Stretch and Shrink Sleeves Market Explores New Growth Opportunities By 2024
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The key growth drivers for the global stretch and shrink sleeves market are: increasing demand for polymer films, anti-counterfeiting facilities, availability of additional printing space, and 360 degree display. The global market for stretch and shrink sleeves has witnessed substantial growth in the recent years owing to rise in the urbanized population, increasing demand for packaged foods, renaissance of the labeling & packaging industry in developing economies, and increasing emphasis on the use of sustainable materials. Furthermore, the light weight of stretch and shrink sleeves, coupled with their low cost, is expected to foster their market growth in the coming years. In addition, the increasing applications of shrink and sleeves, globally, in various end-use industries such as paper & textile, food & dairy and electronics, for labeling, is expected to further drive the market growth.
However, volatile raw material prices are likely to have an adverse impact on the manufacturing of these labels. Concerns regarding the recycling and disposal of these films due to their non-biodegradable nature are expected to hamper the market growth. Moreover, the growing buyer attention towards alternate packaging materials, such as paper, which in turn is lighter and also biodegradable, may pose a significant threat to the growth of the market. The increasing trend of on-line shopping is expected to create new growth opportunities for the global stretch and shrink sleeves market in the coming years, owing to the rising preference for light weight packaging among consumers and logistic companies.
On the basis of polymer film, the global stretch and shrink sleeves market is segmented into:
Polyvinyl Chloride (PVC)
Polyethylene Terephthalate (PET)
Oriented Polystyrene (OPS)
Others (includes PO, PLA, and COC)
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Currently, the PVC polymer films segment dominates the global market for stretch and shrink sleeves industry in terms of value, and is expected to remain the most dominating segment in the market in the coming years.
On the basis of application, the global stretch and shrink sleeves market is segmented into:
Food & Dairy
Personal Care & Toiletries
Healthcare & Pharmaceuticals
Others (includes household care, paper & textile products, and electronics)
On the basis of products, the global stretch and shrink sleeves market is segmented into:
Stretch and Sleeves Labels
Due to the increasing use of wrap products for pallet unification in industrial packaging, currently, the wrap segment dominates the market in terms of value.
On the basis of type, the global stretch and shrink sleeves market is segmented into:
The stretch type films market is expected to witness moderate growth in the coming years in comparison to shrink sleeves films market, owing to the better visual qualities and enhanced printing capability of the shrink films, thereby making them more suitable for product advertising. Also, heat shrink sleeves are being increasingly used for bottle labels and packaging of beverages.
On the basis of printing technology, the global stretch and shrink sleeves market is segmented into:
On the basis of ink, the global stretch and shrink sleeves market is segmented into:
Geographically, the global stretch and shrink sleeves market is segmented into seven main regions, namely Western Europe, Eastern Europe, North America, Latin America, Asia Pacific excluding Japan, the Middle East & Africa, and Japan. The historical growth of the Latin America and Asia Pacific economies has been a feature of the 21st century. This economic growth has, to a degree, been another major driver for the high levels of growth witnessed in the global stretch and shrink sleeves market. Besides, Asia Pacific is expected to witness the highest growth in the coming years. Currently, Asia Pacific dominates the global stretch and shrink sleeves market on account of rapid industrialization in economies of India and China. Also, countries such as the U.S., Japan, Germany, Brazil, China, and India are investing large amounts in the packaging and labeling industry to achieve sustained and rapid economic growth. North America and Western Europe are expected to witness moderate growth in the coming years as the manufacturers in these regions are shifting their plants and facilities to emerging economies such as China, Mexico, Brazil, and India.
Partnerships & acquisitions, mergers, and new product launches are the key strategies being undertaken by key manufacturers to ensure steady growth in the global stretch and sleeves market. Some of the key players covered in this study on the global stretch and shrink sleeves market are Gilberth, Hammer Packaging, AXON, Color Craft, Fuji Films, Classic Labels Inc., Allen Plastic Industries Co., Ltd., SleeveCO, Fort Dearborn Company, Edwards Label, and American Film and Machinery.
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