The global polyolefin (POF) shrink film market is expected to reach USD 7.4 billion by 2025, growing at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Superior characteristics offered by the polyolefin (POF) shrink films owing to the introduction of cross-linking technology is expected to drive demand over the forecast period.
The rising demand of polyolefin (POF) shrink films owing to its improved barrier properties, ease of printing and superior airtight sealing to increase the shelf life of the product is expected to drive market growth over the forecast period. In addition, high gloss finish of the film enhances the appearance and aids marketing success, which is expected to complement growth.
Growing demand for packaged food such as ready-to-eat meals, snacks, and frozen meals with changing lifestyle, modern retail trades and increased popularity of quick service restaurants are expected to drive the growth. In addition, use of innovative processing techniques to improve the characteristics of the product is likely to boost the adoption of the film.
Major players such as Sealed Air Corporation cater to their local as well as the global market. As the survival in the industry is challenging owing to the presence of a large number of small-scale manufacturers, companies focus on providing premium quality products and enhance the formulation capabilities to gain a competitive edge.
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Further key findings from the report suggest:
Cross-linked films accounted for 57.8% of the revenue share in 2016 and is expected to grow at a CAGR of 5.1% owing to its rising demand for food and consumer goods application
Industrial packaging accounted for 26.4% of the overall revenue share in 2016 on account of the growing demand in construction and automotive industries for product handling and packaging applications
Rising demand for alcoholic & non-alcoholic beverages is expected to drive the market growth for the product on account of its application in bundling of plastic bottles and cans using printed and clear films
Asia pacific accounted for 35.7% of revenue share in 2016 on account of the growing demand for the product in consumer goods packaging industry in the developing economies including China and India
The major players in the industry constantly invest in the new product development projects to enhance the characteristics of the product and reduce the manufacturing cost to gain a competitive edge over the local players in the market
Grand View Research has segmented the global POF shrink film market on the basis of product, application and region:
Polyolefin Shrink Film Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Polyolefin Shrink Film Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Polyolefin Shrink Film Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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