Shrink Plastic Film Market
Shrink Plastic Film Market Forecasts to 2028 - Global Analysis By Material Type (Polyvinyl Chloride (PVC), Polyethylene (PE), Polyolefin (POF) and Other Material Types), Thickness (Above 150 micron, 100-150 micron, 50-100 micron and Less than 50 micron), Type (Printed and Unprinted), Application Packaging (Labels, Wraps and Bags), Multipack Sizes, End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $2.78 BN |
|
Projected Year Value (2028) |
US $3.83 BN |
|
CAGR (2022 - 2028) |
5.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Shrink Plastic Film Market is accounted for $2.78 billion in 2022 and is expected to reach $3.83 billion by 2028 growing at a CAGR of 5.5% during the forecast period. Shrink film is a flexible polymer material used for finished goods packaging. A conveyor heat tunnel or an electric or gas heat gun is used to apply heat to the film, causing it to shrink closely around the item placed within. The growing retail and hypermarket industries, as well as the rising e-commerce business, as well as the requirement for product packaging and safety, are the key factors driving market expansion. The films provide advantages such as extended shelf life for one wide range of food items, reduced leakers while packing stiff or sharp-edged products, major intensity and puncture resistance, and high impact and puncture resistance. Furthermore, it provides premium product presentation, kept durability at freezing conditions, and preserved package integrity, all of which contribute to market growth.
According to the National Renewable Energy Laboratory, US Department of Energy, more than 82 million metric tons of polyethylene terephthalate (PET) is produced each year globally to make single-use beverage bottles, packaging, clothing, and carpets. The volume is expected to reach 600 million tons by 2050.
Market Dynamics:
Driver:
Excessive Alcohol Consumption
The most common global trend is an increase in recorded per capita alcohol use. This trend is also beneficial to the shrink plastic film market for beverage multipacks. A market for multipacks is emerging as a result of rising demand. The huge increase in worldwide population and rising disposable income are the key variables driving beer and other alcoholic beverage consumption. Another driving element is the alcoholic beverage producers' high commercialization and enhanced distribution routes, as well as the purchase channels they use, such as internet stores. Furthermore, rising per capita income, combined with rising youth disposable money, has increased alcoholic beverage consumption which in turn boosting the shrink film market.
Restraint:
Raw material scarcity
Increased demand for shrink plastic film is driving rising demand for virgin plastics, as demand exceeds supply. Supply has been constrained due to the shutdown of plastic manufacturing plants in China, the United States, and Germany. Furthermore, Russia and Saudi Arabia's pricing battle is causing supply chain bottlenecks. China is critical to the supply chain of the American plastics industry. Packaging inks and coatings are also under supply chain strain due to global raw material shortages and quick price increases which hindered the growth of the market.
Opportunity:
Growing packaged beverage utilization
The primary opportunity in the shrink plastic film market is changing consumer consumption patterns with an increase in demand for ready-to-drink beverages. Customers like bottled beverages because they are healthful, safe, convenient, refreshing, and easy to transport. They are interested in alternative packaging materials to the standard glass bottle packaging in cartons. They require lightweight, portable beverage multipacks for long-term use. Furthermore, as consumer awareness grows, they are looking for an environmentally responsible packaging solution. Shrink film packaging offers a packaging solution that includes all of the attributes desired by the client. As a result of increased beverage consumption, the market for beverage multipacks expands as customers purchase more beverage multipacks.
Threat:
High cost associated with the testing of the packaging
Packaging manufacturers must assure the use of high-quality packaging materials since they come into direct contact with products such as food, pharmaceuticals, or personal care items that have a direct impact on consumer health. As a result, the packaging manufacturer must conduct a thorough toxicological analysis test. The cost of evaluating plastics and other materials rises in tandem with migration. Automatic instruments produce more consistent and timely test findings. Unfortunately, because of the high cost of instruments, testing costs rise as well. Because of the high costs associated with testing, end-user businesses have become hesitant to undertake tests on packaging, resulting in failure to meet required regulatory standards. The high expenses of testing contribute to a rise in the price of shrink plastic film, making it harder for manufacturers to compete in the market.
Covid-19 Impact
The global epidemic of COVID-19 has had a significant influence on the shrink film sector. Because of government limitations and customer concerns about eating outside food, the breakout of the COVID-19 pandemic in 2020 benefited the ready-to-eat food industry. The epidemic has driven consumers to prioritise safety and hygiene, making packaged food a favoured choice over restaurant-cooked food. The lockdown limits had a significant influence on the foodservice industry's revenues, resulting in a decrease in sales of packaging materials like as shrink films.
