Shrink Film Market – Global Industry Analysis and Forecast (2023-2029)

Shrink Film Market is widely used for packaging in various industries as a primary or secondary packaging. Total revenue is expected to grow at 5.4% during forecast period of 2023 to 2029, reaching US$ 9.59 Bn.
Shrink Film Market Overview
Shrink Film is a material made up of polymeric plastic film. Shrink-wrap is used over or around the item box, bottle, and vegetables, etc, often used by automated equipment. Enlargement in the food and beverage sector is expected to invest in the shrink film market on a large scale. Over 37% of market share is predicted to produce by poultry, meat, and seafood during the forecast period. The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.To know about the Research Methodology :- Request Free Sample Report
Shrink Film Market Drivers and Restraints
The MMR report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The global shrink film market is showing major growth mainly because of, high demand for meat, chicken, eggs, fruits, etc are growing to a significant extent, shrink wrapping ensures extra layered protection from possible contamination, contact from dust or bacteria. Increasing consumer’s preference towards hygiene and health is expected to drive this market. Shrink Film Market generating numerous scope for the packaging industry to introduce new methods that are anticipated to boost industrial growth.

Key vendors are showing their interest in the global shrink market, as this market is expected to present high growth during the forecast period. Shrink film is affordable and handy compared to box packaging, once products are shrink-wrapped they are easy to store and carry from one place to another.

However, the presence of substitutes in the market is expected to hamper the market growth during the forecast period. Furthermore, environmental issues and fluctuation in the price are one of the major factors to restrain the market.
Shrink Film Market Segmentation Analysis
By material type, the polyolefin material segment is anticipated to hold the largest CAGR of 5.4% and anticipated to hold the highest market size of US$ 5.4% Bn during the forecast period. Noticeable properties like, odorless, non- polar and non-porous are required in the production of the structural plastic, consumer goods, industrial products, and food packaging. However, light in weight, chemical resistance, durability, thus increasing utilization of the polyolefin materials in automotive, food packaging and other industries are expected to fuel the market.

Based on application, edible item to dominate the global shrink film market. Irradiation is applied to standard shrink film to make the film stronger, and provide better seal strength. The film used in packaging edible item is sterile, and FDA approved for direct food contact. Flexible storage, fewer odors, strong and durable seal are some factors expected to grow this market.

By End-Users, the food and beverage segment is dominating the shrink film market and valued around US$ 5.4% Bn in 2022. Almost all categories of food and beverages are packed with shrink film packaging like, pizza, cheese, juice, dairy products, vegetables, and others are the key factor to drive the market. However, demand for packed food is increasing nowadays, a rise in the food and beverage industry is estimated to grow the market during the forecast period.
Regional Analysis
The Asia Pacific shrink film market was valued at US$ xx Mn in 2022 and is expected to reach a value of US$ xx Mn by 2029, with a CAGR of 5.4% during the forecast period. Owing to the presence of robust food & beverage and automotive industries in countries in the region. In addition, the trend of online purchasing is rapidly increasing and gaining attraction in India and China, and the use of e-Commerce platforms is substantially high. The availability of raw materials and low labor costs are among other factors having a positive influence on the growth of the regional market. Moreover, increasing consumption of different beverages and demand for ready-to-drink fruit juices has increased demand for shrink films in the beverage packaging industry.

The competitive landscape section in the shrink film market offers a deep dive into the profiles of the leading companies operating in the global market landscape. It offers captivating insights on the key developments, differential strategies, and other crucial aspects about the key players having a stronghold in the overt hepatic encephalopathy market.

The objective of the report is to present a comprehensive analysis of the Global Shrink Film Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.
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Shrink Film Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.63 Bn.


Forecast Period 2023 to 2029 CAGR:
5.4%
Market Size in 2029:
US $ 9.59 Bn.


 Segments Covered:
by Material Type
Printed
Unprinted


by Application
Packaging boxes
Small canisters
Edible items
Others


by End-user
Food & beverage
Paper & Textile
Pharmaceutical
Electronics


by Multipack
3X2
4X2
4X3
6X3
Other multipack sizes



Shrink Film Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. AEP Industries
2. ROBAPAC
3. Ceisa Packaging
4. Amcor Limited
5. Berry Plastics Corporation
6. Novolex
7. Bemis Company
8. Bollore
9. Coveris Holdings
10. Paragon Films Incorporated
11. Hood Packaging Corporation
12. SIGNODE Industrial Group
13. Clysar
14. The Dow Chemical Company
15. Intertape Polymer Group
16. Clondalkin Group
17. RKW Group
18. Berry Global Inc
19. Plastotecnica SpA
20. Clearpack group
21. Sarkina

Frequently Asked Questions:

1. Which region has the largest share in Global Shrink Film Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Shrink Film Market?
Ans: The Global Shrink Film Market is growing at a CAGR of 5.4% during forecasting period 2023-2029.

3. What is scope of the Global Shrink Film Market report?
Ans: Global Shrink Film Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Shrink Film Market?
Ans: The important key players in the Shrink Film Market are – AEP Industries, ROBAPAC, Ceisa Packaging, Amcor Limited, Berry Plastics Corporation, Novolex, Bemis Company, Bollore, Coveris Holdings, Paragon Films Incorporated, Hood Packaging Corporation,

5. What is the study period of this market?
Ans: The Shrink Film Market is studied from 2022 to 2029.