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The Shrink Bags Market To Put Up With The Digital Wave
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Global Shrink Bags Market: Forecast Highlights
The global shrink bags market is expected to grow at a value CAGR of 5.3% during the period of assessment, 2017-2025. The market is estimated to reach a valuation of US$ 4,539.6 Mn by the end of the year of assessment (2025) from a value of US$ 2,995.5 Mn in 2017.
Global Shrink Bags Market: Dynamics Influencing Growth
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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Global Shrink Bags Market: Key Segmental Analysis
The global shrink bags market is segmented on the basis of barrier type, product type, material type, thickness, application and region.
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
Global Shrink Bags Market: Competitive Assessment
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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