The Polyvinyl Chloride (PVC) segment is expected to be the largest during the forecast period
The Polyvinyl Chloride (PVC) segment is estimated to have a lucrative growth, due to its durability, it is frequently employed in a wide range of applications. Packaging boxes, CD and DVD packaging, software, small canisters, and other non-edible products are all examples of PVC shrink wrap applications. PVC shrink wrap was the most often used shrink film until it was superseded by polyolefin (POF) shrink wrap a few years ago. The increasing use of PVC shrink film in numerous industries such as packaging, food and drinks, and pharmaceuticals is driving market expansion. Substantial growth in the consumer products industry is likely to drive significant market growth throughout the review period.
The Printed segment is expected to have the highest CAGR during the forecast period
The Printed segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the option to add branded imagery and eye-catching graphics directly on the packaging, unlike ordinary shrink film. Printed polyolefin shrink film eliminates the need for labelling while also enhancing the packaging with vivid graphics. It is a popular choice among many high-volume CPG companies. A single impression is the length of film required to wrap one bundle. Because it can be printed with full colour, high quality graphics and text, printed shrink film has substantially higher shelf appeal. This makes it significantly more appealing to customers than plain shrink film. In this way, it outperforms paperboard boxes in terms of carbon footprint, visibility, and shipping cost thereby propelling the market growth.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the consumers in the Asia Pacific region are looking for varied comfort foods and on-the-go beverage options due to the region's high population and increased purchasing power. Customers are seeking for more packaged options as their consumption patterns change as a result of increased stress and a lack of time to cook. This has resulted in an increase in the demand for bottled juices, drinks, and water. The millennial population is growing demand for carbonated and alcoholic beverages, which is driving the shrink plastic film market for beverage multipacks once again.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to due to rising food and beverage consumption, particularly in the United States and Canada. Growing demand for packaged food, combined with rising consumer disposable income, is predicted to drive demand for flexible packaging over the projection period. Furthermore, regulatory support targeted at encouraging domestic foreign direct investments as a result of political change, particularly in the United States and Canada, aimed at increasing the country's industrial output is predicted to magnify food and beverage growth.
Key players in the market
Some of the key players profiled in the Shrink Film Market include Coveris Holdings Sa, Baroda Packaging, Ceisa Semo, Amcor Plc, Plastotecnica SpA, RKW Group, Clondalkin Group, Brentwood Plastic, Inc, Elite Plastics Ltd., Xinjiang Rival Tech Co. Ltd, Poly-Pack Verpackungs-GmbH & Co. KG, Allied Propack Pvt. Ltd, Don Polymer, Sandeep Polymers, Clearpack group, Aintree Plastics Limited, Huan Yuan Plastic Film Co. Ltd, Jiangyin Bairuijia Plastics Science & Technology Co., Ltd., Berry Global Inc and Sarkina
Key Developments:
In March 2023, Amcor, Nfinite enter into joint research agreement to leverage nanotechnology in recyclable and compostable packaging with Nfinite Nanotechnology Inc. to validate the use of Nfinite’s nanocoating technology to enhance both recyclable and compostable packaging.
In Feb 2023, Coveris supports leading food-to-go business, Simply Lunch launch its eye-catching new Stir Me up Salad range with vibrant packaging achieving visual appeal. Through its partnership with Coveris, Simply Lunch’s Stir Me Up Salads deliver significant environmental benefits through its new engaging packaging.
