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.
 |
| U.S. stretch and shrink film market revenue, by resin, 2013 - 2024 (USD Million) |
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.
Browse full
research report on Stretch And Shrink Film Market: www.grandviewresearch.com/industry-analysis/stretch-and-shrink-films-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.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/specialty-bio-based-and-water-soluble-polymers
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
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-stretch-and-shrink-films-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
