The global stretch and shrink films market would reach a valuation of USD 18.46 billion by 2024; says a research report published by Grand View Research, Inc. Increasing demand for light-weight materials for industrial packaging is considered as the key factor that will drive the global market over the forecast period (from 2018 to 2024). The superior packaging properties of the product including robust package sealing capabilities, improved printability, and easy use are expected to boost the market growth. Rising demand for stretch and shrink film hoods in the consumer goods packaging and industrial packaging is also expected to spur the market development.
The product can be utilized in several palletized consumer goods including CDs, toys, and electrical and electronic gadgets. The stretch and shrink films hold these products in together to support easy transportation and avoid misplacement of the products. Also, rapidly expanding electronics industry is also likely to support the market growth over the coming years. In addition, extensive product usage in food packaging due to rising demand for food items including fruits, vegetables, and others would also propel the stretch and shrink films market growth during the forecast period. The stretch films are also used for primary, as well as secondary, packaging of these food products.
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Since these stretch and shrink films are lightweight, they helps reduce the overall transportation costs thereby improving the profit margins. Thus, the material has high demand in various end-use industries such as pharmaceuticals and consumer goods. Moreover, the advent of superior materials such as High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), and Extended Polyethylene (EPE) is expected to strengthen the pallet holding capabilities of the films. The development of bio-degradable films will help overcome many challenges related to film disposal. All these factors are anticipated to boost the product demand and market growth in the next few years.
The global stretch and shrink films market can be segmented on the basis of resin, product, application, and regions. On the basis of resin, the market can be categorized into LLDPE, PVC, LDPE, and others. Based on product, the market can be classified into hoods, sleeves and labels, and wraps. In 2015, the sleeves and labels segment accounted for 40 % of the total market share and is likely to grow further due to its demand in the beverages industry. On the basis of application, the market can be segregated into food and beverage, industrial packaging, consumer goods, and pharmaceutical.
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In 2015, the food and beverages segment accounted for another 40 % of the total share due to growing demand for high-strength and lightweight packaging materials. Furthermore, ease of sterilization of packaging material offered by is also expected to boost this application segment. On the basis of geographies, the market for stretch and shrink films can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2015, Asia Pacific accounted for 38.3 % of the overall market share, in terms of revenue.
The Asia Pacific regional stretch and shrink films market is likely to dominate the market in the coming years on account of flourishing food and beverage industry, especially in developing countries including India and China. Growing demand for packaged food products along with increasing consumer disposable income is estimated to increase the demand for flexible packaging. North America is expected to exhibit a significant development due to the presence of various consumer goods manufacturing companies. Rising use of the product for secondary packaging of household and personal care products, beverages, etc. is anticipated to drive the market growth in this region.
North America is one of the leading consumer and manufacturer of processed food items and thus, experiences the maximum demand for stretch and shrink films. Europe is expected to exhibit a reasonable growth on account of the presence of strict regulatory framework regarding the use of plastics in the food sector. Manufacturers in the region have developed advanced products that adhere to the regulatory standards, therefor product prices are expected to remain higher in this region. Key players operating in the global stretch and shrink films market include AmTopp Films, Inc.; Bollore Inc.; Bemis Company Inc.; AmTopp Films, Inc.; and WW Grainger Inc.
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