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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/stretch-and-shrink-films-market
U.S. stretch and shrink film market revenue, by resin, 2013 - 2024 (USD Million)
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: http://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
o
U.S.
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
·
Middle East & Africa
o
South Africa
Access press release of this report - http://www.grandviewresearch.com/press-release/global-stretch-and-shrink-films-market
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