Shrink Plastic Film Market Size Estimated to Reach $3.18 Billion by 2027

April 11 16:16 2022
Shrink Plastic Film Market Size Estimated to Reach $3.18 Billion by 2027
Shrink Plastic Film Market | IndustryARC
Growing adoption of Polyolefin Shrink Plastic Films, and packaging industry is driving the growth of Shrink Plastic Film Market

The Shrink Plastic Film Market size is estimated to reach $3.18 billion by 2027. Furthermore, it is poised to grow at a CAGR of 3.50% over the forecast period of 2022-2027. Polymer plastic film is used to make shrink plastic film. Plastic is placed in the article, then heat from the heat gun is given to the covered plastic, causing it to shrink closely over the product. Food, boxes, and bottles are frequently wrapped with shrink plastic film. Polyolefin, polyvinyl chloride, polyethylene, polypropylene, and a variety of other materials are used to make shrink plastic film. Owing to its chemical and physical features, such as availability, range of thickness, clarities, strengths, and shrink ratio, the polyolefin is a preferred plastic film for covering and packing over shrink plastic film created from other materials. Heat guns compress polyvinyl chloride or polypropylene film uniformly and securely around an item, resulting in a tamper-proof, form-fitting container.

Shrink Plastic Film Market Segmentation Analysis- By Form

The Shrink Plastic Film market based on Form is segmented into Flat roll-stock, center-folded film, and pre-formed plastic shrink bags. In 2021 Flat roll-stock segment has the biggest market share, which is expected to remain in the projected period 2022-2027. The market in this category is being driven by the availability of flat roll-stock in various sizes that are used to pack various products. Shrink plastic film’s lightweight qualities and resistance to water, dust, and other factors are pushing its use in many areas and increasing market growth.

Pre-formed plastic shrink bags are estimated to be the fastest-growing, with a CAGR of 4.2% over the forecast period of 2022-2027. Pre-formed plastic shrink bags are plastic bags made of polyvinyl chloride, polyethylene, polyolefin that are open on one end, and rising use of these bags in the packaging of small products such as groceries, food, and drinks is driving growth in this market in the forecast period. RTDs or Ready to drink/eat beverages have been a prime contributor to the sales of pre-formed plastic shrink bags, and the sales of RTDs have increased from 7% in 2019 to 11% in the first half of 2021, thereby showing resilience to growth.

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Shrink Plastic Film Market Segmentation Analysis- By Application

The Shrink Plastic Film market based on Application is segmented into Buildings, Product Packaging, Food & Beverages Packaging, Industrial Packaging, and others. In 2021 Food & Beverages Packaging segment has the biggest market share, which is expected to remain in the projected period 2022-2027. Owing to the increased demand for packaged foods such as ready-to-eat meals, frozen meals, snack foods, and bakery products, food and beverage was the largest application for stretch films. Furthermore, demand for packaging fresh and frozen food items such as meat, fruits, and vegetables is predicted to increase. Stretch films are most commonly used in the packaging of canned foods. Growing demand for such devices for the storage and transportation of retail and bulk beverages like coffee is projected to boost growth. Multilayer polyolefin-based stretch film is available from Mitsubishi Plastics, Inc. for use in food packaging.

The Industrial Packaging segment is estimated to be the fastest-growing, with a CAGR of 4.4% over the forecast period of 2022-2027. Market expansion is likely to be aided by rising demand for stretch films in the packaging of industrial items. Timber, cement, construction materials, metal, and other industrial products all use stretch films. They are utilized in the transportation and shipping of the items listed above. Over the projected period, factors such as waste reduction and ease of transportation using stretch films are expected to have a beneficial impact on growth. Globally, around 4.3 GT of Cement was produced and consumed in the year 2020, thereby showing heavy resilience of shrink plastic films.

Shrink Plastic Film Market Segmentation Analysis- By Geography

Shrink Plastic Film Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, the Asia Pacific region was the largest market, accounting for 33% of the market share. Owing to the rising food and beverage industry, particularly in China and India, the area is likely to maintain its dominance over the projection period. In the future years, rising demand for packaged food, combined with rising disposable income, is likely to drive demand for flexible packaging. According to the India Brand Equity Foundation (IBEF), the food business was worth US$ 39.71 billion in 2017 and is predicted to grow to US$ 65.4 billion in 2018, with an 11% CAGR.

The North American market is poised to grow with the fastest CAGR in the forecast period 2021-2026 owing to the existence of a number of consumer products manufacturing corporations in North America, Mexico, and Canada. Stretch and shrink films are likely to boost regional market expansion as they are used for secondary packaging of beverages, personal care, and domestic products. For example, in 2017, Snow Phipps Group purchased Brook & Whittle Ltd. to provide a comprehensive spectrum of heat shrink sleeves packaging conversion services in North America.

