The global stretch and shrink film market is expected to reach USD 18.46 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for the light-weight material for industrial packaging is expected to drive growth for the product over the forecast period. The demand is expected to be driven by superior packaging properties such as improved printability, easier application and robust package sealing capabilities of the films.
The introduction of superior shrink and stretch film materials such as linear low-density polyethylene (LLDPE), extended polyethylene (EPE) and High-Density Polyethylene (HDPE) is expected to further strengthen the pallet holding abilities of the films. In addition, the development of bio-degradable stretch and shrink films by the leading manufacturers in a bid to counter the challenges of film disposal is expected to drive the demand over the next eight years.
The low weight of the product results in a substantial decrease in the transportation cost thereby elevating the profit margins, resulting in the higher adoption of such packaging materials by the leading end-use industries.
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Further key findings from the report suggest:
LLDPE is expected to witness robust growth, growing at a CAGR of over 5% from 2016 to 2024. The demand for LLDPE was driven by superior pallet unitization characteristics of the LLDPE shrink films. The LLDPE resin based stretch films are expected to grow owing to the increased damage resistance during product transportation.
Stretch and shrink film hoods are expected to register highest growth rate, growing at a CAGR of more than 5% from 2016 to 2024. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. Also, ease of packaging achieved by stretch and shrink film hoods are is expected to drive the demand for the product over the forecast period.
Sleeves and labels accounted for over 40% of the global shrink films market in 2015 and are expected to witness robust growth on account of rising demand for the product in the beverage industry. Also, easier product marketing and branding owing to the ease of application of the labels onto the bottle is expected to attract major beverage manufacturers towards the product segment.
Food and beverages application accounted for 40% of the overall revenue driven by the increasing demand for high strength, low weight packaging materials. In addition, ease of packaging material sterilization is expected to drive the demand for stretch films for food packaging.
The demand for the industry in Asia Pacific was valued at over USD 4 billion in 2015 owing to rapid growth of the application industries such as food & beverage and consumer goods. In addition, growing import and export activities by the developing economies such as India and China are expected to drive the demand for low weight packaging material for pallet unitization of industrial goods.
Major industry players resort to mergers & acquisitions (M&A) as well as capacity expansions to cater to the growing demand. Furthermore, companies including Sigma Plastics Group and Berry Plastics Corporation have acquired companies to expand their market presence.
Grand View Research has segmented the stretch and shrink film market on the basis of resin, product, application and region:
Resin Outlook (Revenue, USD Million, 2013 - 2024)
Product Outlook (Revenue, USD Million, 2013 - 2024)
Sleeves and labels
Application Outlook (Revenue, USD Million, 2013 - 2024)
Food & beverage
Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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