NEWARK, Del, July 02, 2024 (GLOBE NEWSWIRE) -- The collation shrink film market is expected to reach a value of USD 4.3 billion in 2024, with a CAGR of 4.8% in the assessment period. By 2034, it is predicted to generate a revenue of USD 6.9 billion. In 2023, the industry stood at USD 4.1 billion, with a 4.2% Y-o-Y growth.
The packaging sector is witnessing rapid adoption of flexible packaging, which is now the second-largest component in the industry. Consumers are increasingly favoring flexible packaging over rigid options due to its barrier qualities, cost efficiency, lightweight nature, and convenience. This shift has positively impacted the industry, gaining significant traction.
Collation shrink films have been embraced by the shipping and logistics sectors for stability and safety throughout the supply chain process, further bolstering the trend. Additionally, as stringent regulatory frameworks against plastic waste emerge, the recyclability of flexible packaging has propelled adoption, leading manufacturers to embrace recyclable product offerings to align with this growing trend.
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Growing Use of Recycled Resins Boosts Collation Shrink Film Market:
The collation shrink film market is experiencing a significant shift towards post-consumer recycled (PCR) films due to sustainability and efficiency considerations. This change is driven by rising environmental concerns associated with the extensive use of virgin plastic materials.
Organizations and countries are increasingly pressuring businesses to adopt more eco-friendly solutions, prompting manufacturers to explore alternative materials. PCR-based films are gaining traction due to their adherence to sustainability standards without compromising quality and efficiency.
These films offer enhanced puncture resistance, tear strength, and elasticity compared to traditional PP-based films, making them the preferred choice in various industries. Manufacturers are focused on improving the quality of these films while reducing production costs to drive widespread adoption in stringent socio-economic geographies.
Rising Popularity of Collation Shrink Films for Ultimate Brand Advertising:
Brand owners are increasingly attracted to collation shrink films as these provide stability and safety to products while maintaining visibility and a glossy appeal. This has led to greater adoption among manufacturers, particularly in the food and beverage industry, where packaged food items, bakeries, soft drinks, cans, and alcoholic and non-alcoholic drinks are prominently displayed. As consumer preferences for packaging quality and brand appeal continue to increase, the demand for products wrapped in shrink films with excellent aesthetic appeal is on the rise.
Key Takeaways from the Global Collation Shrink Film Market:
- The collation shrink film market is anticipated to be worth USD 4.3 billion in 2024.
- From 2024 to 2034, low-density polyethylene is expected to account for a CAGR of 4% in terms of material.
- India is estimated to showcase a CAGR of 7% in the forecast period.
- The United States is expected to register a CAGR of 2% over the forecast period.
“Rising adoption of bundled or multiple products has led to the growing demand for convenient, safe, and efficient packaging solutions. Collation shrink films made of PCR and virgin plastic materials offer exceptional strength and stability. Food and beverage, personal care, and home care sectors are increasingly adopting these films to enhance aesthetic appeal in the retail sector.”- says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
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Leading Collation Shrink Film Brands
- Scientex Berhad
- Berry Global Inc.
- Napco National
- Coveries Holdings SA
- Plastotecnica SpA
- Bolloré Group
- Silvalac SA
- Polipaks Ltd.
- Eurofilms Extrusion Limited
- MURAPLAST d.o.o.
- Polystar Plastics Ltd
- ITP - Industria Termoplastica Pavese
- Advanced Flexible Packaging Co.
- Folplast
- Tilak Polypack Pvt. Ltd
Industry Update
- In 2023, Malaysia’s company Scientex Berhad developed LDPE collation shrink films with 30% PCR resin for a globally recognized food and beverage firm.
Collation Shrink Film Market Report:
Future Market Insights, in its new report, offers an unbiased analysis of the global market for collation shrink films, analyzing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034. The study reveals market growth projections by thickness (less than 25 microns, 25 to 50 microns, 50 to 100 microns, and above 100 microns), material (low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), medium-density polyethylene (MDPE), high-density polyethylene (HDPE), polypropylene (PP), and other materials), application (bottles, cans, books and magazines, cartons, and other applications), end-use (food and beverage, cosmetics, personal care and home care, pharmaceuticals, transport and logistics, printing and publishing, and others), and key regions.
Category-wise Insights
As per FMI’s research, polyethylene-based collation shrink films are expected to outbid the other segments in the next decade. The polyethylene collation shrink films are available in multiple forms such as linear low-density polyethylene films (LLDPE), low-density polyethylene (LDPE), medium-density polyethylene (MDPE), and high-density polyethylene (HDPE) films.
LDPE collation films are witnessing more demand among the end-users, as these films provide additional strength and durability for the heavier and larger items like multipacks of beverage cans and bottles. These films give an excellent surface texture for printing and quality graphics. Therefore, low-density polyethylene segment is expected to hold 1/4th of the global collation shrink films market share during the forecast year.
Following this, the linear low-density polyethylene segment is expected to gain by 50bps in next decade, owing to the demand for extra thin collation shrink films for wrapping and packaging.
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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 3,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Have a Look at Related Research Reports on Packaging Domain:
The United States & Canada collation shrink films market size reached USD 1,014.8 million in 2023. From 2023 to 2030, collation shrinks film demand in the United States & Canada markets is likely to surge at 5.2% CAGR.
The heat shrink film market is poised to register a CAGR of 4.30% through 2034. The market is penned to increase from USD 5.51 billion in 2024 to USD 9.34 billion by 2034.
The global specialty film market is expected to progress at a sluggish CAGR of 2.30%, reaching USD 28.8 billion by 2034 and USD 22.9 billion by 2024. The current market valuation stands at USD 21.1 billion in 2023.
The shrink sleeve labels market is likely to record a CAGR of 6% through 2032. The shrink sleeve labels market is likely to be valued at USD 28.47 Billion by 2032, up from USD 15.90 Billion in 2022.
The silicone film market is estimated to be valued at USD 1.1 billion in 2024. It is projected to reach USD 1.8 billion by 2034, exhibiting a CAGR of 5.00% over the forecast period.
The global shrink sleeve label applicator market size is estimated to reach USD 1,949.6 million by 2033, expanding at a CAGR of 5.3%. The market is projected to be valued at USD 1,163.2 million in 2023.
The PE film market size can swell from USD 26.90 billion in 2024 to USD 31.4 billion by 2034. Market research on properties and performance of PE films points to a 2.30% CAGR till 2034.
The global shrink bundling machine market is set to acquire a value of USD 732.5 million in 2024. By 2034, the value of the shrink bundling machine market is slated to shoot upwards to USD 1,003.7 million. As such, the sector is anticipated to progress at a CAGR of 3.2%.
The barrier shrink bags market is estimated to reach around USD 2,112.3 million in the current year 2023. Data from market analysis forecast that global sales of the overall market are anticipated to register a CAGR of 5.9% from 2023 to 2033. The market is expected to strengthen further along with holding a value of USD 3,968.3 million by 2033.
The plastic shrink wrap market is anticipated to flourish at an average CAGR of 4.1% between 2023 and 2033. The market is expected to hold a market share of USD 4.67 billion by 2033 while the market is likely to reach a value of USD 3.13 billion in 2023.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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