Global Stretch and Shrink Films Market: Snapshot
The global stretch and shrink films market is foreseen to gain growth on the back of the high demand for LDPE-based products offered by manufacturers. LDPE-based stretch and shrink films are largely used in the food and beverage industry because of their superior performance and high transparency as a food contact material. Availability of LDPE-based stretch and shrink films in a broad range of sizes and gauges is expected to increase their demand in the global market. Sustainable use of LDPE-based stretch and shrink films for packing irregular-shaped loads give them a competitive edge over other packaging solutions. Among products, stretch hoods could attract high demand in the global stretch and shrink films market because of their industrial application of palletizing goods.
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Need to improve packaging products and services and the rising use of advanced technology are foreseen to set the tone for valuable growth in the global stretch and shrink films market. Taking into account their superior print capability, prolonged shelf life, and improved sealing properties, LDPE-based stretch and shrink films find high demand in the consumer goods sector. LDPE-based stretch and shrink films are also highly demanded in the secondary packaging of a variety of food products, pharmaceuticals, perfumes, hair products, cosmetics, soaps, and other health and beauty products.
The rise of e-commerce could be another factor augmenting the demand in the LDPE-based stretch and shrink films market. Increasing number of single parent households in developed countries has pushed smaller pack size, which is predicted to work in the favor of the LDPE-based stretch and shrink films market. On the other hand, polyvinylchloride-based stretch and shrink films could gain significant demand because of their use in secondary packaging. Application in automated and manual operations and superior sealing performance are expected to augment the demand in the polyvinylchloride-based stretch and shrink films market.
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Stretch & Shrink Films Market: Overview
Stretch film is created with the help of polyethylene plastic. They are known to come back to its original size, as a result of which it is more secure and tight load in times of shipping. It also gives protection from dust and moisture to some extent, and helps in protecting from pilferage, and also enhances the stability of the internal handling load. On the other hand, shrink film, which is made of polyolefin plastic, is basically utilized to safeguard particular products, or pack various product, usually as retail packaging. The shrink film is sealed and wrapped around the items, making it a loose bag.
In terms of application, in recent past, the food and beverage was the biggest application for stretch films, with the highest share in the market owing to increased demand for packaged foods comprising of frozen meals, ready-to-eat meals, bakery products, and snack foods. Moreover, rise in product demand regarding packaging of fresh and frozen food items for example, fruits, meat, and vegetables is foreseen to propel the growth of the market.
Stretch & Shrink Films Market: Trends and Opportunities
Surging in demand for the products because of booming food packing sector has prompted the rise in consumption of food products. Moreover, high demand food products, including vegetables, and organic food is likely to fuel the market development in the forthcoming years.
The major reason driving the demand in the global stretch and shrink films market is the developing adoption of flexible packaging. Out of various types of flexible packaging, the stretch and shrink films has bagged the highest usage in the inventory network. Owing to surge in food and beverages segment being one of the key end-user of stretch and shrink films, results in the growth in for packaged food and the increased utilization of flexible packaging.
The global stretch and shrink films market is additionally being stirred by the propelling growth in pharmaceutical industry, the logistics and transportation industry, and the flourishing retail sector.
The increase in concerns regarding environmental harm by packaging sector in past few years, is one of the major hindrance in the global stretch and shrink films market. Strict regulations implemented to check the damage has turned up as a hit to the makers. This is acting like another threat to the market growth, globally.
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Stretch & Shrink Films Market: Regional Analysis
In terms of geography, Asia Pacific region emerged as the key region leading the global stretch films market, in terms of revenue share. Rise in consumption of food and beverages in nations such as India and China is one of the drivers helping the regional growth. Apart from this, the rising demand for packaged food along with rise in disposable income of the population is anticipated to increase demand with respect to flexible packaging during the forecast period.
Moreover, North America region is also anticipated to be fueled by the emergence of various firms manufacturing the consumer goods, for example, Groupo Bimbo in Canada and Mexico. The usage of the product in secondary packaging of products such as, household, beverages, and personal care products is estimated to contribute in market growth.
Global Stretch & Shrink Films Market: Competitive Landscape
Firms for example, Bemis, Dow, and LyondellBasell, have emerged as a key players in the global market, enjoying a major early mover benefit. Notable experience in the amrket by the firms help them in coming up with better market strategies to sustain and improve their market position. Bonset America Corporation, Linpac Senior Holdings Limited, and Groupo Barbier depend on their varied portfolio and past experience so as to customize their products as per the customer’s requirement.
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