Shrink Plastic Film Market Drivers

The Printed Shrink Plastic Films Provide Attractive Opportunities to the Market

Printed shrink plastic films are in high demand in the beverage packaging industry which drives the market growth. Shrink plastic films are environmentally friendly packaging since they lower the weight of the package. It serves as a simple solution to the requirements requiring less waste and lighter packaging. Shrink plastic films are also cost-effective and have a strong shelf appeal. Printed shrink plastic films save money on things like pre-labeled products and Universal Product Codes. These films also reduce the requirement for adhesives and supplementary branding polyvinyl chloride sleeves. As a result, the demand for shrink plastic films in the beverage packaging business has been rising, as these films provide a one-stop solution for organizations looking for sustainable, low-cost, and shelf-appeal packaging choices. Moreover, the growing packaging material production industry is boosting market growth. For instance, the packaging material production industry accounted for 1.7 percent of Mexico’s GDP in 2019, 8.5% of manufacturing GDP, and 5.8 percent of the industrial sector GDP, according to the International Trade Administration. Mexico manufactured 12.8 million kilotons of packaging materials and containers worth USD 16 billion in volume in 2019. The packaging sector is one of Mexico’s key contributors, and demand for Polyvinyl chloride films in retail packaging, food and beverage packaging, and consumer products packaging is likely to grow over the forecast period.

Growing adoption of Polyolefin Shrink Plastic Films, and packaging industry is driving the Market

Shrink plastic films made of polyolefin are extremely robust and adaptable. These films also have excellent tensile strength and can be used to bundle numerous things together. Cross-linked polyolefin film also aids in the prevention of build-up on machinery sealing components. Polyolefin shrink plastic films are frequently used in the packaging industry because of their characteristics. Furthermore, because these films have been FDA-approved and are deemed a food-safe material, they are widely used in the food packaging business. As a result of increased awareness of the numerous benefits and applications of polyolefin films, demand for shrink plastic films is expected to rise in the future years. “Polyolefin shrink plastic films have exceptional seal strength and puncture resistance, making them ideal for protecting irregularly shaped products throughout their supply chain lifespan.” As a result of its diverse features and cost-effectiveness, package makers are increasingly turning to polyolefin. In the next years, this will fuel the market for shrink plastic films even more.

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Shrink Plastic Film Market Challenges

Availability of Substitutes, which are likely to stifle the market

The global shrink plastic films market is poised to be constrained by the availability of alternative alternatives to plastic. Shrink plastic films are more expensive than regular plastic films that are used for product packaging. During the foreseeable period, this could stifle demand for shrink plastic films. Plastic is currently accessible in biodegradable form. Because of the increased awareness of environmental issues, there is a significant demand for biodegradable plastics. Additionally, the global sentiment pertaining to the usage and disposal of plastic films or other related items has impeded the market further ahead. As per a report, humans use about 500 billion plastic bags each year.

Shrink Plastic Film Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Shrink Plastic Film Market. Shrink Plastic Film top 10 companies include:

Aep Industry Inc

Berry Plastic Corporation

Sigma Plastics

FUJI Seal International Inc

Bemis Company, Inc.

Polymer Group Inc.

Intertape Polymer Group Inc.

Coveris Holding S A.

Sealed Air Corporation

Ceisa Packaging SA.

Recent Developments

In Feb 2021, Dow and Plastigaur will introduce recycled plastic collation shrink films in 2021. Dow’s Agility CE resin, which is made up of 70% recycled plastic, has been chosen for the first time for large-scale commercial use. Plastigaur, a major Spanish film converter, uses Agility CE resin in their collation shrink film, which is commonly used in the transportation of cans or PET bottles.

In February 2021 Dow and Lucro Plastecycle, an Indian recycling company inked a memorandum of understanding (MoU) to develop and market polyethylene (PE) film solutions made from post-consumer recycled (PCR) plastics in India. This partnership brings a closed-loop packaging solution to aid in the development of a circular economy in India, as well as expanding Dow’s circularity portfolio in the Asia Pacific region.

In June 2019, Garware Polyester, an Indian film manufacturer, introduced medium shrink and low shrink force PET films. Low shrink films are developed for HDPE and LLDPE containers where a strong shrink force is not possible to shrink the films over the container. The thicknesses of the films would be 40-45-50 microns, and customers wouldn’t be required to make any specific changes. Additionally, the company has been planning to open a distribution center in North America.

Key Takeaways

The market is likely to be driven by consumer demand for processed and packaged beverage products. The European segment is expected to lead the market owing to its huge population wanting packaged water. However, the Asia Pacific area is expected to develop at the fastest rate owing to its millennial generation’s increased desire for both packaged drinking water and carbonated beverages.

Owing to the chemical and physical features, such as availability, range of thickness, clarities, strengths, and shrink ratio, the polyolefin is a preferred plastic film for covering and packing over shrink plastic film created from other materials. However, the overall sentiment pertaining to the ill effects of plastics on the environment has impeded the overall market growth.

A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Shrink Plastic Film Market Report.

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