The global shrink plastic film market size was worth around USD 2.3 billion in 2021 and is predicted to grow to around USD 3.3 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.2% between 2022 and 2030.
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➤ Increasing the market growth by utilizing polyolefin shrink plastic films in the packaging industry.
Polyolefin shrink plastic films are exceedingly flexible and resilient. These films are capable of bundling a diverse array of items and possess a high tensile strength. Furthermore, the prevention of accumulation on machinery sealing components is facilitated by cross-linked polyolefin film. polyolefin shrink plastic films are frequently employed in the packaging industry as a result of their exceptional characteristics. These films are also frequently employed in the food packaging industry due to their FDA sanction and recognition as food-safe materials.
➤ Traditional packaging poses a significant challenge.
In 2019, the global packaging demand surpassed USD 917.1 billion and is expected to experience a substantial increase in the future. At the same time, there is a substantial increase in the popularity of online and e-commerce purchasing. Containers, films, corrugated packaging, and other conventional packaging methods pose a significant challenge to stretch and compress films. There are still numerous products on the global market that are not film sped up, as stretch and compress films do not provide the requisite protection. Nevertheless, it is anticipated that the demand for stretch and shrink films in global markets will increase as a result of additional research and development into their quality. Consequently, the market expansion is anticipated to be constrained by the robust competition from traditional packaging.
➤ A lucrative opportunity is presented by the printed shrink plastic film.
The global shrink plastic films market is expanding due to the heightened demand for printed shrink plastic films in the beverage packaging sector. Shrink plastic films are an environmentally beneficial packaging option due to their ability to reduce the weight of the product. It offers a simple solution to the necessity for reduced waste and lighter packaging. Shrink plastic films that are inexpensive are also visually appealing on the shelf. Printed shrink plastic films enable the reduction of costs associated with items such as pre-labeled products and UPCs. Additionally, these films reduce the necessity for additional polyvinyl chloride sleeves for adhesives and branding. Consequently, the beverage packaging industry has experienced a surge in demand for shrink plastic films, as they provide a comprehensive solution for businesses seeking sustainable, cost-effective, and visually appealing packaging options. Consequently, this presents a lucrative opportunity for market expansion.
➤ Substitute availability
The global market for shrink plastic films is anticipated to be constrained by the availability of plastic substitutes. Shrink plastic films are more costly than regular plastic films that are employed for product packaging. This could potentially decrease the demand for shrink plastic films in the near future. Presently, biodegradable plastic is accessible. As an outcome of the increasing awareness of environmental issues, there is a substantial demand for biodegradable polymers. The market’s expansion is further impeded by the global consensus regarding the disposal and utilization of plastic films and other comparable products. Humans utilize 500 billion plastic bags annually, according to a survey.
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The Global Shrink Plastic Film Market is segmented based on product, application and region
Global Shrink Plastic Film Market: Product Segment Analysis
● Printed
● Unprinted
Global Shrink Plastic Film Market: Application Segment Analysis
● Buildings
● Product Packaging
● Food & Beverages Packaging
● Industrial Packaging
● Others
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The global Shrink Plastic Film market profiles key players such as:
● RKW SE
● Sealed Air
● Plastotecnica Spa
● Clondalkin Group Holdings Bv
● Ceisa Packaging Sas
● Vishakha Polyfab Pvt Ltd
● Coveris Holdings S.A.
● Bemis Company Inc
● Amcor Limited
● Berry Plastics Corporation
● Aep Industries Inc
???? Recent Developments:
• Dow and Lucro Plastecycle, an Indian recycling business, executed a memorandum of understanding (MoU) in February 2021 to collaborate on the development and commercialization of polyethylene (PE) film solutions that are derived from post-consumer recycled (PCR) plastics in India. The expansion of Dow’s circularity portfolio in the Asia Pacific region is facilitated by this collaboration, which also introduces a closed-loop packaging solution to India to facilitate the development of a circular economy.
• Garware Polyester, an Indian film manufacturer, introduced medium shrink and minimal shrink force PET films in June 2019. Low-shrink films are manufactured for HDPE and LLDPE containers that lack a robust shrink force to compress the films over the container. Customers would not be required to make any special alterations, and the films would have a thickness of 40–45–50 microns. A distribution center in North America has also been in the works for the business.
➤ It is anticipated that the Asia Pacific region will maintain the highest market share during the forecast period.
It is anticipated that the Asia Pacific region will possess the highest global market share of shrink plastic film during the forecast period… The expanding markets for consumables and beverages, particularly in China and India, are the primary reason for the regional expansion. Additionally, it is anticipated that the demand for flexible packaging will increase in the future as a result of the growing demand for packaged food and the increasing disposable income. For example, the food industry was valued at US$ 39.71 billion in 2017 and is expected to increase to US$ 65.4 billion in 2018, with a compound annual growth rate (CAGR) of 11%, according to the India Brand Equity Foundation (IBEF). Additionally, the pharmaceutical sector in the region has expanded rapidly in recent years. It has become increasingly critical due to the increasing prevalence of diseases such as cancer and heart disease, as well as the evolution of people’s lifestyles.
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