The global polyolefin shrink film market size was valued at USD8.54 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2030. The increasing penetration of the product in the food, consumer goods, industrial packaging, pharmaceuticals, and beverage application owing to the improved characteristics of the product is expected to drive demand over the forecast period. The market is expected to witness significant growth owing to the increasing technological innovations and improved formulations about the product. Innovative cross-link technology provides the product with high tensile strength, durable heat sealing, and enhanced shrink ability which is expected to be a key aspect driving the market growth.
Polyolefin is preferred over the shrink firms made by other substances owing to the physical and chemical properties such as availability, clarities, variety of thickness, strength, and shrink ratio. Due to the various applications of these shrink films in the food and beverages industry, the demand for polyolefin shrink films is increasing. These films can also be molded into various shapes and sizes for different purposes such as storage, transportation of edible items, and packaging, owing to these various characteristics of the product driving the market.
The polyolefin films are approved by the Food and Drug Administration for direct food contact; therefore, these are used for wrapping edible and non-edible items. Polyolefins are popular due to their low odor after sealing, greater flexibility, and higher seal strength.
The alternatives available for the plastic are expected to be major factors hindering the growth of the polyolefin shrink films market. The cost of shrink plastic films and the cost associated with the tools used for it is much more than the regular plastic films used for packaging, this limits the demand for the shrink film. The growing environmental awareness is expected to create a large number of opportunities for the biodegradable shrink film market.
The food and beverage industry are a major consumer of POF shrink films due to the growing demand for packaged foods, including fresh produce and ready-to-eat meals. Consumers are increasingly concerned about product safety and hygiene. Shrink films offer a barrier against contaminants, preserving product integrity. POF shrink films are widely used for packaging toys, electronics, and household items due to their aesthetic appeal and protective qualities.
The surge in online shopping has led to a significant increase in the need for efficient and protective packaging solutions. Shrink films provide excellent product protection during transit, reducing damage and returns. Continuous advancements in cross-linking technology have improved the physical properties of POF films, leading to enhanced performance features such as better heat sealing, higher impact resistance, and increased shrink ability.
General POF shrink films dominated the market with 56.8% of revenue share in 2023. This is due to their cost-effectiveness, good optical properties, and high shrinkage rates. These films offer a balance of performance and price, making them suitable for a wide range of applications. The increasing demand for affordable packaging solutions across various industries, coupled with the growing focus on efficient packaging processes, is driving the growth of general POF shrink films.
Cross-linked POF shrink films are anticipated to witness the significant CAGR of 3.7% over the forecast period. This upward trend is due to their superior properties such as higher clarity, improved puncture resistance, and better sealing capabilities. These films offer enhanced product protection and presentation, making them ideal for applications that require high-performance packaging. The rising consumer preference for visually appealing and high-quality products, along with the increasing emphasis on product safety and integrity, is fuelling the demand for cross-linked POF shrink films.
The food and beverage segment accounted for the largest market revenue share of 28.7% in 2023. The increasing consumer preference for packaged foods, driven by convenience and hygiene concerns, has led to a surge in demand for effective packaging solutions. POF shrink films provide an excellent barrier against moisture, oxygen, and contaminants, thereby extending shelf life and maintaining product freshness.As e-commerce continues to expand within the food sector, the need for durable and lightweight packaging solutions further propels the adoption of POF shrink films.
The industrial packaging segment is projected to grow at a CAGR of 3.7% over the forecast period. Industries such as electronics, pharmaceuticals, and consumer goods increasingly rely on robust packaging solutions that can withstand harsh handling conditions while ensuring product integrity. POF shrink films offer superior puncture resistance and clarity, making them ideal for bundling multiple items together securely without compromising visibility.
The North America polyolefin shrink film market is anticipated to grow at a CAGR of 3.6% during the forecast period. It is attributable to robust e-commerce industry, a strong focus on food safety, and the prevalence of advanced packaging technologies is propelling market expansion. The region's well-established supply chain infrastructure, coupled with the increasing demand for convenient and secure packaging solutions, has further fuelled the growth of the POF shrink film market in North America.
The U.S. polyolefin shrink film market held a dominant position in 2023. The country's large population, high disposable income, and the presence of major retail and food and beverage companies is propelling the market expansion.
