and beveragessector accounts for the lion’s share of the global stretch and shrink film market, by end use. The food and beverages end use segment is estimated to account major market share of the global Stretch and Shrink Film Market, in 2019. The food sector outlook is expected to remain positive, for most regions, especially, the Asia Pacific, Europe & North America regions.
LDPE and LLDPE Stretch and Shrink Film will continue to dominate the global landscape. LDPE and LLDPE stretch and shrink film is estimated to account for major share of the global market, by material, over the forecast period.
Increase in demand for processed food across the world is the key driving factor which is expected to drive the global stretch & shrink films market growth. Furthermore, growing demand for industrial products and consumer goods in developing economies like China and India is expected to propel the global stretch & shrink films industry during this forecast period. Also, increase in replacement of conventional packaging materials with stretch and shrink film will have the positive impact on growth of global stretch and shrink films market. Moreover, availability of number of international and local manufacturers with growing penetration of the products based secondary packaging is expected to fuel the growth of global stretch & shrink films market.
The stretch and shrink film is mainly used for pallet wrapping in warehouses, receiving docks & other storage areas. Primarily it is designed to keep items intact while storage and transportation.
The stretch and shrink films also finds applications in various end use industries such as for consumer goods industry like household goods, furniture etc. & other applications include in electronic industry, wrapping of mulch in agricultural industry. Stretch film-based labels & sleeves offer packaging solutions for all types of cosmetic and pharmaceutical containers including cartons, plastic bottles and tubes.
The stretch and shrink films have excellent appeal for the product display and offers the consumers convenient packaging solutions. It reduces the packaging volume during transit. Thus, manufacturers who are seeking for material costreduction.
Due to the increasing awareness of the consumers towards a healthier lifestyle and biodegradability is rising environmental challenges thus hindering the growth of stretch and shrink film market.
Growing demand for packaging products has increased the consumption of plastics which requires a proper disposal of these products resulting in increasing environmental concerns among the stretch and shrink films manufacturers.
However, stringent rules and regulations and constantly changing raw material prices are the challenging factors for market which are expected to hamper the global stretch & shrink foilms market growth.
Impact of COVID 19 on Market
Coronavirus (COVID 19) disease is increasingly becoming the major setback for global stretch and shrink film market. The industry facing various challenges due to COVID 19 such as reduced production, supply chain, and others. COVID 19 outbreak is expected to impact moderately global stretch and shribk film market growth.
Organized retail sector will help to enhance the welfare gains for consumers & will boost the exports which in turn will improve the economy. The organized sector expands with 3.5% per year that escalates export that in turn will rise the demand for pallet wrapping. Therefore, organized retailing will rise the demand for pallet wrapping products which in turn will increase the demand for stretch film in the emerging economies like India, China & MEA regions.
Global Stretch & Shrink Films Market is segmented into resin such as Polyvinyl Chloride, Low-density polyethylene, and Linear low density polyethylene, by product such as Wraps, Sleeves & labels, and Hoods. Further, Global Stretch & Shrink Films Market is segmented into application such as Pharmaceutical, Consumer Goods, Industrial Packaging, and Food & Beverages.
Also, Global Stretch & Shrink Films Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Coveris Holdings Inc, American Eagle Packaging, Bonset America Corporation, Allied Global Plastics Pvt. Ltd, Sigma Plastics Group, Bollore Inc, Bemis Company Inc, AEP Industries Inc, and Berry Plastics Corporation
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