Stretch and Shrink Films Market to Witness Double Digit CAGR by 2024

Stretch and Shrink Films Market to Witness Double Digit CAGR by 2024

The stretch and shrink films are widely used for the purpose of packaging various stacked consumer goods such as electrical and electronic gadgets, gift packs, toys, compact discs, and others. Globalization has resulted in the transportation of shipments of various products across different continents, which has increased the demand for robust packaging solutions in order to improve durability. Thus, the demand for stretch and shrink films is anticipated to increase considerably in the near future. Growing adoption of shrink labels and hoods in the food & beverage industry owing to its ability to endure at wide temperature range is expected to foster the overall demand. In addition, rising sale of retail items along with increasing e-commerce sales is also anticipated to drive the growth of packaging industry, which in turn is expected to impact the global stretch and shrink films market growth positively in the near future.

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Factors such as high efficiency of film manufacturing and layering, rising sales of retail items, and increasing use of stretch and shrink hoods, beverage and pallet unitization wraps are also fostering the demand of stretch and shrink films globally. On the other hand, stringent regulatory norms relevant to packaging materials used in the food industry are expected to restrain the market growth to some extent. Moreover, constantly changing raw material prices along with the uncertainty of the natural gas and petroleum market is expected to be a key concern of manufacturers.

On the basis of application, the global stretch and shrink films market is segmented as beverages packaging, material goods packaging, consumer product packaging, food packaging, industrial/bulk product packaging, and pharmaceuticals packaging. Based on the type, the global market is segmented as stretch wraps, stretch labels and sleeves, stretch hoods, shrink wrap, shrink labels, shrink bags, and shrink hoods. On the basis of resins, the global stretch and shrink films market is further segmented as linear low-density polyethylene (LLDP), low-density polyethylene (LDP), and polyvinyl chloride (PVC).

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Asia Pacific is anticipated to dominate the global stretch and shrink films market mainly owing to high growth for food and beverage industry. In addition, the demand for bulk packaging materials by the developing countries such as China and India is also expected to drive the market growth. Increasing demand for consumer goods in this region is expected to impact the market positively. Moreover, rising awareness regarding personal health is also anticipated to boost the demand for health-based packaged beverages in this region, which in turn is expected to result in high market growth.

Some of the major players in the global stretch and shrink films market are Berry Plastics Corporation, AEP Industries Inc., Bemis Company Inc., Bollore Inc., Sigma Plastics Group, Allied Global Plastics Pvt. Ltd., Bonset America Corporation, American Eagle Packaging, and Coveris Holdings Inc.

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Stretch and Shrink Films Market: Regional Segment Analysis

North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa

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