Stretch And Shrink Film Market: LLDPE Is Expected To Witness Robust CAGR Of Over 5.1% From 2020 To 2027
Stretch And Shrink Film Industry Overview
The global stretch and shrink film market size is expected to reach USD 21.72 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for lightweight material for industrial packaging is expected to drive the growth. Factors such as superior packaging properties, such as improved printability, easier application, and robust package sealing capabilities of the films are anticipated to further fuel the growth.
Stretch And Shrink Film Market Segmentation
Grand View Research global stretch and shrink film market on the basis of resin, product, application, and region:
Based on the Resin Insights, the market is segmented into LLDPE, LDPE, PVC, and Others.
- The global LLDPE stretch and shrink film market is expected to witness substantial growth over the forecast period, due to the rising e-commerce Factors, such as rising consumer health consciousness and the move toward smaller packing size on account of rising nuclear households in developed economies are anticipated to fuel the growth of the segment in the forthcoming years.
- Demand for polyvinylchloride-based films is expected to register growth on account of the product application in secondary packaging. Superior sealing performance coupled with the ability of the product for manual and automated operations is also likely to trigger demand in the forthcoming years.
Based on the Product Insights, the market is segmented into Hoods, Sleeves and Labels, and Wraps.
- The use of stretch hoods in industrial application primarily for palletizing goods was the major growth driver for the segment in 2019. High demand from the major product exporting economies such as China and India due to the need for reducing transportation cost and ensuring product integrity is expected to continue driving the growth of the segment.
- Stretch wrap films find application in consumer goods industry for form-fill-seal applications, adhesive labels, sleeves, collation wrap, and pre-made pouches. Increased consumption of fresh products, such as cold salads is expected to drive the segment growth.
- Sleeve-based stretch packaging solution plays an important role in beverage industry as the packaging provides banding around bottles. The product finds applications in packaging including leading-edge pouches and beverage multipacks. Extensive nonalcoholic beverage production in North America is expected to drive the demand for sleeve labels over the forecast period.
Based on the Application Insights, the market is segmented into Food & Beverage, Industrial Packaging, Consumer Goods, and Pharmaceutical.
- Food and beverage was the largest application for stretch films in 2019, accounting for 40.41% of the market on account of high demand for packaged foods including ready-to-eat meals, frozen meals, snack foods, and bakery products. In addition, growing product demand for packaging fresh and frozen food items such as meat, fruits, and vegetables is expected to drive demand.
- Increasing demand for stretch films in the packaging of industrial goods is expected to have a positive impact on market growth. The stretch films find application in timber, cement, construction material, metal, and other industrial products. They are used for transportation and shipping application of the above mentioned goods.
- Increasing demand for the stretch film for storage, distribution, and labeling of palatalized pharmaceutical goods is expected to further drive the growth. Easy application and removal along with low prices are likely to have a positive impact on the market expansion over the forecast period.
Stretch And Shrink Film Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Companies, such as Dow, Bemis, and LyondellBasell, have established themselves as major players in the market, enjoying a significant early mover advantage. Significant market experience of the companies enables them to formulate better competitive strategies in comparison to other players. Linpac Senior Holdings Limited, Bonset America Corporation, and Groupo Barbier rely on their market experience and extensive product portfolio that is customizable as per the consumer requirements. The companies offer price reductions and discounts in a move to attract more customers. The strategic initiatives are primarily limited to setting up retail and distribution chains and networks for product sales.
Order a free sample PDF of the Stretch And Shrink Film Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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