The Europe polyolefin shrink film market was identified as a lucrative region in 2023 driven by e-commerce sector, a strong emphasis on sustainability, and stringent food safety regulations. The region's developed packaging industry, coupled with a growing consumer preference for convenient and high-quality products, has created a favourable environment for the growth of POF shrink films.
The UK polyolefin shrink film market held a substantial market share in 2023. The increasing demand for efficient packaging solutions across various industries, combined with the country's emphasis on sustainability, has driven the adoption of POF shrink films in the UK.
Asia Pacific market dominated the marketwith 40.0% of revenue share in 2023. The market is expected to grow during the forecast period due to the rapid industrialization, urbanization, and rising disposable incomes. The region's burgeoning e-commerce sector, coupled with the growing demand for packaged food and consumer goods, has significantly boosted the consumption of POF shrink films.
The China polyolefin shrink film market held largest share in 2023. The country’s massive population, rapid economic growth, and a thriving manufacturing sector are fuelling the market growth. Furthermore, the country's expanding food and beverage industry, coupled with the increasing adoption of e-commerce, has created a robust demand for POF shrink films.
Some key companies in polyolefin shrink film market include Exxon Mobil Corporation, DM PACK SRL, Vibgyor International, Amcor Plc, Allen Plastic Industries Co., Ltd., Sigma Plastics Group and others.
Vibgyor International a is a prominent Indian manufacturer, supplier, and exporter of high-quality packaging equipment and materials. The company offers an extensive array of products designed to meet diverse packaging needs. This includes carton strapping machines, hot melt applicators, shrink wrapping systems, liquid nitrogen dosers, conveyors, and automated weighing solutions.
The following are the leading companies in the polyolefin shrink film market. These companies collectively hold the largest market share and dictate industry trends.
View a comprehensive list of companies in the Polyolefin Shrink Film Market
In August 2024, Amcor Plc announced that it signed an agreement to acquire Phoenix Flexibles. The acquisition will enhance the capacity of Amcor in Indian market.
In March 2024, ExxonMobil Asia Pacific Research & Development Co., Ltd (ExxonMobil) and Shantou Mingca Packaging Co Ltd introduced double bubble Polyethylene-based Shrink Film (PEF) solution, the next gen of Polyolefin Shrink Film (POF) that can be used for the packaging of household, electronics, personal care products, food, medicines, books & magazines, toys and plastic utensils.
Report Attribute |
Details |
Market size value in 2024 |
USD 8.77 billion |
Revenue forecast in 2030 |
USD 10.82 billion |
Growth Rate |
CAGR of 3.5% from 2024 to 2030 |
Base year for estimation |
2023 |
Historical data |
2018 - 2022 |
Forecast period |
2024 - 2030 |
Quantitative units |
Volume in Kilo Tons, Revenue in USD billion/million and CAGR from 2024 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, End Use, and Region |
Regional scope |
North America, Europe, Asia Pacific, Central & South America, MEA |
Country scope |
U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, The Netherlands, Denmark, Sweden, Norway, China, Japan, India, Indonesia, South Korea, Thailand, Australia, Argentina, Brazil, Saudi Arabia, UAE, South Africa |
Key companies profiled |
Exxon Mobil Corporation, DM PACK SRL, Vibgyor International, Plásticos Retráctiles, S.L., Amcor Plc, Berry Global Inc. , Allen Plastic Industries Co., Ltd., FlexiPack, SABIC, Sigma Plastics Group |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global polyolefin shrink film market report based on type, end use, and region.
Type Outlook (Revenue, USD Million, Volume in Kilo Tons, 2018 - 2030)
General
Cross-linked
End Use Outlook (Revenue, USD Million, Volume in Kilo Tons, 2018 - 2030)
Food and Beverage
Industrial Packaging
Pharmaceutical
Personal Care and Cosmetics
Printing and Stationery
Others
Regional Outlook (Revenue, USD Million, Volume in Kilo Tons, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Denmark
Sweden
Norway
Asia Pacific
China
Japan
India
South Korea
Thailand
Indonesia
Latin America
Argentina
Brazil
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."