Stretch and Shrink Film Market Size By Type, Application, Key Players, Geographic Scope and Forecast

Market Synopsis

The global Stretch and Shrink Film market was valued at USD 15.88 billion in 2021 and is projected to reach USD 25.71 billion by 2030 at a CAGR of 5.5%.
Stretch films can be stretched to a large area while displaying improved protection for the bulk products. The elastic recovery keeps the items tightly bound. In contrast, shrink wrap is applied loosely around an item and shrinks tightly with heat. The most common stretch and Shrink wrap material is linear low-density polyethylene or LLDPE, produced by copolymerization of ethylene with alpha-olefins, the most common of which are but hexene and octene. There is a massive expansion in the food processing industry across the globe.
Increasing demand for clean and labeled items increases as people become more health-conscious. This is pressuring food and beverage companies to guarantee that their product packaging is of high quality. Increased demand for processed foods and drinks is the key to the global stretch films market's growth, as the market shows no signs of slowing down. stretch film producers are always attempting to improve the quality of their goods, resulting in a variety of R&D projects.

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Competitive Landscape
The Stretch and Shrink film market is driven by the rising development in the food processing and packaging sectors. Companies such as Dow, Bemis, and LyondellBasell have established themselves as major players, enjoying a significant early mover advantage. The company's significant market experience of the companies enables them to formulate better competitive strategies compared to other players. Due to strategies such as, the company offers price reductions and discounts to attract more customers. The strategic initiatives are primarily limited to setting up retail and distribution chains and networks for product sales. The Asia Pacific holds the largest market share due to the growing food and beverage industry, particularly China and India. North America is expected to be driven by several consumer goods manufacturing companies, such as Groupo Bimbo in Mexico and Canada. Even other regions like Europe, Latin America, and areas in the middle east and Africa are putting their best foot forward in the Stretch and Shrink film market.The Stretch and Shrink Film markets are fragmented, with players accounting for marginal market shares. Some of the companies in the market are Dow, Berry Plastics, Vitopel, Anchor Packaging, Intertape Polymer Group, Bemis Company, Paragon Films, and FUJI.

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Segmentation
By Resin
• LLDPE: Linear Low-Density Polyethylene ) is a substantially linear polymer with significant numbers of short branches, commonly made by copolymerization of ethylene with longer-chain olefins.
• LDPE: Low-Density Polyethylene is a thermoplastic made from the monomer ethylene. It was the first grade of polyethylene, a soft, flexible, lightweight plastic material.
• PVC: Polyvinyl chloride is the world's third-most widely produced synthetic polymer of plastic. PVC is available in two forms rigid and flexible.
• Others: HDPE (High-density polyethylene), PP (Polypropylene), Polyethylene, Polyvinylchloride, and many more resins produce Stretch and Shrink films.

By Product
• Hoods: Stretch and Shrink hood is the fastest growing packaging technique for transporting pallet goods. This packaging method aims to deliver high loading stability combined with pallet integrity for safe and fast transportation.
• Sleeves and Labels: Stretch and shrink sleeve labels are plastic or polyester labels that wrap the whole perimeter of a product. Stretch labels are typically made of LDPE and are highly elastic so that they can be pulled over the product container.
• Wraps: Wrap is commonly made out of PVC (Polyvinylidene Chloride). The wrap is a thin plastic film typically used for sealing food items in containers to keep them fresh over time.
• Others: Other types of packaging are UVI, Vacuum Packaging, Preservation Packaging, and Shock Mount Packaging.

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By Application
• Food & Beverage: LDPE-based stretch and shrink films are primarily used in the food & beverage industry because of their superior performance and high transparency as a food contact material.
• Industrial Packaging: Stretch and shrink Film wrap products on pallets and secure them to each other and the pallet. Helping to reduce product loss, discourage load tampering, and reduce worker injury.
• Consumer Goods: Consumer packaged goods include food, beverages, cosmetics, and cleaning products. All these products are packed with the help of Stretch and Shrink Films.
• Pharmaceutical: Stretch and Shrink Film protect medical products from potentially harmful outside forces such as moisture and dirt by creating an air-tight environment and allowing storage in a refrigerator, water, or ice.
• Others: The stretch films find application in timber, cement, construction material, metal, and other industrial products. They are used for export and import application of the goods mentioned above.
By Region
• North America: North America is expected to be a potential market due to the increased knowledge regarding the use of Stretch and Shrink Film to maintain the quality of processed food.
• Europe: The Stretch and Shrink Film market is a growing market driven by the rising development in food processing and packaging in Europe. Due to strategic innovations such as product launches and enhanced R&D operations in developing markets, the Stretch and Shrink Film is strengthening.
• Asia-Pacific: Asia-Pacific holds the largest market share, with the highest demand coming from India, China, and Japan. The packaging used in the food processing industry is highly susceptible to film formation. Due to the increased demand for packaged food in countries like India and China, the use of Stretch and Shrink Film is expected to increase in Asia-Pacific.
• Latin America: The growing demand is due to the rise in industrialization and increasing government investments in significant countries.
• Middle East & Africa: Raw materials are easily available in this region. stretch and shrink film has been playing a huge role in the packaging and is proving out to be an evident product in the growth of the potential industrial players. With the growth and development in the packaging industry, the product market is projected to recive certified growth prospects in the coming future.

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