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Global Sleeve Labels Market to Reach US$ 10.6 Bn in 2016; Global Healthcare Packaging to Drive Demand: PMR Report
In 2016, the market share of sleeve labels is expected to account for about 12% in the global labelling market and is anticipated to increase at a CAGR of over 5% during the forecast period 2016-2024. The growth of the global sleeve labels market will be majorly concentrated in the Asia Pacific (APAC) region due to the mounting demand for packaged food products in China, India and other ASEAN countries. Owing to this, the APAC sleeve labels market is projected to register a high CAGR of 6.2% during the forecast period.
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The growth of the global sleeve labels market will be majorly influenced by the factors such as brand competitiveness and on-shelf appeal. Moreover, the booming F&B industry has incited the demand for engaging packaging solutions, fuelling the demand for attractive sleeve labels. However, the growing consumer preference towards biodegradable packaging has restrained the use of existing sleeve labels and curbed the expansion of the global sleeve labels market. The availability of cheap substitutes like self-adhesive and pressure sensitive labels is also observed as limiting factor for the global sleeve labels market.
The global market for sleeve labels is broadly segmented on the basis of the product-type, the end-user, the material-type, the type of printing technology, and the type of printing ink. On the basis of the product type, the market is segmented into stretch sleeves and shrink sleeves. Among the segmented end-user industries, the global market is expected to witness an upsurge in the consumption of sleeve labels by personal care, food & beverage and the healthcare industries.
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By material type, the market is segmented into polyvinyl chloride, oriented polystyrene shrink, PET-G, polypropylene and others. The market segmentation on the basis of printing technologies is subdivided into gravure, digital and flexographic printing. The market is further segmented on the basis of the ink types, which are water-based, UV and solvent-based.
Among the regional segmentation, APAC region will continue to dominate the global market during the forecast period. The rise in the manufacturing and industrialization sector in ASEAN countries will drive the demand as well as the production capacity of sleeve labels in the APAC region, deeming it lucrative for the growth of the global sleeve labels market. Furthermore, the demand for sleeve labels is expected to mature in the Europe and North America, while the expansion of the global market will be sluggish across Latin American countries.
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Fuji Seal International Inc., CCL Industries, Berry Plastics Group Inc., DOW Chemicals, Huhtamaki Oyj, Macfarlane Group PLC, and Klockner Pentaplast, among others, are recognized as the leading players in the global sleeve labels market.
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