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.
In depth research report on Stretch And Shrink Film Market
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)
•
LLDPE
•
LDPE
•
PVC
•
Others
Product Outlook (Revenue, USD Million, 2013 - 2024)
•
Hoods
•
Sleeves and labels
•
Wraps
Application Outlook (Revenue, USD Million, 2013 - 2024)
•
Food & beverage
•
Industrial packaging
•
Consumer goods
•
Pharmaceutical
Regional Outlook (Revenue, USD Million, 2013 - 2024)
•
North America
•
U.S.
•
Europe
•
Germany
•
UK
•
Asia Pacific
•
China
•
Japan
•
India
•
Latin America
•
Brazil
•
Middle East & Africa
•
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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