Stretch and Shrink Film Market

The stretch and shrink film market industry is projected to grow from USD 16.8 billion in 2022 to USD 24.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2022–2030)

An increase in the need for lightweight materials for industrial packaging is predicted to boost the growth of the stretch and shrink film market globally. A result of industrialization is the transportation of commodities and freight to other parts of the world. They are anticipated to act as major catalysts for market expansion.

The personal care business, like many others, frequently faces product damage while being transported as part of the required distribution process. Body care, skincare, and other personal care products all employ stretch and shrink films. Because personal care items typically require additional protection to preserve the primary package and products in perfect condition for consumers..

According to the Cosmetic, Toiletry and Perfumery Association, sales of hand care products increased by 26.2% to €68.25 million (US$77.9 million) in 2020 from €54.09 million (US$60.6 million) in 2019. (CTPA). Moreover, sales of body lotion and cream increased by 1.5% from €198.39 million in 2019 to €201.36 million in 2020, which resulted in a spike in demand for stretch and shrink films. As a result, it is anticipated that the market will be a result of the personal care industry’s rapid growth. As a result, this element is fueling the market CAGR. Stretch and shrink films are used by the electrical and electronic sectors to protect exposed electrical wires in different systems from harm.

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Because of the increased demand for smartphones, the market is growing more swiftly. The market for stretch and shrink films, for instance, is expected to grow as a result of the System for Mobile’Communication’s prediction that there would be 700 million more mobile users globally by 2025. Similarly to this, the stretch and shrink film market is growing thanks to the consumer electronics and appliance sectors. For instance, Invest India forecasts that the Indian market for consumer electronics and appliances would reach US$21.18 billion by 2025 and grow at a CAGR of 11%. As a consequence of the increasing demand for the electronic and electrical industry, it is anticipated that the stretch & shrink market would grow over the course of the forecast period.

Shrink wrap is also often utilised in the e-commerce sector to package a variety of items. The films have a variety of benefits, such as a wide range of oxygen transmission rates, optimal shelf-life for various food packaging types (meat, cheese, poultry, and case-ready packaging), premium product presentation, high impact and puncture resistance, fever leaks when packing rigid or sharp-edged products, retained strength at freezing temperatures, and preserved package integrity. Moreover, about 10 million boxes were utilized by over 5.3 million Americans. Moreover, firms anticipate producing more than 3 million metric tonnes of plastic wrap for use in shipping and retail in 2020.

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Key Vendors

Important suppliers include Dow, Berry Plastics, Vitopel, Anchor Packaging, Bamis Company, Paragon Fims, and FUI.

Several market participants provide solutions that are especially suited to the demands of the packaging of fruits and vegetables in response to the increasing demand from the analyzed end-user application. For instance, the roll stock films, lidding films, and special micro-perforation for breathable films provided by the Canadian business FLAIR Flexible Packaging Company satisfy the packaging requirements for fruit and vegetable goods. Thus, it is projected that this factor would hasten the growth of the stretch and shrink film market.

Regional Perspectives:

The analysis offers market information for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. In 2021, the Asia Pacific stretch and shrink film market was valued at USD 6.9 billion, and it is anticipated to grow at a rate of 43.90% CAGR during the next five years.

The area is expected to dominate as a result of the expanding food and beverage sectors, particularly in China and India. Rising packaged food consumption and growing consumer disposable income are expected to increase the need for flexible packaging throughout the forecasted period.

The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are additional significant nations included in the market analysis.

The stretch and shrink film market in North America has the quickest rate of growth. The region’s growing need for product packaging, as well as for bundling and protecting items during storage and transit, is driving the need for shrink and stretch film. The stretch and shrink film market in the US had the biggest market share, while the market in Canada had the quickest rate of growth in this area.

The stretch and shrink film market in Europe is anticipated to expand significantly between 2022 and 2030. The stretch and shrink packaging film industry is only expected to slightly grow in Europe due to the numerous rules restricting the use of polymers in applications requiring food contact.

The producers in the area produce cutting-edge products that comply with the rules, which drives up the price of regional goods. Moreover, the stretch and shrink film market in the UK had the biggest market share, while the stretch and shrink film market in Germany had the quickest rate of expansion.

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Market insights for the stretch and shrink film segment

Based on the resin, the stretch and shrink film market is segmented into LLDPE, LDPE, PVC, and Others. Because LDPE films are available in a variety of gauges and sizes for preserving and exhibiting the product on the shelves, the LDPE segment led the stretch and shrink film market revenue in 2021 and is anticipated to increase at a quicker rate during the forecast period, 2022–2030.

Its growing usage of irregularly shaped loads and applications where clarity and other aesthetic factors are important to have also had an impact on its significant market share.

Product Insights for Stretch and Shrink Film

Hoods, Sleeves and Labels, Wraps, and Others make up the Hoods, Sleeves and Labels, Wraps, and Others market segmentation of stretch and shrink film. Throughout the projection period, 2022–2030, the sleeves and labels sector is expected to develop at the fastest rate. It led market growth in 2021. The requirement for sleeve labels is predicted to grow along with the need for pharmaceutical containers, including plastic bottles and glass bottles for trayed items, since the packaging provides an additional option for the marketing and branding of the product.

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