Material Types Covered:
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polyolefin (POF)
• Other Material Types
Thicknesses Covered:
• Above 150 micron
• 100-150 micron
• 50-100 micron
• Less than 50 micron
Types Covered:
• Printed
• Unprinted
Application Packagings Covered:
• Labels
• Wraps
• Bags
Multipack Sizes Covered:
• 3X2
• 4X2
• 4X3
• 6X3
• Other Multipack Sizes
End Users Covered:
• Food & Beverages
• Healthcare & Pharmaceuticals
• Electronics & Electricals
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Shrink Plastic Film Market, By Material Type
5.1 Introduction
5.2 Polyvinyl Chloride (PVC)
5.3 Polyethylene (PE)
5.4 Polyolefin (POF)
5.5 Other Material Types
6 Global Shrink Plastic Film Market, By Thickness
6.1 Introduction
6.2 Above 150 micron
6.3 100-150 micron
6.4 50-100 micron
6.5 Less than 50 micron
7 Global Shrink Plastic Film Market, By Type
7.1 Introduction
7.2 Printed
7.3 Unprinted
8 Global Shrink Plastic Film Market, By Application Packaging
8.1 Introduction
8.2 Labels
8.3 Wraps
8.4 Bags
9 Global Shrink Plastic Film Market, By Multipack Sizes
9.1 Introduction
9.2 3X2
9.3 4X2
9.4 4X3
9.5 6X3
9.6 Other Multipack Sizes
10 Global Shrink Plastic Film Market, By End User
10.1 Introduction
10.2 Food & Beverages
10.3 Healthcare & Pharmaceuticals
10.4 Electronics & Electricals
10.5 Other End Users
11 Global Shrink Plastic Film Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Coveris Holdings Sa
13.2 Baroda Packaging
13.3 Ceisa Semo
13.4 Amcor Plc
13.5 Plastotecnica SpA
13.6 RKW Group
13.7 Clondalkin Group
13.8 Brentwood Plastic, Inc
13.9 Elite Plastics Ltd.
13.10 Xinjiang Rival Tech Co. Ltd
13.11 Poly-Pack Verpackungs-GmbH & Co. KG
13.12 Allied Propack Pvt. Ltd
13.13 Don Polymer
13.14 Sandeep Polymers
13.15 Clearpack group
13.16 Aintree Plastics Limited
13.17 Huan Yuan Plastic Film Co. Ltd
13.18 Jiangyin Bairuijia Plastics Science & Technology Co., Ltd.
13.19 Berry Global Inc
13.20 Sarkina
List of Tables
1 Global Shrink Plastic Film Market Outlook, By Region (2020-2028) ($MN)
2 Global Shrink Plastic Film Market Outlook, By Material Type (2020-2028) ($MN)
3 Global Shrink Plastic Film Market Outlook, By Polyvinyl Chloride (PVC) (2020-2028) ($MN)
4 Global Shrink Plastic Film Market Outlook, By Polyethylene (PE) (2020-2028) ($MN)
5 Global Shrink Plastic Film Market Outlook, By Polyolefin (POF) (2020-2028) ($MN)
6 Global Shrink Plastic Film Market Outlook, By Other Material Types (2020-2028) ($MN)
7 Global Shrink Plastic Film Market Outlook, By Thickness (2020-2028) ($MN)
8 Global Shrink Plastic Film Market Outlook, By Above 150 micron (2020-2028) ($MN)
9 Global Shrink Plastic Film Market Outlook, By 100-150 micron (2020-2028) ($MN)
10 Global Shrink Plastic Film Market Outlook, By 50-100 micron (2020-2028) ($MN)
11 Global Shrink Plastic Film Market Outlook, By Less than 50 micron (2020-2028) ($MN)
12 Global Shrink Plastic Film Market Outlook, By Type (2020-2028) ($MN)
13 Global Shrink Plastic Film Market Outlook, By Printed (2020-2028) ($MN)
14 Global Shrink Plastic Film Market Outlook, By Unprinted (2020-2028) ($MN)
15 Global Shrink Plastic Film Market Outlook, By Application Packaging (2020-2028) ($MN)
16 Global Shrink Plastic Film Market Outlook, By Labels (2020-2028) ($MN)
17 Global Shrink Plastic Film Market Outlook, By Wraps (2020-2028) ($MN)
18 Global Shrink Plastic Film Market Outlook, By Bags (2020-2028) ($MN)
19 Global Shrink Plastic Film Market Outlook, By Multipack Sizes (2020-2028) ($MN)
20 Global Shrink Plastic Film Market Outlook, By 3X2 (2020-2028) ($MN)
21 Global Shrink Plastic Film Market Outlook, By 4X2 (2020-2028) ($MN)
22 Global Shrink Plastic Film Market Outlook, By 4X3 (2020-2028) ($MN)
23 Global Shrink Plastic Film Market Outlook, By 6X3 (2020-2028) ($MN)
24 Global Shrink Plastic Film Market Outlook, By Other Multipack Sizes (2020-2028) ($MN)
25 Global Shrink Plastic Film Market Outlook, By End User (2020-2028) ($MN)
26 Global Shrink Plastic Film Market Outlook, By Food & Beverages (2020-2028) ($MN)
27 Global Shrink Plastic Film Market Outlook, By Healthcare & Pharmaceuticals (2020-2028) ($MN)
28 Global Shrink Plastic Film Market Outlook, By Electronics & Electricals (2020-2028) ($MN)
29 Global Shrink Plastic Film Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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