Shrink Plastic Film Market Revenue Predicted to Grow by 2024

The global shrink plastic film market is projected to grow at a significant CAGR as a demand of the shrink film is increasing from the rapidly growing food and beverages industry due to its various applicability to the industry. The inherent property of shrink plastic film to mold into various shapes and sizes for the purpose of packaging, storage, and transportation of edible items, which also to boost the demand of the shrink plastic film and growth of the global shrink plastic film market.

Shrink plastic film is made up of polymer plastic film. Plastic is covered to the product and heat is applied to covered plastic which shrinks tightly over the product it is covering. The shrink plastic film is majorly used for the wrapping food, boxes, and bottles. The shrink plastic film includes polyolefin, PVC, polyethylene, polypropylene and several other compositions. Polyolefin is a preferable plastic film used for the covering and packing due to its chemical and physical properties such as availability, variety of thickness, clarities, strengths and shrink ratio over the shrink plastic film made by other materials.

However, the availability of the alternative materials to the plastic can be the major restraining factor to the growth of the global shrink plastic film market. The cost of the shrink plastic film and the instruments required for the same are expensive as compared to normal plastic film used for the packaging of the products which can hamper the demand for the shrink plastic film and growth of the global shrink plastic film market.

Nowadays, plastic is available in the biodegradable form, which has a tremendous demand due to awareness about the environmental issues and has become the trend of the global shrink plastic film market.

The global shrink plastic film market is segmented on the basis of the type, by application, on the basis of the form of the shrink plastic film and geographical region.

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In terms of geography, the global shrink plastic film market has been divided into five key regions, including North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). The global shrink plastic film market has expected to register moderate growth over the forecast period. Asia Pacific has contributed the major share to the global shrink plastic film market due to the rapidly growing industrialization and demand for packaging material such as shrink plastic film in Asia Pacific. North America and Europe regions are also growing at a decent growth and expected to register the significance CAGR over the forecast period. Latin America and MEA regions are at a nascent stage and anticipated to register the healthy growth over the forecast period.

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Some of the key players of the global shrink plastic film market are AEP Industries, Bemis Co Inc., Berry Plastics, Sigma Plastics, FUJI Seal International Inc, Anchor Packaging, Berry Plastics, Polymer Group Inc, Dow Chemical Company and Intertape Polymer Group Inc. Various global companies are contributed decent growth to the global pre-stretch film market. The key players from Asia pacific region has contributed the major share to the shrink plastic film market in terms of value and volume.

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