Shrink Films Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

In 2019, the Shrink Films Market is expected to rise at a compound annual growth rate of more than 6% for the forecast period of 2021 to 2029. The rise is mostly attributable to increasing packaged goods consumption as a result of lifestyle changes. This report covers all the quantitative and qualitative aspects of the Shrink Film Market and also focuses on key drivers, the challenges, the growth opportunities and its future prospects.

Shrink Films Market Overview

Shrink wrap (also known as shrink film) is a polymer plastic film that is used to wrap packages. It shrinks tightly over whatever it is covering when heat is applied. A handheld heat gun (electric or gas) can be used to apply heat, or the product and film can be passed through a heat tunnel on a conveyor. The shrinking of the film removes any air content present around the product, resulting in a protective covering. This method is generally useful for safeguarding against external contamination. It has shown to be effective in maintaining products integrity and stability. It also has a high degree of flexibility and can retain any shape during the packaging process, making it ideal for use as primary packaging for finished goods. They are being used in a wide range of industries such as Food, Beverage, Cosmetics, Electronics, Pharmaceuticals and many more.

Highest Demand Emerges From Industrial and Consumer Good Packaging Industry

The market has been segmented on the basis of Type of Material of Films, Design, Form, Products, Application and Regional Basis. On the basis of Material, LDPE is anticipated to dominate the market as it provides better strength, flexibility and durability for bulkier objects whereas on the basis of product, hoods are predicted to dominate the market. Increasing demand of shrink film hoods in industrial and consumer good packaging is likely to fuel this dominance. Flat roll-stock, center-folded film, and pre-formed plastic shrink bags are all part of the Shrink Plastic Film Market's Form sector. In 2020, the flat roll-stock sector has the biggest market share owing to its availability in different sizes making it suitable for packing different products.

Key Properties Widening Applications Though Environment Concerns is a Worry

Shrink films market is experiencing a surge in recent years because of its increased versatility and light weight nature, which makes it an appealing option for manufacturers to use in packaging particular consumer goods. It can be used for packaging drinks, snacks, air conditioners and other similar items. Although it is used in a variety of industries, the increasing preference for plastic film is why shrink film is a prime candidate for energy efficient and cost-effective packaging solutions. Other important factor driving growth of this market is increased demand in e-commerce industry.

Shrink films are harmful to the environment because of their non-biodegradable nature, and the lack of a reliable disposal mechanism to dispose of these plastic films is posing a challenge to market growth. Plastic bans in a few nations, as well as plastic that leaves carbon deposits, are stifling industry growth. According to a United Nations Environment Programme (UNEP) report, we produce about 300 million tonnes of plastic waste every year which is equivalent to the weight of entire human population.

Asia-Pacific Contributing over 40% of Market Revenues

On the basis of regional segmentation, shrink films market is segmented as North America, Latin America, Europe, Asia Pacific, Middle East and Africa, and Rest of the World. Shrink films market is experiencing growth owing to increasing disposable income especially in developing economies such as India and China. With a market share of more than 40%, Asia-Pacific led the global market in 2020. Shrink films are becoming more popular in the area, thanks to the developing packaging and healthcare industries in nations such as China, India, Japan, and South Korea. China's packaging industry is the world's second-largest. Due to the increase in custom packaging and the increasing demand for packaged consumer goods, the country is expected to grow steadily. Furthermore, India has the world's fifth-largest packaging industry, which is rapidly expanding. The packaging industry in the country is being driven primarily by increasing innovation in industries to make their products more compact and portable.

Major players of Shrink Films Market are Deufol SE (Germany), Aakriti Packaging (India), Dow Chemical Company (US), Amcor Ltd (Australia), American Eagle Packaging Corporation (U.S), Berry Global Inc. (US), Bonset America Corporation (US), Bemis Company Inc. (US), Printpack Incorporated (US), and Sigma Plastics Group. Industry leaders are targeting on developing Research and Development activities, new product launches.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2029.

Report Scope by Segments

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.


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