Press release
Global Sleeve Labels Market is Poised to Reach US$ 16.5 Bn by 2024
Sleeve labels are one of the emerging packaging solutions, widely used for labeling purpose. Sleeve labels are broadly categorized into two types: Stretch sleeves and Shrink sleeves. Stretch sleeves are those which adheres to a surface by stretching over it due to its high elasticity whereas shrink sleeves shrinks on a surface tightly on the application of heat. The sleeve labels are estimated to be the fastest growing labeling segment throughout the forecast period, driven by factors such as brand identity, visual on-shelf appeal and cost efficiency.
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The sleeve label market report is categorically split into six sections, based on the product type, end-users, material type, printing technology, printing ink type and regions. Among product type shrink labels are prominent than stretch labels due to its wide applications in consumer goods. Based on end-use, food & beverage segment stand out among all segments owing to the rising demand for packaged foods. PET-G is expected to be the most preferred material for sleeve labeling over the forecast period. Flexography technology is expected to be the most preferred printing technology among sleeve label manufacturers. Among all the variants of printing ink, solvent based ink is widely used for labeling as it is compatible with most of the printing technology such as flexography, gravure and digital printing.
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Asia-Pacific is expected to dominate the sleeve labels market gaining 553 BPS by the end of the forecast period, and is estimated to register the highest CAGR of 6.2%. This trend is attributed to the mounting demand for beverage and packaged food China, India and ASEAN countries. Furthermore, growth in manufacturing sector and increased consumer spending power are the key drivers of sleeve labels in this region. North America though a developed market with multiple market players, is expected to gain momentum in the later phase of the forecast period with future investments in the manufacturing sectors. Mature market of Europe is anticipated to witness uneven growth throughout the forecast period. Moreover, Latin America and MEA sleeve labels markets are expected to register sluggish growth, all over the forecast period.
Globally the major players in Sleeve Labels are CCL Industries, Fuji Seal International, Inc., DOW Chemicals, Berry Plastics Group, Inc., Macfarlane Group PLC, Huhtamaki Oyj and Klockner Pentaplast.
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