Shrink Plastic Film Market, Key Vendors, Segment, Growth Opportunities by 2023 to 2032

The global shrink film market size was valued at $4.7 billion in 2021, and shrink film industry is projected to reach $8.0 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

A versatile polymer material used for packaging completed items is shrink film. A conveyor heat tunnel, an electric or gas heat gun, or both are used to apply heat to the film, which causes it to shrink closely around the object inside. The majority of the raw materials needed to make shrink films are mostly petroleum byproducts or fossil fuels.

In plastic packaging, high density polyethylene (HDPE) is one of the most popular polymers. HDPE has been given USDA/FDA approval for use in food packaging due to a variety of its attributes, including its light weight and durability. In order to extend the shelf life of the food goods, it is also used to package food products that are water-resistant and have poor O2-resistance. The use of HDPE films in food packaging and the availability of water-resistant products in the healthcare and pharmaceutical sectors are anticipated to drive this trend throughout the forecast period. Low density polyethylene shrink films are frequently used to stretch wrap and palletize food and meat products because they have qualities such a low melting point, good stretch, and strength.

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The most popular type of polyethylene used in shrink films is LDPE, which is one of several different forms. For heavier, bulkier items like multipacks of beverages, utilising LDPE over the other types of shrink packaging would provide the advantages of greater strength and longevity. In comparison to LDPE, linear low-density polyethylene is thinner but equally strong and clear. It is mostly used for palletizing and stretch wrapping, bulk food, frozen food, prints, supermarket, and garbage bags. The demand for LLDPE shrink films has increased because to the rise in chilled food consumption and the global transportation of premium food goods. Additionally, the rise of delivery services for groceries in developing nations and their usage as a printing medium in the food processing industries The market will benefit from the influence of industry.

Increased urbanisation and widespread digitalisation in most industries have fueled the expansion of the shrink film business. Most stores and shopping centres use shrink film to wrap labels in order to safeguard the information on them. As one of the most established tourist destinations in the region, Saudi Arabia has a significant need for shrink films because the majority of the fresh foods that are consumed there every day are imported from other nations.

On the basis of material type, thickness, packaging application, end-use, and geography, the shrink film market forecast is divided into segments. It is divided into polyvinyl chloride (PVC), polyolefin (POF), polyethylene (PE), and other categories based on the type of material used. The polyethylene market is further broken down by density into three categories: linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), and high-density polyethylene (HDPE). The market is divided into four groups based on thickness: Less than 50 micron, 50-100 micron, 100-150 micron, and Above 150 micron. Wraps, bags, and labels make up the market's subsectors based on packaging application. The market is divided into food, drinks, healthcare and pharmaceuticals, electronics and electricals, and others based on the end-use. Additionally, the food sector is further divided into meat, poultry, seafood, snacks, bread goods, and confections are just a few examples.

The market is examined in terms of regions, including North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific now holds the greatest market share for shrink film, followed by Europe and North America.

Market Segmentation:
The shrink plastic film market can be segmented on the basis of material type, application, and end-use industry.
1. Material type:
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polypropylene (PP)
• Others (Polystyrene, Polyolefin, etc.)
2. Application:
• Food & Beverage Packaging
• Pharmaceutical & Healthcare Packaging
• Consumer Goods Packaging
• Industrial Packaging
• Others (Electronics, Automotive, etc.)
3. End-use industry:
• Food & Beverage
• Healthcare
• Consumer Goods
• Industrial
• Others (Electronics, Automotive, etc.)

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In terms of material type, polyethylene (PE) is the most widely used material for shrink plastic film due to its properties such as high tensile strength and flexibility. Polyvinyl Chloride (PVC) is also a popular choice due to its clarity and printability.
In terms of application, food & beverage packaging is the largest segment for shrink plastic film, as it provides an efficient and cost-effective packaging solution for these products. The pharmaceutical & healthcare packaging segment is also growing due to the increasing demand for packaging that can preserve the quality and integrity of medicines and medical devices.
In terms of end-use industry, the food & beverage industry is the largest consumer of shrink plastic film, followed by the healthcare and consumer goods industries. The growth of e-commerce and the increasing demand for sustainable packaging solutions are expected to drive the growth of the market in all end-use industries.

Competitive Landscape:
Some of the key players operating in the global shrink plastic film market include:
1. Sealed Air Corporation
2. Berry Global Inc.
3. Dow Inc.
4. Amcor plc
5. Bemis Company, Inc.
6. Sigma Plastics Group
7. Winpak Ltd.
8. Coveris Holdings S.A.
9. Reynolds Group Holdings Limited
10. Intertape Polymer Group Inc.
These companies are focusing on product innovation, expanding their product portfolios, and enhancing their distribution networks to gain a competitive advantage in the market. They are also investing in research and development to develop new materials and technologies that can improve the performance of shrink plastic film and meet the evolving needs of customers.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the shrink film market analysis from 2021 to 2031 to identify the prevailing shrink film market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the shrink film market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global shrink film market trends, key players, market segments, application areas, and market growth strategies.

Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

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