Newark, May 16, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global stretch and shrink films market will grow from USD 17.06 Billion in 2023 to USD 29.42 Billion by 2033. The stretch and shrink films offer remarkable optical properties that facilitate the display of products, creating branding prospects. Manufacturers can personalize these films with printed messages such as promotional content or logos to boost consumer engagement while enhancing brand identification. Also, manufacturers find these types of packaging beneficial owing to their tear resistance and other characteristics, which ensure reliable performance even under harsh conditions and in demanding applications. Stretch and shrink films have the potential to support resource preservation and minimize waste in sustainable practices. Numerous iterations of these materials are recyclable and can be repurposed into fresh plastic items, cutting down on the need for virgin components while lessening negative environmental effects. Additionally, their lightweight composition reduces shipping expenses and carbon emissions, contributing to a more environmentally friendly option than other packaging choices.
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Scope of Stretch and Shrink Films Market
| Report Coverage | Details |
| CAGR | 5.6% from 2024 to 2033 |
| Market Size in 2023 | USD 17.06 Billion |
| Market Size by 2033 | USD 29.42 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Resin, Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Stretch and Shrink Films Market
North America region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, North America is expected to grow at the highest CAGR within the global heavy duty telehandler market. The North America region will significantly expand. North America's food and beverage sector leads the demand for stretch and shrink films, driven by consumer needs such as convenience, product uniqueness, and safety concerns. The region's stringent regulatory standards and preference towards high-quality packaging materials fuel this trend further. Stretch and shrink films offering superior barrier properties, clarity & tamper-evident features are widely adopted for these reasons. In addition, pharmaceuticals & healthcare industry sectors rely on them for labelling medical devices, adhering closely to strict regulatory norms while ensuring good quality control measures and enhancing patient safety norms are well established across all regions catering to this industry segment within North America.
The LLDPE segment is expected to grow at the highest CAGR during the forecast period.
The resin segment includes LLDPE, LDPE, PVC, And other resins. The LLDPE segment is expected to grow at the highest CAGR during the forecast period. The stretch and shrink films market relies heavily on LLDPE (Linear Low-Density Polyethylene), which holds a significant proportion of the worldwide market share. This material's popularity stems from its exceptional qualities, such as high stretchability, puncture resistance, and tear strength - all valuable attributes for packaging applications that require superior performance. The versatility of LLDPE enables efficient wrapping, bundling, or securing of an extensive range of product types, industrial components, consumer goods, and food products. Additionally, due to outstanding clarity features combined with seal-ability & cling properties, crucial factors enhancing visibility create enticing presentations when placed on retail shelves, making it ideal for usage among manufacturers/end-users globally across diverse industries.
The consumer goods segment is expected to grow at the highest CAGR during the forecast period.
The application segment includes food & beverage, industrial packaging, consumer goods, and pharmaceutical. The consumer goods segment is expected to grow at the highest CAGR during the forecast period. The consumer goods industry holds a significant position in the global market for stretch and shrink films. This is due to the need for packaging solutions that are visually appealing but also functional and cost-effective, covering a wide range of products such as household items, electronics, textiles, toys, and personal care. Stretch and shrink films offer manufacturers versatility in their packaging designs with options like wraps, labels or pouches enabling them to apply branding messages while making their product stand out on shelves based on appearance alone. These film types have further advantages, including tamper resistance alongside high printability, providing an option suitable across all retail formats, whether supermarkets or e-commerce platforms.
Recent Developments:
• In November 2021: On the innovation front, Innovia Films, a division of CCL Industries located in Ontario, introduced a new film in its Propafilm line of translucent specialized packaging films. Compared to traditional polypropylene films, CHS offers better shrinkage and thermal resistance characteristics. It is intended to replace conventional outer web films in laminates used for lidding and pouches in different food sectors.
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Market Dynamics
Driver: Development of Innovative Packaging Solutions
Innovative packaging technologies and materials drive market expansion by boosting stretch and shrink films' efficiency, effectiveness, and eco-friendliness. Manufacturers are channelling resources into research and development programs to create advanced products, additives, and processing techniques that enhance these films' resilience and transparency and prevent permeation while increasing their recyclability level. Besides this, advanced printing technology enables brands to distinguish themselves from competitors with attractive customized labels, resulting in better brand recognition through visually appealing package designs.
Restraint: Supply Chain Disruptions
Manufacturers of stretch and shrink film face significant obstacles due to the intricate nature of supply chains and logistics. Inventory management, transportation, and distribution pose major challenges in light of global trade patterns, variations in demand levels, production lead times, and delivery schedules – all culminating into expensive inefficiencies that can cause stockouts or disruptions within the supply chain network, potentially affecting business operations as well customer satisfaction outcomes. This factor is anticipated to hamper the market growth and development.
Opportunity: Growing Emphasis on Sustainability
The global stretch and shrink films market is shifting due to the increasing focus on sustainability and environmental responsibility. Businesses and consumers have been driven towards reducing ecological impact, resulting in a growing inclination for eco-friendly packaging solutions, minimising waste, and encouraging recycling. In response to this trend, manufacturers have started creating stretch or shrink films from renewable materials like bio-based options that compost easily or recyclable alternatives. This approach allows them to cater specifically to environmentally aware customers who demand sustainable choices.
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Some of the major players operating in the Stretch and shrink films Market are:
• Allied Propack Pvt. Ltd.
• American Eagle Packaging
• Inteplast Group
• Baoding Enshi Packaging Co. Ltd.
• Anchor Packaging LLC
• Berry Global Group Inc.
• C.I. TAKIRON Corp.
• The Dow Chemical Co.
• Eurofilms Extrusion Ltd.
• Exxon Mobil Corp.
• Fuji Seal International Inc.
• Groupe Barbier
• HIPAC SpA
• Intertape Polymer Group Inc.
• IPS Packaging and Automation
• ISOFlex Packaging Corp.
• Paragon Films Inc.
• Rollsion Product Inc.
• SmartShield Packaging
• Bollore SE
• Coveris Management GmbH
Key Segments Cover in the Market:
By Resin:
• LLDPE
• LDPE
• PVC
• Others
By Application:
• Food & Beverage
• Industrial Packaging
• Consumer Goods
• Pharmaceutical
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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