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Shrink Bags Market will Reach US$ 5500 Mn by 2025
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This analysis focuses on each segment and sub-segment of the global market based on which analysts have given their opinions regarding various market dynamics. This research report is more focused on presenting qualitative and quantitative inputs that can add value to a business.
The global shrink bags market is expected to grow at a value CAGR of 5.3% during the period of assessment, 2017-2025. It is estimated to reach a value of more than US$ 5500 Mn by the end of the year of assessment (2025) from a value of around US$ 2900 Mn in 2017.
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The factors influencing the growth of the global shrink bags market include increasing demand for shrink bags as a promotional product, increasing popularity of shrink bags as they help extend the shelf life of the product, increasing use of shrink bags in the food industry, extensive use of alternative barrier material, increasing preference of multilayer structure shrink bags (that offer strength, safety and improved resistance), increasing growth in retail sector, increasing adoption of EVOH material due to excellent barrier properties, growing concern regarding food safety and hygiene, growing preference and hence sales of packed meat products and growing use of shrink bags in different applications due to developments in barrier film techniques.
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By barrier type, high barrier segment is expected to lead the global market in terms of market value as well as growth rate.By product type, side sealed shrink bags are widely used in different applications. The side sealed segment is thus a lucrative one and is estimated to reach a value more than US$ 2 Bn and is projected to grow at a comparatively high CAGR during the forecast period
By material type, PE segment is poised to reflect high value and a significant growth rate. This segment is expected to dominate the global market in the coming years.
By thickness, 50 to 70 micron segment is the most lucrative owing to increased preference. This segment is projected to grow at a high value CAGR of 5.8% throughout the period of assessment
By application, food and electronics segments are expected to largely contribute to the growth of the shrink bags market. By region, Asia Pacific is the most attractive with respect to adoption of shrink bags in several end uses, followed by Europe.
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The global shrink bags market research report includes company profiles of key players involved in the daily operations of shrink bags. Bemis Company, Inc., Kureha Corporation, Sealed Air Corporation, Winpak Ltd., Flexopack S.A., Coveris Holdings SA, PREMIUMPACK GmbH, Schur Flexible Group, BUERGOFOL GmbH, Allfo Vakuumverpackungen Hans Bresele Kg, Kuplast, Spektar d.o.o., Atlantis-Pak Co. Ltd., Inauen Group and GAP S.r.l., are the key players analyzed in the global shrink bags research study.
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